T&T
economy to edge up in July
The
Trinidad Guardian
Port
Spain
Petroleumworld.com
07 02 06
The
CMMB Research Centre announced Friday that activity
in the T&T economy is likely to slightly edge
upwards in June 2006.
The
CMMB Composite Leading Indicator (CLI), which provides
monthly signals of the possible direction of economic
activity, stood at 162.86 at the end of June 2006,
up from 160.61 at the end of May 2006. The diffusion
index was unchanged from the previous two months
at 60 per cent, indicating that three of the five
indicator series were moving up.
The
following were the main reasons for the current
reading of the CMMB CLI:
n
Signs of Traction in the Trinidad and Tobago Composite
Index. The TTSE Composite Index fell to a low of
914.35 in early May before starting a slow ascent
to reach 920.95 points by end June. In the first
six months of 2006, the TTSE Composite Index declined
by almost 14 per cent compared with an increase
of nearly 13 per cent in the corresponding period
of 2005.
n Stability in the West Texas Intermediate (WTI)
Oil Price. The average WTI crude oil price for June
remained relatively unchanged from May at US$70.96/
barrel. Oil prices traded within the range of US$68.56-73.75
per barrel in June, showing little variation from
the trading range in the previous month.
The
CMMB CLI reference series is the Central Bank’s
Quarterly Real GDP series. Although first quarter
data on real growth is not yet available, most
incoming
information point to continued expansion of the
Trinidad and Tobago economy, on the back of the
energy sector.
Growth
in the non-energy sector will continue to be buoyed
by heavy construction activity, which is being stimulated
by several energy-related industrial projects and
a strong public investment programme.
The Trinidad Guardian
Sunday 2nd July, 2006
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