FY2023/2024 Budget Highlights

“Building Capacity for Diversification and Growth”


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Estimates of Revenue & Expenditure for 2023/2024

Major Fiscal Allocations for FY2024 (TTD billion)

Economic Updates

Steady Economic Growth: The domestic economy grew by 1.5% in 2022. In the first quarter of 2023, growth increased to 3%, led by a buoyant non-energy sector.  The economic recovery is expected to continue, estimating a growth rate of 2.7% in 2023 and similar rates in 2024 and 2025. Both energy and non-energy sectors are now driving balanced growth, with the non-energy sector projected to expand by 2.6% in 2024 and 2% in 2025.

Unemployment Rate Improves: Unemployment rate dropped from 4.9% (January to March 2023) to 3.7% (April to June 2023) based on CSO’s latest data, indicating a positive trend in employment.

Decreasing Inflation Trend: After peaking at 8.7% year-on-year in December 2022, headline inflation significantly decreased to 4.0% in August 2023. This reduction was driven by softer pricing in both food and core components of the All Items Retail Price Index (RPI). Lower shipping costs, eased transportation bottlenecks, and reduced international food commodity prices contributed to the alleviation of input price pressures.

Fiscal Turnaround: Following a record 9.1% of GDP fiscal deficit during the pandemic in FY 2020, fiscal consolidation efforts resulted in a 0.6% GDP surplus in FY 2022. The estimated deficit for FY 2023 is expected to be less than 1.8% of GDP.

General Government Debt Increase: Adjusted General Government Debt is expected to rise to $137,209.6 million by the end of FY 2023. As a percentage of GDP, Adjusted General Government Debt will increase by 4.3 percentage points to 70.9%, up from 66.6% at the end of FY 2022. Central Government Domestic Debt, representing 51.3% of Adjusted General Government Debt, is projected to increase by 6.4% from $66,201.8 million in fiscal 2022 to $70,433.5 million in fiscal 2023, reaching 36.4% of GDP by the end of fiscal 2023.

Improved External Sector: Trinidad and Tobago’s Balance of Payments showed a reduced deficit of USD47.8 Mn in the first quarter of 2023, compared to a USD227.6 Mn deficit in the same period the previous year. This improvement was attributed to reduced outflows from the Financial Account and modest growth in the Current Account balance. As of September 22, 2023, gross official reserves reached USD6,358.6 million, providing 8.0 months of import cover.

Heritage and Stabilisation Fund Growth: The HSF’s Net Asset Value (NAV) increased by USD781.9 Mn, reaching USD5.5 Bn by September 15, 2023, from USD4.7 Bn at the end of FY2022, driven by positive investment returns and a USD182.2 Mn deposit in December 2022.

Favorable Investment Climate: Moody’s improved the outlook for Trinidad and Tobago’s rating to positive, affirming it at ‘Ba2’ in July 2023. S&P maintained the ratings of ‘BBB-’ with a stable outlook. In November 2022, CariCRIS reaffirmed a ‘CariAA’ rating with a stable outlook.

Proposed Fiscal and Other Measures (all measures w.e.f. 1 January 2024 unless stated otherwise)


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