“We have estimated a real GDP growth of 1.7% and an average inflation rate of 7%… The debt to GDP ratio remains sustainable and well within international benchmarks,” Dookeran said.
The Budget Presentation was televised live from the new temporary home of Parliament in Tower D of the International Waterfront in Port of Spain. (TT Parliament website had this link to the video but it probably won’t be up for very long.)
The minister estimated total revenue to be $47 billion (all figures quoted in TT dollars), comprising $18.1 billion from the energy sector and $28.9 billion from the non energy sector.
Total expenditure to be $54.6 billion, for an overall fiscal deficit of $7.6 billion or 4.89% of GDP.
The budget calculation was based on an oil price of US$75 per barrel and a gas price of US $2.75 per mmbtu.
Among the significant allocations were Education, Infrastructure, Health, National Security, Agriculture and Housing.
All figures quoted in millions of TT dollars.
“Our national economy is still at risk and remains vulnerable to external shocks. Notwithstanding, our economy remains resilient and our financial system is strong. We must stay on course in this time of uncertainty,” Dookeran said.