Mar 2015 Financial News

Tobago unemployment at record low

Mar 09, 2015

Unemployment in Tobago is at a record low, according to the latest available figures from the Central Statistical Office.

Secretary for Finance and Enterprise Development in the Tobago House of Assembly (THA) Joel Jack said the data shows that by the end of the second quarter of 2014, unemployment on the island was touching two per cent. Anything below five per cent as full employment, Jack said.

The Finance Secretary said the Central Bank’s data on inflation for November 2014 suggests that headline inflation in Tobago is now down to about 2.5 per cent, significantly lower than the national rate of roughly nine per cent.

He said based on preliminary information from the recently-concluded Moody’s credit rating exercise, Tobago is also on course to maintain its Baa1 credit rating, placing it among the highest-ranked islands in the Caribbean, above Barbados, Jamaica, St Vincent and others.

However, he warned against complacency.

“Notwithstanding the significant strides we have achieved in all aspects of development in Tobago, if we are to sustain these improvements in our quality of life in the future, one significant challenge we will continue to face is the need to diversify the island’s economic base and transform the economy,” he said

He said the Survey of Business Establishments confirms that for 2011-2013, the services sector is still, by and large, the most dominant sector in the Tobago economy, accounting for approximately 92.6 per cent of the island’s gross domestic product (GDP).

The survey also indicates that general government activity, the financial sector and the tourism sector contribute overwhelmingly to the island’s GDP.

Source:
Trinidad Guardian, A21
Monday March 9, 2015