number and scope of state owned enterprises remains large their regulation and

Number and scope of state owned enterprises remains

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number and scope of state-owned enterprises remains large, their regulation and supervision has been reinforced, and their financial situation has improved (Chapter III(4)(iv)(b)). Reforms have also been introduced in the financial sector (Chapter IV(6)(ii)) and telecommunications services (Chapter IV(6) (iii)). In maritime transport and port services, the authorities are aiming to enhance the efficiency of port operations (Chapter IV(6)(iv)). (ii) Production and employment 8. In July 2004, the Central Statistical Office released a revised annual national accounts series 2 ; the new series uses the year 2000 as the base year, while the old series used 1985. The rebasing was designed to capture the major structural changes that have taken place in the Trinidad and Tobago economy in recent years, in particular to take into account the larger contribution to GDP of natural gas and petrochemicals. 9. The Trinidad and Tobago economy has experienced strong growth since its last Review in 1998. Over 1999-04, GDP expanded by over 56% in real terms, equivalent to an annual average growth rate of 7.7%. The strong performance of the energy sector has been the main force behind this growth, which attained a peak of 13.2% in 2003 (Table I.2): the hydrocarbons industry's GDP expanded in real terms at an annual average rate of 15.8%. Growth in the non-hydrocarbons sector, particularly tradeables, has proceeded at a much slower pace, with an average annual real growth rate of 3.6% over 1999-04; growth in this sector, may have been affected among other things by the loss of competitiveness due to a real effective exchange rate appreciation (see below). Reflecting strong real growth and a stable nominal exchange rate, per capita income has increased substantially during the period under review, to over US$8,800 in 2004. Table I.2 Basic economic indicators, 1999-04 1999 2000 2001 2002 2003 2004 I. GDP Current GDP (TT$ million) 42,889.1 51,370.6 55,007.2 55,365.6 66,168.3 71,878.0 Current GDP (US$ million) 6,837.4 8,186.5 8,872.6 8,914.3 10,564.4 11,461.1 Per capita GDP (US$) 5,403 6,472 6,952 6,921 8,258 8,887 Real GDP, growth rate (%) 8.8 7.3 4.3 6.8 13.2 6.2 Hydrocarbons industry 21.5 12.5 5.6 13.5 31.2 10.5 Non-hydrocarbons sector 3.2 5.5 2.8 3.4 3.8 2.9 Agriculture 9.6 -2.4 8.7 6.0 -18.0 -20.2 Manufacturing 3.3 6.0 9.8 4.6 5.0 6.6 Services 5.6 5.6 1.9 3.1 4.2 2.9 Breakdown of GDP by type of expenditure (% of current GDP) Total consumption 73.2 69.1 69.8 74.8 66.7 65.2 Private 58.5 57.1 56.1 60.3 52.3 51.7 Government 14.7 15.6 13.7 14.5 14..5 13.5 Gross fixed capital formation 21.0 17.0 19.4 19.6 18.0 18.0 Exports of goods and services 50.0 59.2 55.3 47.6 55.8 62.4 Table I.2 (cont'd) 2 Central Bank of Trinidad and Tobago (2004).
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WT/TPR/S/151 Trade Policy Review Page 4 1999 2000 2001 2002 2003 2004 Imports of goods and services 44.2 45.3 44.6 42.3 40.5 45.0 Gross national savings 21.5 23.7 24.5 20.4 27.3 31.0 External savings 0.4 6.6 5.0 0.9 9.3 13.0 II. Memo items Population (million) 1.26 1.26 1.27 1.28 1.28 1.29 Labour force (million) 0.56 0.57 0.58 0.59 0.60 0.60 Unemployment rate 13.1 12.1 10.8 10.4 10.5 8.3 Index of average weekly earnings (% change) .. 9.1 9.3 11.6 13.2 3.9 a Index of labour productivity (% change) .. 5.3 8.2 11.9 12.1 -1.0 a Oil export price (US$/barrel) .. 28.2 24.3 25.0 28.9 37.3 .. Not available.
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