Guardian ( Trinidad and Tobago )
30 April 2024 ( Page 15 )
‘T&T looking at fiscal surplus in ‘24’
Data released so far for fiscal year 2023/24 has revealed that
Trinidad and Tobago has recorded a surplus of revenues, however it
is less than the returns seen for the same period last year.
Economist Dr Vaalmikki Arjoon explained that this drop in returns
is likely linked to reduced energy prices during the period.
However he confirmed with the upcoming mid-year budget review
in focus, there was a gap in the data for the half year.
“The data is not really up to date, we only got data for the first four
months of the fiscal year. So we are about two months short,
because of course half a year is six months,” said Dr Arjoon on the
CNC3’s The Morning Brew programme yesterday, where he
assessed the country’s standing ahead of the expected mid-year
budget review.
He said, “In the first four months of this fiscal year, we actually
earned a surplus of about $416 million. If you compare this to the
same four months of the previous fiscal year that’s fiscal 22/23,
that surplus would have been about $793 million. So in the
previous year, our surplus was about $377 million higher than
where we are this year and that of course was because of last year’s
extraordinary price hikes in oil and gas, but more so in the LNG
side which would been fuelled by the Russia/Ukraine War”
Arjoon said, however, there could be a possible recovery later in the
year if prices rise again, as there were numerous variables which
could positively affect the returns of the energy sector.
He also noted that while there had been indicators of positive
growth, the country was still not up to the level of economic
strength seen prior to the COVID- 19 pandemic due to continuous
years of economic contraction.
Photo: Economist Dr Vaalmikki Arjoon