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Caribbean Trade & Economy

Trinidad Faces Recession as Deficit Soars and Economy Contracts

Author: Staff
Last Update: 12:18 PM ET September 05 2015

In the first-half to June 2015, crude oil production improved 2.2% from a year ago period to 81,499 barrels a day.

Average crude oil prices in the first-half 2015 has declined 47% to US$53.20 from US$100.90 a barrel in the period a year ago.

Despite the disruption, the daily average natural gas production was healthy at a rate of 4,047 million cubic feet in the quarter.

In the first-half, natural gas output declined 5.2%, largely on the sharp fall in output in the second quarter on the upgrade work at the field controlled by British Petroleum.

Manufacturing production declined 0.5% and agriculture output shrank 6.9% in the first quarter from a year ago period.

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