Annual GDP Indicators

Item 2016 2017 2018 2019 2020
GDP at current prices (TT$ Millions) 149208.6 157150.1 161284.3 161335.3 144422.1
GDP at constant 2012 prices (TT$ Millions) 160269.3 155972.2 154870.3 154604.8 143203.8
Volume index (2012=100) 96.7 94.1 93.4 93.3 86.4
Constant price growth rate (%) -6.3 -2.7 -0.7 -0.2 -7.4
Implied deflators (2012=100) 93.1 100.8 104.1 104.4 100.9
GDP per capita (TT$ Millions) 110222.1 115840.3 118637.6 118304.6 105688.7
Source: Central Statistical Office, October 2021

What are the uses of national account statistics?

  • International comparison of economic data
  • Economic policy planning
  • Monitoring domestic economic conditions
  • Forecasting and simulation
  • Market research and decision making

GDP at Current Prices

Gross domestic product (GDP) at current prices is GDP at prices of the current reporting period. Also known as nominal GDP.

GDP at Constant Prices

Constant price estimates of GDP are obtained by expressing values in terms of a base period. i.e.  the price in the base period is substituted for that in the current period

Base Period

Base Period is the reference point in time (year) for which data is used as a benchmark and with which the values from other years are compared. The index value of the base year is conventionally set to equal 100.

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Latest Release

In quarter 1 of 2022 the ‘year on year’  GDP at Constant [2012] Prices recorded a growth (-0.1%) compared to quarter 1 of 2021. On a quarter on quarter comparison (quarter 1 of 2022 over quarter 4 of 2021), GDP at Constant [2012] prices decreased 4.0 %.
In current price terms, that is prices observed in the economy in quarter 1 of 2022, the quarter on quarter growth rate (quarter 1 of 2022 over quarter 4 of 2021) was 2.7 %
(June 30, 2022)

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Quarterly Gross Domestic Product (QGDP) at Constant (2012) Prices



Quarterly Gross Domestic Product (QGDP) at Current Prices



Annual Gross Domestic Product (GDP) at Constant (2012) Prices



Annual Gross Domestic Product (GDP) at Current Prices



Summary Statistics



Keywords: gross domestic product, GDP, value-added, national accounts, growth rate, industries, sector, statistics

Metadata

Methodology and Usefulness
Concepts and Definitions

The National Accounts for Trinidad and Tobago are broadly consistent with the System of National Accounts 2008 (SNA 2008). Where there are exceptions due to unavailability of data, these are clearly stated.

Scope
Transaction Coverage

The national accounts cover transactions in goods and services and distributive transactions and other accumulation entries within the production boundary of the SNA 2008, except for illegal activities such as the illegal drug trade.

Geographic Coverage

The accounts published cover the entire economy of Trinidad and Tobago. Data disaggregated by island is not available at this time.

Unit Coverage

The national accounts, in principle, cover all the resident institutional units operating in Trinidad and Tobago whether locally or foreign owned. Units in the formal sector as well as units engaged in informal activities such as taxis (drivers), small farmers, own account construction workers and self-employed professionals are included. In addition, the national accounts cover transactions in goods and services, distributive transactions and other accumulation entries.

Annual Estimates

The Central Statistical Office (CSO) is responsible for the compilation and dissemination of the annual national accounts estimates for Trinidad and Tobago. The National Accounts Division (NAD) of the CSO utilizes the Production Approach as the basis for the preparation of the Annual estimates of GDP at Current and Constant (2012) prices.

Quarterly Estimates

The Central Statistical Office (CSO) is responsible for the compilation and dissemination of the annual national accounts estimates for Trinidad and Tobago. The National Accounts Division (NAD) of the CSO utilizes the Production Approach as the basis for the preparation of the Annual estimates of GDP at Current and Constant (2012) prices.

Exceptions to coverage

Consumption of fixed capital for government is not included in the estimates, as the value of the stock of capital owned by government is not available.

Unrecorded activity

Illegal activities are not included in the estimates at this time due to data constraints.

Classification

The national accounts is classified by the International Standard Industrial Classification of All Economic Activities (ISIC) Revision 4.
The GDP is disseminated in both Constant (2012) and Current prices for the following industries:

AAgriculture, forestry and fishing
BMining and quarrying
CManufacturing
CAFood, beverages and tobacco products
CB-CTextiles, clothing, leather, wood, paper and printing
CD-EPetroleum and chemical products
CF-MOther manufactured products
DElectricity and gas
EWater supply and sewerage
FConstruction
GTrade and repairs
HTransport and storage
IAccommodation and food services
JInformation and communication
KFinancial and insurance activities
LReal estate activities
MProfessional, scientific and technical services
NAdministrative and support services
OPublic administration
PEducation
QHuman health and social work
RArts, entertainment and recreation
SOther service activities
TDomestic services

The following activities, formerly grouped as PETROLEUM INDUSTRY,  are also disseminated as a Memo item to the GDP tables due to its importance to the national economy:

  • Crude oil exploration and extraction
  • Condensate extraction
  • Natural gas exploration and extraction
  • Asphalt
  • Petroleum support services
  • Refining (including LNG)
  • Manufacture of petrochemicals
  • Petroleum and natural gas distribution
Valuation

All transactions on the use of goods and services – final consumption, intermediate consumption and capital formation – are valued at purchasers’ prices. Inventories are valued at producers’ prices for own output and at purchasers’ prices when acquired from other institutional units. Exports are valued free on board (fob), and imports are valued at cost, insurance and freight (cif) values. Output is valued at basic prices.

Annual GDP is compiled at purchasers’ prices and quarterly GDP is compiled at producers’ prices.
Adjustments are made to convert reported data from a fiscal to a calendar year basis.

The time of recording is generally on an accrual basis, except for government accounts that are derived from administrative records which are kept on a cash basis.

Source data

The main source for the annual estimates of GDP are derived from the Annual Survey of Establishments (ASE). The ASE incorporates all major players in all industries in the economy. Large establishments are selected on an annual basis. In addition, a simple random sampling method is applied to select other establishments to ensure comprehensive coverage of each industry.
The ASE captures data on, inter alia, employment, ownership, expenses/intermediate costs, receipts, inventories, consumption of fixed capital, capital formation, cash flow statement, and assets and liabilities. Copies of the questionnaire can be accessed at: https://cso.gov.tt/methods/questionnaires/

The ASE is supplemented with data from other CSO surveys, including establishment and household surveys and special purpose surveys, as well as data from administrative sources, such as government accounts, data collected by various government ministries and agencies for regulatory or administrative purposes.

The CSO has collaborated with its administrative data partners to ensure source data is received within the recommended timelines. If these deadlines are not met, standardised estimation methods are employed to ensure the GDP estimates are produced within the designated timelines.

All data received from within the CSO, via the Annual Survey of Establishments or other surveys conducted by the CSO, or data received through Administrative sources are interrogated for completeness, consistency and accuracy. Any queries are directed to the source for further clarification.

Statistical Techniques

Administrative data sources such as the Central Bank of Trinidad and Tobago follow international standards and classifications. The CSO is working with its key administrative data partners to ensure compliance with SNA 2008 and the adoption of ISIC Rev 4 classification.

The quarterly estimates are benchmarked to the annual estimates using the XLBPM function developed by the IMF as an add-in to MS EXCEL. The XLBPM function benchmarks the quarterly series to the annual series using the proportional first difference (PFD) method proposed by Denton (1971). This series was developed with the assistance of the Real Sector Advisor of the IMF regional technical assistance office.

Logical checks are utilised to ensure validity of the data. Results are cross checked with data to ensure accuracy and consistency.

Revision Studies

Revisions studies are utilised to assess the quality of the indicators employed in the compilation of quarterly data compared with the annual series and adjustments to these data sources are made where necessary.

Periodicity and Timeliness

The CSO produces annual and quarterly GDP estimates

The annual data is disseminated within six (6) months after the period under review.
The quarterly data is disseminated within nine (9) months after the period under review.

Consistency

Source data is reviewed to ensure consistency and accuracy over time. Coherence is maintained between the two published datasets since the quarterly series is benchmarked to the annual series.

The national accounts are compiled based on the guidelines and recommendations of the SNA 2008. The base year for the constant price estimates was revised from 2000 to the 2012 in 2017.

Data revision

There is no published revision schedule at this time. Estimates are revised as new data comes to hand. Once the response rate of the ASE and other source data meet the internal standards set by the CSO, the data is finalized and not subject to further revisions; barring any new data that will materially impact the published accounts.

The data is identified as either Provisional (P), Revised (R) or final (F). The use of general notes or footnotes is also employed.

Revision studies and their analysis are for internal use only and inform future work of the national accounts compilers. These are not released to the general public.



Using Official Statistics for SDGs


Indicators

  • 1.5.2 Direct disaster economic loss in relation to global gross domestic product (GDP)
  • 7.3.1 Energy intensity measured in terms of primary energy and GDP
  • 8.1.1 Annual growth rate of real GDP per capita
  • 8.2.1 Annual growth rate of real GDP per employed person
  • 8.4.1 Material footprint, material footprint per capita, and material footprint per GDP
  • 8.4.2 Domestic material consumption, domestic material consumption per capita, and domestic material consumption per GDP
  • 8.9.1 Tourism direct GDP as a proportion of total GDP and in growth rate
  • 9.2.1 Manufacturing value added as a proportion of GDP and per capita
  • 9.5.1 Research and development expenditure as a proportion of GDP
  • 9.b.1 Proportion of medium and high-tech industry value added in total value added
  • 10.4.1 Labour share of GDP
  • 11.5.2 Direct economic loss in relation to global GDP, damage to critical infrastructure and number of disruptions to basic services, attributed to disasters
  • 12.2.1 Material footprint, material footprint per capita and material footprint per GDP
  • 12.2.2 Domestic material consumption, domestic material consumption per capita, and domestic material consumption per GDP
  • 12.c.1 Amount of fossil-fuel subsidies per unit of GDP (production and consumption)
  • 14.7.1 Sustainable fisheries as a percentage of GDP in small island developing States, least developed countries and all countries
  • 17.1.1 Total government revenue as a proportion of GDP, by source
  • 17.3.2 Volume of remittances (in United States dollars) as a proportion of total GDP

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