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Friday, September 22 2017 @ 08:10 PM AST

CIBC forecasts 0% economic growth for Trinidad & Tobago in 2017

Shane Lowe, CIBC FirstCaribbean analyst says in Q3 report released last week:

"At the end of its recent Article IV mission to Trinidad and Tobago, the IMF highlighted that while economic growth remains weak, additional exploration, refinery upgrades and improvements in the supply of natural gas to the downstream energy sector will likely improve gas and oil production in the latter half of 2017. These improvements will likely bode well for the non-energy sector and, coupled with an increase in government capital expenditure, should lift non-energy output in H2 2017. However, these developments will likely not offset the decline in activity during H1 2017 and economic growth will at most be zero by the end of the calendar year.

"However, the IMF warned that further fiscal adjustment including cuts to current expenditure will need to replace the diminishing benefits from asset sales to sustainably reduce the fiscal deficit and reduce debt build-up over time."

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