The Central Statistical Office is pleased to announce the release of the Quarterly Gross Domestic Product (QGDP) for the 1st Quarter 2022.
The Trinidad and Tobago economy declined by 4.0 percent in 1st Quarter 2022 when compared with 4th Quarter 2021. This was due to contractions in both the Energy and non-Energy Industries of 1.3 percent and 5.2 percent respectively.
The following industries in the Energy Sector recorded declines: Asphalt 56.1%, Petroleum Support Services 46.7%, Crude Oil Exploration and Extraction 5.2% and Manufacture of Petrochemicals 5.1%.
The main Energy Industries offsetting the 1.3% decline in this Sector were: Refining (including LNG) 12.1%, Natural Gas Exploration and Extraction 5.5%, Condensate Extraction 4.5% and Petroleum and Natural Gas Distribution 0.5%.
Within the non-Energy Sector lower output levels were recorded for: Trade and Repairs (excluding Natural Gas and Petroleum Distribution) 15.2%, Other Service Activities 10.2%; Construction 9.2%, Electricity (excluding Gas) 3.8% and Textiles, Clothing, Leather, Wood, Paper and Printing 5.3%.
The performance of Trade and Repairs (excluding Natural Gas and Petroleum Distribution) was due to declines in Wholesale Trade 22.4%, Retail Trade of 13.9% and Sale of Vehicles of 1.7%. Other Service Activities declined primarily due to decreased activity of Funeral Parlours of 20.3%.
The main non-Energy Industries offsetting the 5.2% decline in this Sector were: Food, Beverages and Tobacco Products 8.9%, Other Manufactured Products 5.6%, Transport and Storage 4.2% and
Accommodation and Food Services 1.9%.
The Economy contracted marginally by 0.1% in 1st Quarter 2022 when compared with 1st Quarter 2021.