Skip to main content

Trusted. Transformational. Together.

Analysis of the Trinidad & Tobago National Budget 2023/2024

Message from the Managing Partner, Rikhi Rampersad

In recent times, we have seen many areas of economic and business activity both regionally and at home be subject to a myriad of changes forcing them to adapt to an ever-evolving business landscape.

Disruptors, global market fluctuations, and expanded risk parameters, are heightened and significantly impacts on decision making and operations.

The theme of this year’s National Budget “ Building Capacity for Diversification and Growth” focused on initiatives to enable business and supportive measures for society. These included incentives in cyber security strengthening for companies and expansion of digital infrastructure and e-payment platforms within public sector, and grants for education.

As companies operate in local and international markets, sustainability and agility in strategy and operations, is crucial to respond to the demands. Advances in AI and technology continue to influence digital transformation and innovation remains central to all business plans.

More importantly, is the responsibility for governance and accountability which is owned by the Boards of Directors and Executive management at organizations. Charting a path forward requires reflection on Board effectiveness and leadership training. This ensures the needed diverse set of skills is embodied in the organization’s stewards, to steer key directives, challenge the status quo and allow for prosperity in growth, as well as positively impacting climate, nature, social goals and technology use. We should ask ourselves, are we harnessing our talent for a clear understanding of emerging technologies, risks associated with sustainable and climate strategy and embedding a culture of diversity, equity and inclusion in corporate planning?

Dare to challenge, question and set sustainable goals to optimally position now and for the future.

Budget Review 2023/2024

The 2023/2024 National Budget was delivered on 2 October 2023 by the Honourable Minister of Finance, Mr. Colm Imbert. 

Revenue and Expenditure highlights

On consideration of forecasts by international organisations, the Finance Minister stated:

  •  Oil price assumption for 2024 is US$85 per barrel
  • Natural gas price assumption is US$5 per MMBtu.

Total Revenue is estimated at TT$54.012 billion

Total Expenditure is estimated at TT$59.209 billion

Did you find this useful?

Thanks for your feedback

If you would like to help improve further, please complete a 3-minute survey