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Analysis of the Trinidad & Tobago National Budget 2024/2025
Message from the Managing Partner, Rikhi Rampersad
The world of business continues to evolve and shift, impacted by various international developments and the rise of technological and digital innovations. There has been a decline in global oil prices since April 2024, with the current international price at the lowest level since 2022. Supply chain demand and supply factors, and critical commodities also fluctuate given the ongoing geo-political factors occurring today across Asia, North America, Europe and the Middle East. International inflation has started to show signs of deceleration in U.S. and European markets, which could augur well for business trade in the short and medium-term.
The advancement in technologies such as Generative AI (GenAI), Cloud transformation and ERP systems, offer opportunity for increased productivity through innovation in devising business strategy for competitive advantage. These need to be adopted with a mindset to safeguard risks and build trust within processes, given the increase of cyber attacks on Caribbean private and public sector entities.
Today’s Caribbean business needs to understand and review the impact of these global trends on operations in making decisions. Additionally, consideration in strategy development of the triple bottom line – People, Prosperity and Planet given societal demands and regulatory trends is important.
In addition to the fiscal measures referenced in the 2024/2025 budget and the growth in the Heritage and Stabilization Fund, we have seen a strong emphasis on societal development – educational and entrepreneurship initiatives. The non-oil and gas sectors have continued to grow to make significant contribution to the national GDP. These sectors should continue to take advantage of innovation, technology and trade opportunities available, while making strategic choices for continued growth.
The 2024/2025 National Budget was delivered on 30 September 2024 by the Honourable Minister of Finance, Mr. Colm Imbert.
Economic Overview
Summary of the key economic indicators for Trinidad and Tobago over the past 5 years, with a comparison to pre-COVID figures and references to the latest fiscal government budget (2023-2024):
Budget Highlights
An overview of the Revenue and Expenditure projections, as well as the commodity prices underpinning the 2024/2025 National Budget.
Total Estimated Revenue
Total Extimated Expenditure
Oil Price Assumption (per barrel)
Natural Gas Price Assumption (per MMBtu)
