Last update: 06-Dec-2013 7:26 pm
Friday, December 06, 2013
Trinidad & Tobago Guardian Online
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Fast-food outlets, security firms benefit
The economy has experienced four consecutive quarters of economic growth, and while some industries and companies have seen the trickle down effect, others have not. Finance Minister Larry Howai made reference to the performance of the non-energy sector in his budget presentation and said on a year-on-year basis, the economy has recorded positive economic growth in the last four consecutive quarters driven, in the main, by the non-energy sector.
Dr Ronald Ramkissoon, senior economist, Republic Bank, said growth in the banking sector has been “minimal.”
“There has been some minimal growth over the last year or so in credit, especially in mortgage loans, and in our view, in real gross domestic product (GDP), more so in the non-energy sector. This growth has been uneven, however, with some sectors doing a bit better than others. This is evidenced by some construction activity,” he said.
He said both the Government and private sector must contribute to stronger growth.
“The available data must be carefully interpreted and a distinction must be made between quarter to quarter and year on year. In any case, the focus must be on much faster growth through stronger investment by Government and the private sector,” Ramkissoon said.
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