REVIEW OF THE ECONOMY 2013
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SUSTAINING GROWTH, SECURING PROSPERITY
estimated 6.1 percent growth in 2012. Moderate
growth of 3.0 percent is also expected in the
construction and quarrying, and the electricity
and water sub-sectors.
Transport, storage and communication, the third
largest services sub-sector, is projected to grow
by 1.4 percent in 2013, the same as in 2012. The
second major services sub-sector, distribution
and restaurants, is expected to expand by 1.2
percent in 2013, which is marginally lower than
in 2012 (1.4 percent). Growth of 1.1 percent is
also anticipated in the Government sub-sector.
CONSTRUCTION
With the normalisation of cement production at
the start of the year and the consequent greater
availability of cement on the local market, higher
levels of economic activity have been reported
in the construction and quarrying sub-sector
in 2013, as evidenced by increased production
of aggregates and cement products. The sub-
sector’s growth is expected to be constrained
however by lower than planned capital
expenditure. The reduced stimulus effect of the
fiscal injection may however, be strengthened
by planned private expenditure on a few new
large private sector projects which may gain
momentum during the latter part of 2013.
The Construction and Quarrying sub-sector,
as a result, is expected to register its first year
of real growth since 2008, with an expansion
of 3.0 percent in 2013, following a decline of
2.0 percent in 2012. Consequently, the sub-
sector’s contribution to real GDP is projected to
rise slightly to 5.1 percent, from 5.0 percent in
2012.
TOURISM
The total number of persons visiting Trinidad
and Tobago by air and cruise grew moderately
between 2008 and 2012, from 481,784 persons
to 503,958 persons, a rise of 4.6 percent. The
largest increase in arrivals occurred in 2012,
when the number of passengers landing grew by
2.6 percent from 491,278 persons in 2011. The
positive 2012 outturn reflected an increase in air
arrivals, which was partially offset by a decline in
cruise arrivals.
Airline Arrivals
According to the latest data from the
Immigration Division, Trinidad and Tobago
received approximately 454,683 air passengers
in 2012. This represented a 5.5 percent increase
from the 430,922 passengers which arrived by
air in 2011. A comparison with historical Central
Statistical Office (CSO) data indicates that
airline arrivals had steadily risen between 2010
and 2012, with the largest increase occurring in
2011 (12.0 percent).
Air arrivals are expected to continue its upward
trajectory during 2013 as several new airlift
agreements with foreign airlines and tour
operators, take effect. In November 2012, the
Canadian airline, WestJet, launched a daily non-
stop service between Toronto and Port-of-Spain.
Scandinavianbased tour operator,Kuoni/Apollo,
is also scheduled to provide a weekly winter air
service from Scandinavia to Tobago, during the
December 2013 to April 2014 period.
Cruise Ship Arrivals
A total of 69 cruise ships moored in Trinidad
and Tobago in 2012, a 16.9 percent increase
from the 59 cruise ships which harboured in the
previous year. Notwithstanding, the number of
cruise passengers fell by 18.4 percent to 49,275
persons in 2012 from 60,356 persons in 2011.
This decline reflected a 29.5 percent drop in the
number of cruise passengers visiting Tobago to
31,530 persons in 2012, which outweighed a 13.4
percent rise in the number of cruise passengers
visiting Trinidad (17,745 persons).
During the four-month period to April 2013, a
total of 25 cruise ships docked in Trinidad and
Tobago. This reflected a 46.8 percent decline, or
THE REAL ECONOMY
