REVIEW OF THE ECONOMY 2013
31
SUSTAINING GROWTH, SECURING PROSPERITY
22 fewer vessels from the corresponding period
one year earlier. Trinidad received 11 vessels in
the four-month period to April 2013, half the
number of ships received in the corresponding
period of 2012, whilst Tobago received 14
vessels, which were 11 fewer than the equivalent
2012 period. Trinidad and Tobago received
28,871 cruise ship passengers during the period
under review, 6.6 percent less than the 30,927
passengers arriving during the first four months
of 2012. Trinidad recorded a 7.1 percent increase
to 11,480 persons; whilst Tobago recorded a 13.9
percent decrease to 17,391 persons.
Yachting Arrivals
The number of yachts visiting Trinidad and
Tobago increased for a third consecutive year
to 1,471 vessels in 2012, a 15.7 percent increase
from the 1,271 vessels which anchored in 2011.
The greatest number of yachts arrived in April
2012 (184 vessels), which was 44.9 percent
higher than the year before. October, however,
registered the lowest number of yacht arrivals
(60 vessels), a decline of 32.6 percent from the
previous year.
Approximately 551 yachts visited Trinidad and
Tobago during the first four months of 2013,
representing a 6.8 percent decline over the
comparative 2012 period. Of these, Trinidad
received 393 vessels whilst Tobago received 158
vessels.
PRICES
On a year-on-year basis, headline inflation
remained at a relatively moderate level during
the first six months of 2013. After registering
at 7.3 percent in January, the rise in the
general price level slowed to a 16-month low
of 5.5 percent in April, before increasing to
6.8 percent in June
(Figure 7)
. This outcome
paralleled similar price movements in Food
and Non-Alcoholic Beverages, for which
inflation eased from 13.8 percent in January,
to 12.6 percent in June. Core inflation
remained relatively stable over the six
month period, ending at 2.2 percent in June.
The moderate inflationary outturn in 2013
for headline inflation reflected the general
downward trend which followed the 30-month
high of 12.6 percent recorded in May 2012.
On a calendar year-to-date basis, the general
price level (headline) increased during the
first half of 2013 by 5.4 percent, slightly
below the 5.7 percent rise recorded in the
corresponding 2012 period
(Appendix 11)
.
A deceleration in inflation for non-food items
(core) to 0.4 percent, down from 1.3 percent
one year earlier was largely responsible
for this outcome. The deceleration in core
inflation reflected price declines for Housing
(-0.5 percent); and slower price increases for
Transport (0.2 percent); and Recreation and
Culture (0.9 percent). During the six-month
period, food prices increased by 11.8 percent,
compared to the 11.9 percent increase for the
corresponding period of the previous year.
This reflected the dominance of lower inflation
rates for Vegetables (17.9 percent); Meat (0.3
percent); Oils and Fats (1.4 percent); Bread and
Cereals (0.3 percent); and Milk, Cheese and
Eggs (0.4 percent), over higher inflation rates
for Fruit (21.9 percent); Salt and Spices (5.7
percent); and Fish (1.0 percent).
During 2012, the annual average rate of headline
inflation nearly doubled from 5.1 percent in
2011 to 9.2 percent largely as a result of Food,
Transportation, and Housing. During the twelve
month period, Transport prices rose by 1.9
percent (from 0.8 percent in 2011), Housing
prices by 2.4 percent (from 1.4 percent in 2011),
and Food and Non-Alcoholic Beverages’ prices
by 19.1 percent (from 10.5 percent in 2011)
(Appendix 11)
.
Headline inflation fluctuated significantly during
2012,climbing from6.8percent inJanuary (year-
on-year) to a 17-month high of 12.6 percent in
May, before receding to 7.2 percent in December
(Figure 7)
. Higher prices for Transport (moving
THE REAL ECONOMY
