From the TRINIDAD GUARDIAN (unedited):
The Trinidad and Tobago economy experienced a decline that was “sharper than anticipated” during the second quarter of 2012, with the energy sector experiencing a “substantial contraction” of 7.3 per cent and with the non-energy sector contracting by 0.7 per cent, according to Central Bank data presented yesterday.
The decline of 3.6 per cent in the April to June quarter followed a decline of 0.1 per cent in the first quarter of 2012 and a reduction in output of 2.2 per cent in the fourth quarter of last year. The data indicate that the local economy has declined in the last five quarters out of six, with T&T’s fiscally important energy sector declining by 7.3 per cent in the second quarter of 2012, 0.6 per cent in the first quarter of the year and 7.6 per cent in the last quarter of 2011.
Despite the gloomy news, Central Bank Governor Jwala Rambarran said the Central Bank was seeing “some underlying signs of incipient recovery” during the second half of 2012, as “the available data that we have for the energy sector actually suggest that there is likely to be a return to growth in the third quarter.”
The decline of 3.6 per cent in the April to June quarter followed a decline of 0.1 per cent in the first quarter of 2012 and a reduction in output of 2.2 per cent in the fourth quarter of last year. The data indicate that the local economy has declined in the last five quarters out of six, with T&T’s fiscally important energy sector declining by 7.3 per cent in the second quarter of 2012, 0.6 per cent in the first quarter of the year and 7.6 per cent in the last quarter of 2011.
Despite the gloomy news, Central Bank Governor Jwala Rambarran said the Central Bank was seeing “some underlying signs of incipient recovery” during the second half of 2012, as “the available data that we have for the energy sector actually suggest that there is likely to be a return to growth in the third quarter.”
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