4
energy services and downstream activities will ensure continued revenue from the energy sector
as the economy adjusts to a natural, gradual decline in oil and gas output. Growth in the energy
services sub sector has fluctuated over the last three years but remained very high at 32.4 per
cent in 2012.
12.
The non-energy sector experienced positive growth for a second year, estimated at 2.5
per cent for 2013. Finance, Insurance and Real Estate remain the fastest growing service sub
sector and is expected to continue to achieve robust growth over the medium term as financial
legislation increases stability and confidence in the sector. Other service sub sectors showing
continued positive growth include construction and quarrying and electricity and water. As
major construction projects including extension of the highway to Point Fortin continue, the
medium term outlook for these sub sectors remains strong. Continued development of key areas
identified – Food Sustainability, Maritime, Tourism, Financial Services and Culture and the
Creative Industries – as well as development of geographic growth poles will advance the
broadening of the economic base to create increased stability and opportunities for wealth
creation.
13.
Unemployment has remained below 5 per cent from the first quarter of 2013. Job
creation remains an important aspect of strategies to promote growth and development. In
particular, effective strategies to create employment for the country’s tertiary throughput and
support innovative business development will seek to address youth unemployment and
underemployment.
Medium Term Outlook 2014-2016
14.
Focus during the 2014-2016 period will revolve around the continuation of key initiatives
already outlined in the 2013-2015 PSIP. More importantly, efforts will be underway to finalise a
National Innovation Policy as well as continue research on the development of the Information
and Communication Technology (ICT) Cluster.
15.
The adoption of the National Spatial Development Strategy (NSDS) 2013-2033, as the
successor to the 1984 National Physical Development Plan, along with institutional reforms
within the Town and Country Planning process will seek to further advance the national
diversification strategy. With the completion of the NSDS 2013-2033, attention will turn during
2014-2016 towards the preparation of a successor document to the Medium Term Policy
Framework 2011-2014. The new national strategic development plan will have as its core
principle the concept of sustainable development, incorporating economic, social and
environmental issues as part of overall national development to be consistent with our
international obligations in this area.
16.
Dialogue with the private sector and civil society on identifying specific growth solutions
commenced in 2013 under the Caribbean Growth Forum (CGF), a regional multi-stakeholder
participatory initiative funded by multilateral agencies, including the Inter-American
Development Bank (IDB). The CGF complements the MTPF 2011-2014 and the national
diversification agenda. Already action plans have been recommended for implementation over
the next eighteen months in the thematic areas of Logistics and Connectivity, Investment Climate
and Skills and Productivity.
