GATEWAY to Trade Observations – Strengthening Services for the Future
ACTION PLAN – DEVELOPING COMPETITIVE SERVICES EXPORTER
Good morning, colleagues, we are here today to discuss, brainstorm and more importantly develop an action plan for accelerating the growth of services in Trinidad and Tobago. Over the past two weeks, I held discussions with colleagues at the CNSC and CPSO and whilst we disagree on several issues, everyone agreed that we have run out of time to get services on the front burner. Ian John pointed to us yesterday that a new economic order is here. Hence the urgency for us to be organized.
The services sector is the largest sector in Trinidad and Tobago’s economy contributing a combined total of 72% or TT$115 billion to Gross Domestic Product (GDP) in fiscal year 2017, employing over 85% of the labour force. In 2018, the sector contributed an estimated 58% to GDP, followed by 53% in 2019. Despite our success at home, the services sector accounts for less than 10% of export earnings.