A snapshot of T&T's economic picture as of July 2011:
-A decline in real GDP of 1.7 per cent during the first quarter of 2011, after two consecutive years of negative growth;
-An eight per cent decline in crude oil output and a 2.1 per cent decline in natural gas production;
-Subdued construction activity-cement sales declined 18 per cent year-on-year;
-Capital spending lower than budgeted-the Government spent an average $350 million a month for the first six months of 2011, but the pace has increased to more than $1 billion a month in the third quarter of the fiscal year.
-There is evidence that unemployment is increasing. For now, it stands at 4.8 per cent.
The positive signs:
-Inflation decelerated from 13.2 per cent and 0.3 per cent in August 2011.
-The Government recorded a surplus of $1,227 million for the first nine months of the fiscal year. Elevated oil and petro-chemical prices, coupled with collections from the tax amnesty, resulted in a year-on-year increase in government revenue of 8.4 per cent.
-Bank excess liquidity declined from unusually high levels. This has led to an increase in three-month Treasury Bill rates from a historic low of 0.38 per cent in December 2010 to one per cent in June 2011.
-Domestic stock market indices rose in the first six months, albeit on low trading volume.
-T&T's external current account balance strengthened to US$3,842 million-eight per cent of GDP.