The Central Statistical Office (CSO), the country’s primary agency for collecting and publishing social and economic data, has long faced criticism over the quality, availability and timeliness of its statistics. The agency has consistently argued that it lacks the legal authority to compel public and private entities to provide information promptly, limiting its ability to deliver comprehensive and up-to-date data.
Successive governments have pledged to modernise the system by transforming the CSO into the National Statistical Institute of Trinidad and Tobago (NSITT). Draft legislation for that transition was completed as far back as 2018, yet it has not been proclaimed despite repeated promises.
Reliable statistics are essential for measuring economic performance and informing decisions by governments, businesses and investors. While the CSO continues to release available data, more current assessments of the country’s economic condition often come from the Central Bank of Trinidad and Tobago (CBTT), whose reports complement the annual Review of the Economy presented with the national Budget.
The importance of timely data is especially evident in the energy sector. The public is well aware of declining natural gas production and its impact on Point Lisas industries. Gas shortages have forced Nutrien to idle plants and Methanex to mothball operations. Yet the Ministry of Energy’s website contains no natural gas production figures for 2026, leaving a crucial question unanswered: Is production recovering as projected in the 2026 Budget, or continuing to decline?
Similar uncertainty surrounds the country’s foreign exchange position. After concerns that industrial shutdowns could worsen shortages, Central Bank Governor Larry Howai rejected predictions of an impending crisis following Methanex’s announcement. Those assurances were later reinforced through publicly released information and a meeting involving the Ministers of Energy, Finance and Planning, alongside key industry stakeholders.
Subsequently, the Central Bank reaffirmed its commitment to strengthening foreign exchange management while acknowledging that, despite remaining the country’s largest earner of foreign exchange, the energy sector’s contribution has been affected by falling output and declining international reserves. At the same time, there have been encouraging signs. The Ministry of Finance reported a successful US$800 million bond issue on July 10 that attracted subscriptions worth four times the amount offered.
The CBTT’s June 2026 data also showed an improved fiscal position, with the deficit narrowing from $3.86 billion to $1.72 billion and a primary surplus of $2.14 billion replacing a deficit recorded a year earlier.
However, part of that improvement resulted from withdrawals from the Heritage and Stabilisation Fund. Reports indicate that US$510.78 million was withdrawn over six months, including US$250 million during the first quarter of fiscal 2025/2026 and a further US$260.78 million in the preceding quarter.
The lesson is clear. While governments naturally seek to project confidence and optimism, Trinidad and Tobago’s economic reality remains complex. Citizens, businesses and investors should not be left to piece together the country’s financial picture from scattered reports and official statements. Greater transparency requires more timely, accessible and comprehensive data. Meaningful accountability also begins with reliable statistics.
