Data Center: Glossary of Terms | Central Bank of Trinidad and Tobago

External Sector

External sector statistics provide information about Trinidad and Tobago’s relations with the rest of the world and are key economic indicators for policymakers. External sector statistics include the Balance of Payments and the International Investment Position.

The Balance of Payments (BOP) is a statement that summarises economic transactions between residents and non-residents during a specific time period. Residence is defined in terms of the centre of predominant economic interest of the transactors. An institutional unit (e.g. household, corporation, government, non-profit institutions serving households) is resident in the domestic economic territory if its centre of predominant economic interest is in the domestic economic territory.

An institutional unit is a non-resident when its centre of predominant economic interest lies outside the domestic economic territory. The International Investment Position (IIP) is a statement that shows at a point in time the value of:

• financial assets of residents of an economy that are claims on non-residents; and

• the liabilities of residents of an economy to non-residents.

The external sector statistics are compiled in accordance with the International Monetary Fund, Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). The following series, as defined below, are selected external sector statistics published by the Bank.

Balance of Payments Series
- 1. Current Account
  - Shows flows of goods, services, primary income and secondary income between residents and non-residents. The current account balance is the difference between the sum of exports and income receivable and the sum of imports and income payable (exports and imports refer to both goods and services, while income refers to both primary and secondary income).
- 2. Goods and Services
  - This is the net balance on trade in goods and services (i.e. exports of goods and services minus imports of goods and services).
- 3. Goods, net
  - Goods comprise general merchandise, non-monetary gold and net export of goods under merchanting. General merchandise includes all movable goods whose ownership is transferred from a resident to a non-resident and vice versa. Goods, net is the difference between exports and imports of goods. Both exports and imports of goods are valued free-on-board (f.o.b.).
- 4. Exports
  - Exports are the purchases of goods by non-residents from residents of the domestic economy. In order to be considered exports, these transactions must involve the change of ownership from residents to non-residents.
- 5. Energy Exports
  - Include exports of petroleum, petroleum products and related materials and the exports of petrochemicals (crude oil, petroleum products, liquefied natural gas, natural gas liquids, fertilisers and methanol).
- 6. Non-energy Exports
  - Exports of all other commodities not classified as energy.
- 7. Imports
  - Imports are the purchases of goods by residents of the domestic economy from non-residents. In order to be considered imports, these transactions must involve the change of ownership from non-residents to residents.
- 8. Fuel Imports
  - Include petroleum, petroleum products and related materials.
- 9. Other Imports
  - Imports of all other commodities not classified as fuel.
- 10. Services, net
  - Services are the result of a production activity that changes the conditions of the consuming units, or facilitates the exchange of products or financial assets. The following is a list of the major service categories:
  - ✔ Manufacturing services on physical inputs owned by others.
  - ✔ Maintenance and repair services n.i.e (not included elsewhere)
  - ✔ Transport
  - ✔ Travel
  - ✔ Construction services
  - ✔ Insurance services
  - ✔ Financial services
  - ✔ Charges for the use of intellectual property n.i.e.
  - ✔ Telecommunications, computer and information services
  - ✔ Other business services (include research and development services, professional and management consulting services, and technical, trade-related and other business services)
  - ✔ Personal, cultural and recreational services
  - ✔ Government goods and services n.i.e
  - Services, net is the aggregate of the net balances of all the service categories. The net balance is the difference between service receipts (exports) and service payments (imports).
- 11. Services Receipts
  - Exports of services to non-residents.
- 12. Services Payments
  - Imports of services from non-residents.
- 13. Primary Income, net
  - The Primary Income account shows primary income flows between residents and non-residents. Primary income represents the returns for contributions to the production process or for the provision of financial assets and renting natural resources. It includes:
  - a. Compensation of employees - wages, salaries and other benefits, in cash or in kind, earned by individuals for work performed for economic units whose place of residence is different from their own.
  - b. Investment income - the returns for providing financial assets.
  - Primary Income, net is the difference between Primary Income Receipts and Primary Income Payments.
- 14. Primary Income Receipts
  - Income received from abroad in the form of compensation of employees or investment income.
- 15. Primary Income Payments
  - Income sent abroad in the form of compensation of employees or investment income.
- 16. Secondary Income, net
  - The Secondary Income account shows current transfers (cash or kind) between residents and non-residents. Current transfers directly affect the level of disposable income and influence the consumption of goods or services. That is, current transfers reduce the income and consumption possibilities of the donor and increase the income and consumption possibilities of the recipient.
  - The Secondary Income, Net is the difference between Secondary Income Receipts and Secondary Income Payments.
- 17. Secondary Income Receipts
  - Current transfers (cash or kind) received from non-residents.
- 18. Secondary Income Payments
  - Current transfers (cash or kind) sent to non-residents.
- 19. Capital Account
  - Shows capital transfers receivable and payable between residents and non-residents and the acquisition and disposal of non-produced, nonfinancial assets between resident and non-residents. Capital transfers are transfers in which the ownership of an asset changes from one party to another; or that oblige one or both parties to acquire or dispose of an asset; or where a liability is forgiven by the creditor.
- 20. Financial Account
  - The financial account records transactions with non-residents that involve financial assets and liabilities. A positive sign (interpreted as a net outflow) means that, in net terms, Trinidad and Tobago supplies funds to the rest of the world (a negative sign means the opposite- a net inflow and Trinidad and Tobago borrows funds from the rest of the world).
  - Net balances are shown for each functional category of the financial account. These net balances are derived as the net acquisition of assets less net incurrence of liabilities within each specific functional category.
- 21. Direct Investment
  - A cross-border investment where a resident in one economy has control or a significant degree of influence on the management of an enterprise that is resident in another economy. A significant degree of influence is determined to exist if the investor owns 10 per cent or more of the voting power in the enterprise that is resident in another economy. Control is determined to exist if the investor owns more than 50 per cent of the voting power in the enterprise that is resident in another economy.
  - Net direct investment is derived as net acquisition of direct investment assets less net incurrence of direct investment liabilities.
- 22. Direct Investment: Net Acquisition of Financial Assets
  - Shows net changes (increases less decreases) in direct investment assets (Trinidad and Tobago’s direct investment abroad). A negative sign represents a net decrease in direct investment assets (inflow) while a positive sign represents a net increase in direct investment assets (outflow).
- 23. Direct Investment: Net Incurrence of Financial Liabilities
  - Shows net changes (increases less decreases) in direct investment liabilities (direct investment in Trinidad and Tobago). A negative sign represents a net decrease in direct investment liabilities (outflow) while a positive sign represents a net increase in direct investment liabilities (inflow).
- 24. Portfolio Investment
  - Cross border transactions involving debt or equity securities, other than those included in direct investment or reserve assets. Net portfolio investment is derived as net acquisition of portfolio investment assets less net incurrence of portfolio investment liabilities.
- 25. Portfolio Investment: Net Acquisition of Financial Assets
  - Shows net changes (increases less decreases) in portfolio investment assets. A negative sign represents a net decrease in portfolio investment assets (inflow) while a positive sign represents a net increase in portfolio investment assets (outflow).
- 26. Portfolio Investment: Net Incurrence of Financial Liabilities
  - Shows net changes (increases less decreases) in portfolio investment liabilities. A negative sign represents a net decrease in portfolio investment liabilities (outflow) while a positive sign represents a net increase in portfolio investment liabilities (inflow).
- 27. Financial Derivatives
  - Financial derivatives are financial instruments that are linked to a specific financial instrument or indicator or commodity, and through which specific financial risks can be traded in financial markets in their own right. Net financial derivatives are derived as net acquisition of financial derivative assets less net incurrence of financial derivatives liabilities.
- 28. Financial Derivatives: Net Acquisition of Financial Assets
  - Shows net changes (increases less decreases) in financial derivatives assets. A negative sign represents a net decrease in financial derivatives assets (inflow) while a positive sign represents a net increase in financial derivatives assets (outflow).
- 29. Financial Derivatives: Net Incurrence of Financial Liabilities
  - Shows net changes (increases less decreases) in financial derivatives liabilities. A negative sign represents a net decrease in financial derivatives liabilities (outflow) while a positive sign represents a net increase in financial derivatives liabilities (inflow).
- 30. Other Investment
  - Other investment is a residual category that includes transactions other than those included in direct investment, portfolio investment, financial derivatives and reserve assets. These include:
  - ● Other equity: Equity that is not in the form of securities. It can include equity in quasi-corporations, such as branches, trusts, limited liability and other partnerships, unincorporated funds, and notional units for ownership of real estate and other natural resources.
  - ● Currency and deposit: Currency consists of notes and coins that are of fixed nominal values and are issued or authorised by central banks or governments. Deposits include chequing accounts, savings accounts and other time deposits.
  - ● Loans: Financial assets that (a) are created when a creditor lends funds directly to a debtor, and (b) are evidenced by documents that are not negotiable.
  - ● Insurance, pension and standardised guarantee schemes: These reserves, entitlements, and provisions represent liabilities of the insurer, pension fund, or issuer of standardised guarantees, and a corresponding asset of the policyholders or beneficiaries.
  - ● Trade credit and advances: Consist of (a) credit extended directly by the suppliers of goods and services to their customers and (b) advances for work that is in progress (or is yet to be undertaken) and prepayment by customers for goods and services not yet provided.
  - ● Other accounts receivable/payable: Includes accounts receivable or payable other than those included in trade credit and advances or other instruments. It includes liabilities for taxes, purchase and sale of securities, wages and salaries, dividends, and social contributions that have accrued but not yet paid. It also includes prepayments of those items.
  - ●Special Drawing Rights (SDR) allocations: International reserve assets created by the IMF and allocated to members to supplement existing official reserves. SDRs are held only by the monetary authorities of IMF members and a limited number of international financial institutions that are authorised holders.
  - Net other investment is derived as net acquisition of other investment assets less net incurrence of other investment liabilities.
- 31. Other Investment: Net Acquisition of Financial Assets
  - Shows net changes (increases less decreases) in other investment assets. A negative sign represents a net decrease in other investment assets (inflow) while a positive sign represents a net increase in other investment assets (outflow).
- 32. Other Investment: Net Incurrence of Financial Liabilities
  - Shows net changes (increases less decreases) in other investment liabilities. A negative sign represents a net decrease in other investment liabilities (outflow) while a positive sign represents a net increase in other investment liabilities (inflow).
- 33. Net Errors and Omissions
  - Imbalances that can result in practice from imperfections in source data and compilation and is derived residually as the overall balance plus the financial account minus the sum of current and capital accounts.
- 34. Overall Balance
  - The overall balance is equal to the change in reserves and related items (IMF credit and loans and exceptional financing).
International Investment Position Series
- 35. Net International Investment Position
  - The International Investment Position (IIP) is a statement that shows at a point in time the value of:
  - ● financial assets of residents of an economy that are claims on non-residents; and
  - ● the liabilities of residents of an economy to non-residents.
  - The difference between the assets and liabilities is the Net International Investment Position and represents either net claims (if the sign is positive) on or net liabilities (if the sign is negative) to the rest of the world.
- 36. International Investment Position: Total Assets
  - Represent the total financial assets of residents of an economy that are claims on non-residents. Assets comprise direct investment, portfolio investment, financial derivatives, other investment and reserve assets.
- 37. International Investment Position: Direct Investment Assets
  - Direct investment is a cross-border investment where a resident in one economy has control or a significant degree of influence on the management of an enterprise that is resident in another economy. A significant degree of influence is determined to exist if the investor owns 10 per cent or more of the voting power in the enterprise that is resident in another economy. Control is determined to exist if the investor owns more than 50 per cent of the voting power in the enterprise that is resident in another economy.
  - Direct Investment Assets represent the stock of assets abroad that are owned by direct investors resident in Trinidad and Tobago.
- 38. International Investment Position: Portfolio Investment Assets
  - The stock of external assets that consist of debt or equity securities, other than those included in direct investment or reserve assets.
- 39. International Investment Position: Financial Derivatives Assets
  - The stock of assets abroad that are held in the form of financial derivatives. Financial derivatives are financial instruments that are linked to a specific financial instrument or indicator or commodity, and through which specific financial risks can be traded in financial markets in their own right.
- 40. International Investment Position: Other Investment Assets
  - The stock of assets abroad that includes instruments other than those included in direct investment, portfolio investment, financial derivatives and reserve assets. These include other equity, currency and deposits; loans, insurance, pension and standardised guarantee schemes, trade credit and advances, other accounts receivable/payable and Special Drawing Rights allocations.
- 41. International Investment Position: Reserve Assets
  - The stock of external assets that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to manage the currency exchange rate, and for other related purposes (for example maintaining confidence in the currency and the economy, or serving as a basis for foreign borrowing). Reserve assets include foreign currencies, gold and special drawing rights.
- 42. International Investment Position: Total Liabilities
  - Represent the total financial liabilities of residents of an economy that are owed to non-residents. Liabilities comprise direct investment, portfolio investment, financial derivatives and other investment.
- 43. International Investment Position: Direct Investment Liabilities
  - Direct investment is a cross-border investment where a resident in one economy has control or a significant degree of influence on the management of an enterprise that is resident in another economy. A significant degree of influence is determined to exist if the investor owns 10 per cent or more of the voting power in the enterprise that is resident in another economy. Control is determined to exist if the investor owns more than 50 per cent of the voting power in the enterprise that is resident in another economy.
  - Represent the stock of liabilities of direct investment enterprises resident in Trinidad and Tobago that are owed to their non-resident direct investors. This comprises equity and debt instruments.
- 44. International Investment Position: Portfolio Investment Liabilities
  - The stock of external liabilities that consist of debt or equity securities, other than those included in direct investment.
- 45. International Investment Position: Financial Derivatives Liabilities
  - The stock of external liabilities that are in the form of financial derivatives. Financial derivatives are financial instruments that are linked to a specific financial instrument or indicator or commodity, and through which specific financial risks can be traded in financial markets in their own right.
- 46. International Investment Position: Other Investment Liabilities
  - The stock of external liabilities that includes instruments other than those included in direct investment, portfolio investment and financial derivatives. These include other equity, currency and deposits; loans, insurance, pension and standardised guarantee schemes, trade credit and advances, other accounts receivable/payable and Special Drawing Rights allocations.
Direct Investment Flows Series
- 47-54 Direct Investment: Net Incurrence of Liabilities to Sectors
  - Data are presented on an asset/liability basis and show net changes (increases less decreases) in direct investment liabilities by industry. In other words, this shows net direct investment flows to specific industries of Trinidad and Tobago.
  - A negative sign represents a net decrease in direct investment liabilities (outflow) while a positive sign represents a net increase in direct investment liabilities (inflow)
- 55-61 Direct Investment: Net Incurrence of Liabilities by Country of Origin
  - Data are presented on an asset/liability basis and shows net changes (increases less decreases) in direct investment liabilities by partner country. In other words, this shows net direct investment flows to Trinidad and Tobago from a foreign country.
  - A negative sign represents a net decrease in direct investment liabilities (outflow) while a positive sign represents a net increase in direct investment liabilities (inflow).
  - In line with international statistical standards, geographical data are recorded based on the immediate investing country.

Public Finance

The statistics provided under the Public Finance sector pertain to the Central Government fiscal operations namely its collection of revenue, expenditure and financing undertaken to support its operations. It also encompasses the borrowing operations of the Central Government as well as Government-owned entities and the stock of public sector debt owed at a point in time. The following series, as defined below, are selected public finance sector statistics published by the Bank.

Public Debt Series
- 1. Central Government Total Debt Outstanding
  - The stock/outstanding amount of all debt liabilities owed by the Government of Trinidad and Tobago that require payment(s) of interest and/or principal at a specific date(s) in the future. It includes debt liabilities contracted with both domestic and external creditors. Unless otherwise stated, it includes debt issued for liquidity sterilization purposes.
- 2. Central Government Domestic Debt Outstanding
  - The stock/outstanding amount of all debt liabilities owed by the Government of Trinidad and Tobago that require payment(s) of interest and/or principal at specific date(s) in the future to financial institutions and individuals residing in Trinidad and Tobago. It does not include domestic debt owed by public entities such as state-owned enterprises and statutory authorities.
- 3. Central Government Debt Management Bills Issuances
  - Debt management bills are short-term debt instruments (maturities of one year or less) issued by the Government of Trinidad and Tobago to meet its short-term financing requirements. They are issued by the Central Bank on behalf of the Government via e-auction. Debt management bills are issued under the Treasury Bills Act, but do not form part of the Bank’s Open Market Operations (debt issued for liquidity management). Issuances are determined by the cash management needs of the Government and the need to rollover maturing bills.
- 4. Central Government Debt Management Bills Repayments
  - The amount paid by the Government of Trinidad and Tobago for the redemption of debt management bills held by investors until maturity.
- 5. Central Government Debt Management Bills Outstanding
  - The stock/outstanding amount of debt management bills owed by the Government of Trinidad and Tobago at a point in time.
- 6. Central Government Open Market Treasury Bill Issuances
  - Open market Treasury Bills are short-term domestic instruments issued by the Government of Trinidad and Tobago. These Bills are offered for periods of 3 months, 6 months or 1 year. Open market Treasury Bills are issued as required by the Central Bank via e-auction and are intended solely for monetary policy purposes. These Bills are also issued under the Treasury Bills Act.
- 7. Central Government Open Market Treasury Bill Repayments
  - The amount paid by the Government of Trinidad and Tobago for the redemption of Treasury Bills held by investors until maturity.
- 8. Central Government Open Market Treasury Bills Outstanding
  - The stock/outstanding amount of Treasury Bills owed by the Government of Trinidad and Tobago at a point in time.
- 9. Central Government Treasury Notes Issuances
  - Treasury Notes are domestic securities with a maturity of over one year and up to five years issued by the Government of Trinidad and Tobago solely for monetary policy purposes. Treasury Notes are issued under the Treasury Notes Act.
- 10. Central Government Treasury Notes Repayment
  - The amount paid by the Government of Trinidad and Tobago for the redemption of Treasury Notes held by investors until maturity.
- 11. Central Government Treasury Notes Outstanding
  - The stock/outstanding amount of Treasury Notes owed by the Government of Trinidad and Tobago at a point in time.
- 12. Central Government Domestic Bonds and Notes Issues
  - Debt securities in the form of bonds issued by the Government of Trinidad and Tobago on the domestic capital market to raise money for various types of expenditures. Bonds are issued with varying maturities but are mostly intended to be long-term (five or more years). Bonds are issued under the Development Loans Act.
- 13. Central Government Domestic Bonds and Notes Repayments
  - Principal payments made by the Government of Trinidad and Tobago to holders of domestic bonds and notes, issued under the Development Loans Act. These repayments are either made as a lump sum upon maturity (bullet repayment) or spread across the term of the bond (amortised).
- 14. Central Government Domestic Bonds and Notes Outstanding
  - The stock/outstanding amount of bonds and notes owed by the Government of Trinidad and Tobago to domestic creditors at a point in time.
- 15. Central Government Liquidity Absorption Bonds Issuances
  - Bonds issued by the Government of Trinidad and Tobago to help manage excess liquidity in the financial system. These are long-term investment instruments issued under the Development Loans Act. With the passage of the Treasury Bonds Act in 2008, these bonds are no longer issued. Instead, Treasury Bonds are now issued for purposes of liquidity management.
- 16. Central Government Liquidity Absorption Bonds Repayments
  - Principal payments made by the Government of Trinidad and Tobago to holders of liquidity absorption bonds. These repayments are made as a lump sum upon maturity (bullet repayment).
- 17. Central Government Liquidity Absorption Bonds Outstanding
  - The stock/outstanding amount of liquidity absorption bonds owed by the Government of Trinidad and Tobago to domestic creditors at a point in time. The current outstanding balance is zero. Bonds for liquidity management purposes are no longer issued under the Development Loans Act but under the Treasury Bonds Act.
- 18. Central Government CLICO and HCU Zero-Coupon Bonds Allocations
  - Bonds allocated by the Government of Trinidad and Tobago to policyholders of the Colonial Life Insurance Company (Trinidad) Limited (CLICO) and depositors of the Hindu Credit Union (HCU) as part of the Government bailout package. These bonds were first issued in January 2012 and carry maturities ranging between 1 and 20 years.
- 19. Central Government CLICO and HCU Zero-Coupon Bonds Conversions and Redemptions
  - CLICO and HCU zero coupon bond conversion refers to bonds that were sold for shares in the CLICO Investment Fund (CIF). CLICO and HCU zero coupon redemptions refers to bonds that matured and were repaid in cash by the Government of Trinidad and Tobago.
- 20. Central Government CLICO and HCU Zero-Coupon Bonds Outstanding
  - The stock/outstanding amount of zero-coupon bonds owed at a point in time by the Government of Trinidad and Tobago to policyholders and depositors of CLICO and HCU, respectively.
- 21. Central Government Domestic Bond Issuances for VAT Refunds
  - Debt securities in the form of bonds issued by the Government of Trinidad and Tobago on the domestic capital market for the settlement of outstanding Value Added Tax (VAT) refunds owed to businesses operating in Trinidad and Tobago. These are medium-term investment instruments issued under the VAT Act.
- 22. Central Government Domestic Repayments on VAT Refund Bonds
  - Principal payments made by the Government of Trinidad and Tobago to holders of bonds issued under the Valued Added Tax (VAT) Act.
- 23. Central Government Domestic VAT Refund Bonds Outstanding
  - The stock/outstanding amount of Valued Added Tax (VAT) bonds owed by the Government of Trinidad and Tobago to domestic creditors at a point in time.
- 24. Central Government Total Sterilised Debt Outstanding
  - The outstanding amount of debt instruments issued by the Government of Trinidad and Tobago to assist the Central Bank in the management of liquidity in the financial system. These include the outstanding amounts of the following debt instruments: Open Market Treasury Bills, Treasury Notes, Liquidity Absorption Bonds (currently zero) and Treasury Bonds. The proceeds of these instruments are sterilised in blocked accounts held at the Central Bank.
- 25. Central Government External Debt Outstanding (TT$Mn)
  - Debt liabilities owed by the Government of Trinidad and Tobago to non-residents that require payment(s) of principal and/or interest at a specific date(s) in the future. These include multilateral institutions, bilateral creditors, foreign commercial banks, export banks and international bondholders. It does not include external debt owed by public entities such as State Owned Enterprises and Statutory Authorities.
- 26. Central Government External Debt Disbursements
  - Cash payments in foreign currencies received by the Government of Trinidad and Tobago from external creditors. They represent drawdowns on loans and bonds contracted by the Government with external lenders. These payments may be received as a lump sum (single tranche) as is the case when the Government issues a bond in the international capital market. However, for most loans the Government receives payments in tranches over an agreed period as stated in the loan contract until the full amount of the loan has been drawn down.
- 27. Central Government External Debt Repayments
  - Principal payments made by the Government of Trinidad and Tobago to external creditors. These repayments are either made as a lump sum (bullet repayment) or spread over a period of time (amortised).
- 28. Central Government External Debt Interest Payments
  - Payments of interest accrued on the stock of external debt owed by the Government of Trinidad and Tobago to external creditors.
- 29. Central Government External Debt Service
  - External debt service refers to the sum of principal repayments and interest payments paid by the Government of Trinidad and Tobago to external creditors.
- 30. Central Government External Debt Outstanding (US$Mn)
  - Debt liabilities owed by the Government of Trinidad and Tobago to non-residents that require payment(s) of principal and/or interest at a specific date(s) in the future. These include multilateral institutions, bilateral creditors, foreign commercial banks, export banks and international bondholders. It does not include external debt owed by public entities such as State Owned Enterprises and Statutory Authorities.
- 31. Central Government External Bilateral Debt Outstanding
  - The stock/outstanding amount of external debt owed by the Government of Trinidad and Tobago to other Governments.
- 32. Central Government External Multilateral Debt Outstanding
  - The stock/outstanding amount of external debt owed by the Government of Trinidad and Tobago to multilateral institutions such as the Inter-American Development Bank, the Caribbean Development Bank and the Corporación Andina de Fomento (CAF). Multilateral institutions provide long-term financing geared towards specific projects.
- 33. Central Government External Commercial Debt Outstanding
  - The stock/outstanding amount of external debt owed by the Government of Trinidad and Tobago to external banks such as commercial banks. These institutions provide medium to long-term loans at market interest rates.
- 34. Central Government External Bonds Outstanding
  - The stock/outstanding amount of external debt owed by the Government of Trinidad and Tobago to foreign (non-resident) bond holders. External bonds are issued on the international capital market at either fixed or floating rates of interest with long-term maturities.
- 35. Guaranteed State-Owned Enterprise Debt Outstanding
  - The stock/outstanding amount of domestic and external debt owed by state-owned enterprises operating in Trinidad and Tobago and that are guaranteed by the Government. A Government Guarantee is a legal document provided to the creditor confirming that in the event the borrower (state-owned enterprise) is unable to meet its debt service obligations, the Government will repay the debt. The outstanding debt forms part of the Government's contingent liabilities.
- 36. Guaranteed Statutory Authorities Debt Outstanding
  - The outstanding amount of domestic and external debt owed by statutory authorities operating in Trinidad and Tobago and that are guaranteed by the Government. A Government Guarantee is a legal document provided to the creditor confirming that in the event the borrower (statutory authority) is unable to meet its debt service obligations the Government will repay the debt. The outstanding debt forms part of the Government's contingent liabilities.
- 37. Contingent Liabilities Outstanding
  - The total amount of outstanding debt (domestic and external) guaranteed by the Government of Trinidad and Tobago. It comprises guaranteed debt of state-owned enterprises and statutory authorities operating in Trinidad and Tobago.
- 38. Gross Public Sector Debt Outstanding
  - It is the sum of Central Government total debt outstanding and contingent liabilities outstanding, and includes debt issued as part of the Central Bank’s monetary policy operations (Treasury Bills, Treasury Notes, Treasury Bonds and Liquidity Absorption Bonds).
- 39. Net Public Sector Debt Outstanding
  - Net public sector debt provides a more accurate indication of a country's debt burden. It is computed as gross public sector debt outstanding less the outstanding amounts of all debt instruments issued for monetary policy purposes which are sterilised in blocked accounts held at the Central Bank (Refer to Item 22).
- 40. Central Government Domestic Debt to GDP Ratio (%)
  - The outstanding amount of Central Government domestic debt (Item 2) expressed as a percentage of Nominal Gross Domestic Product (GDP) at current prices. It is an indicator of the country's ability to repay its domestic debt. It measures the Central Government's domestic debt burden by comparing the amount the Government owes to domestic creditors to its capacity to repay debt as measured by the annual output produced in Trinidad and Tobago.
- 41. Central Government External Debt to GDP Ratio (%)
  - The outstanding amount of Central Government external debt (Item 22) expressed as a percentage of Nominal Gross Domestic Product (GDP) at current prices. It is an indicator of the country's ability to meet its external debt obligations. It measures the Central Government's external debt burden by comparing the amount the Government owes to external creditors to its capacity to repay debt as measured by the annual output produced in Trinidad and Tobago.
- 42. Central Government Total Debt to GDP Ratio (%)
  - The outstanding amount of total Central Government debt (Item 1) expressed as a percentage of Nominal Gross Domestic Product (GDP) at current prices. It is an indicator of the country's ability to meet its domestic and external debt obligations. It measures the Central Government's total debt burden by comparing the amount of debt owed by the Central Government against its capacity to repay as measured by the annual output produced in Trinidad and Tobago.
- 43. Contingent Liabilities Debt to GDP Ratio (%)
  - The outstanding amount of the contingent liabilities (Item 34) expressed as a percentage of Nominal Gross Domestic Product (GDP) at current prices. It is an indicator of the country's ability to absorb all of the debt guaranteed by the Government in the event that public entities default on their debt service obligations. It compares the total amount of debt guaranteed by the Government against the country’s capacity to repay debt as measured by the annual output produced in Trinidad and Tobago.
- 44. Gross Public Sector Debt to GDP Ratio (%)
  - This ratio is an indication of the total debt burden of the Government of Trinidad and Tobago (Item 35). It is an indicator of the country's ability to repay all of its debt obligations including sterilised debt as it compares the country's gross public debt outstanding to its capacity to repay debt as measured by the annual amount of output produced.
- 45. Net Public Sector Debt to GDP Ratio (%)
  - This ratio is an indication of the total debt burden of the Government of Trinidad and Tobago excluding debt issued for monetary policy purposes. It compares the country's net public debt outstanding (Item 36) to its capacity to repay debt as measured by the country’s annual amount. It is a more accurate indicator of the country's ability to meet its debt service obligations as it excludes sterilised debt. The ability to repay debt issued for monetary policy purposes does not depend on the country's annual output since the proceeds of these debt instruments are held in blocked accounts until maturity.
- 46. Central Government External Debt Service Ratio (%)
  - This ratio is an indicator of Trinidad and Tobago's ability to service its external debt obligations (Item 26). On one hand, external creditors require loan payments in foreign currency (US dollars). On the other hand, a country's earnings of foreign currency are largely dependent on the amount of goods and services its exports. The external debt service ratio is computed as the sum of external debt service payments (interest and principal) during a period divided by the value of goods and services exported during the same period.
- 47. General Government Debt Outstanding (TT$Mn)
  - It is the sum of Central Government total debt outstanding and government-guaranteed debt of public entities directly serviced by the Central Government (also called non self-serviced guaranteed debt). It includes debt issued as part of the Central Bank’s monetary policy operations (Treasury Bills, Treasury Notes and Treasury Bonds).
- 48. Adjusted General Government Debt Outstanding (TT$Mn)
  - Adjusted general government debt provides a more accurate indication of a country's debt burden. It is computed as general government debt outstanding less the outstanding amounts of all debt instruments issued for monetary policy purposes which are sterilised in blocked accounts held at the Central Bank.
- 49. Non Self-Serviced State-Owned Enterprise Debt Outstanding (TT$Mn)
  - The stock/outstanding amount of domestic and external debt owed by state-owned enterprises operating in Trinidad and Tobago that are guaranteed and serviced by the Central Government. The outstanding debt forms part of the total non-self-serviced guaranteed debt.
- 50. Non Self-Serviced Statutory Bodies Debt Outstanding (TT$Mn)
  - The outstanding amount of domestic and external debt owed by statutory authorities operating in Trinidad and Tobago that are guaranteed and serviced by the Central Government. The outstanding debt forms part of the total non-self-serviced guaranteed debt.
- 51. Total Non-Self Serviced Guaranteed Debt Outstanding (TT$Mn)
  - The total amount of government guaranteed debt (domestic and external) directly serviced by the Government of Trinidad and Tobago. It comprises non self-serviced guaranteed debt of state-owned enterprises and statutory authorities operating in Trinidad and Tobago.
- 52. Self-Serviced Guaranteed Debt Outstanding (TT$Mn)
  - The total amount of government guaranteed debt (domestic and external) owed and directly serviced by public entities (state-owned enterprises and statutory authorities).
- 53. General Government Debt to GDP Ratio (%)
  - This ratio is an indication of the total debt burden of the Government of Trinidad and Tobago. It is an indicator of the country's ability to repay all of its debt obligations including sterilised debt as it compares the stock of general government debt to the government debt repayment capacity as measured by the annual amount of output produced.
- 54. Adjusted General Government Debt to GDP Ratio (%)
  - This ratio is an indication of the total debt burden of the Government of Trinidad and Tobago excluding debt issued for sterilisation purposes. It compares the stock of adjusted general government debt to the Government’s debt repayment capacity as measured by the country’s annual amount of output produced. It is a more accurate indicator of the country's ability to meet its debt service obligations as it excludes sterilised debt. The ability to repay debt issued for monetary policy purposes does not depend on the country's annual output since the proceeds of these debt instruments are held in blocked accounts until maturity.
- 55. Non-Self Serviced Guaranteed Debt to GDP Ratio (%)
  - The outstanding amount of non-self-serviced guaranteed debt expressed as a percentage of Nominal Gross Domestic Product (GDP) at current prices. Government-guaranteed debt directly serviced by the Government It is an indicator of the country's ability to absorb debt of public entities guaranteed by the Government. It compares the total amount of debt guaranteed and serviced by the Government against the country’s capacity to repay debt as measured by the annual output produced in Trinidad and Tobago.
- 56. Self-Serviced Guaranteed Debt to GDP Ratio (%)
  - The outstanding amount of self-serviced guaranteed debt expressed as a percentage of Nominal Gross Domestic Product (GDP) at current prices. It compares the total amount of debt guaranteed by the Government (but independently serviced by the public entities holding the debt) against the country’s capacity to repay debt as measured by the annual output produced in Trinidad and Tobago.

Central Government Fiscal Operations Series
- 1. Central Government Total Revenue
  - Central Government Total Revenue refers to all recurrent and capital revenues received by the Government of Trinidad and Tobago. Typical examples include but are not limited to taxes, excise duties, import duties, royalty payments for the right to produce natural resources, fees and charges, penalties and fines, stamp duties, rents paid to Government, interest earned on Government’s investments and loans, sale of Government-owned assets, profits from state owned entities and grants or gifts received from foreign Governments and international organisations. All government revenues are paid into the Government’s Consolidated Fund and special purpose funds established by Parliament.
- 2. Central Government Current Revenue
  - All revenue collected by the Government of Trinidad and Tobago from energy and non-energy, tax and non-tax sources. It does not include capital revenue: grants or gifts collected from foreign Governments and international organizations and sale of Government-owned assets, land or stocks. (See metadata items 3 and 9 for examples of tax and non-tax sources, and item 22 for capital revenue).
- 3. Central Government Tax Revenue
  - Compulsory and unrequited payments made by individuals and companies operating within the energy and non-energy sectors to the Government of Trinidad and Tobago. Tax revenue also includes interest collected on tax arrears and penalty payments imposed on late payment of taxes. All tax revenues are paid into the Government’s Consolidated Fund.
- 4. Central Government Taxes on Income and Profits
  - All taxes levied on income and profits earned by individuals and companies operating within the energy and non-energy sectors. Taxes on income and profits also include payments made by companies into the Unemployment Levy and the Green Fund Levy. The rate charged for Unemployment Levy is equivalent to 5.0 per cent of the taxable profits of petroleum companies while the rate applicable under the Green Fund Levy is 0.3 per cent of the gross sales or receipts of all companies operating in Trinidad and Tobago.
- 5. Central Government Taxes on Property
  - Taxes levied on all categories of land and buildings in Trinidad and Tobago
- 6. Central Government Taxes on Goods and Services
  - Taxes imposed on the purchase and sale of goods and services. Examples include but are not limited to Value Added Tax (VAT), purchase tax, excise duties, tax on online purchases, betting and entertainment taxes, club gaming tax, motor vehicle tax and taxes on financial services, alcohol and tobacco.
- 7. Central Government Tax on Revenue – Value Added Tax (VAT)
  - A tax imposed on goods and services consumed in Trinidad and Tobago inclusive of goods and services imported. Some goods and services are excluded from VAT. These are referred to as “Zero Rated” items under the Value Added Tax Act as they are exempted from VAT charges.
- 8. Central Government Taxes on International Trade
  - Taxes, penalties and fines levied on goods and services exported (export duties) and imported (import duties).
- 9. Central Government Non- Tax Revenue
  - Revenue earned by the Government of Trinidad and Tobago from sources other than taxes within the energy and non-energy sectors. Examples of non-tax revenue include but not limited to rents paid to Government, interest earned on investments and loans, royalty payments for the rights to extract and produce natural resources (such as Royalties on Oil), profits from state-owned entities, payments to Government under production sharing contracts, administrative fees and charges, fines and forfeitures.
- 10. Central Government Oil Revenue
  - All tax and non-tax payments made to the Government of Trinidad and Tobago by oil and gas companies operating in Trinidad and Tobago. It excludes payments made by petrochemical and other companies in the extractive industry.
- 11. Central Government Oil Sector – Tax Revenue
  - All compulsory tax payments made to the Government of Trinidad and Tobago by oil and gas companies. It also includes interest collected on tax arrears and penalties collected on late payment of taxes. Examples of taxes paid by oil and gas companies are: Petroleum Profit Tax (PPT), Supplemental Petroleum Tax (SPT), Withholding tax, Unemployment Levy and Export Duty on petrol.
- 12. Central Government Oil Sector – Non-Tax Revenue
  - All compulsory non-tax payments made to the Government of Trinidad and Tobago by oil and gas companies. Examples of non-tax revenue payments include royalty payments for the rights to produce oil and gas, payments made under production sharing agreements, oil impost (annual payments made to the Government to meet administrative expenses of the Ministry of Energy and Energy Industries), and surpluses paid to government by wholesale marketing companies (Trinidad National Petroleum Marketing Company Limited and United Independent Petroleum Marketing Company Limited). A surplus is only generated when the price marketing companies pay for petroleum products is less than the wholesale price paid by service stations.
- 13. Central Government Non-Oil Revenue
  - All revenue earned by the Government of Trinidad and Tobago from individuals and companies in all sectors of the economy except the oil and gas sector. It includes payments made to the Government by petrochemical and other extractive companies.
- 14. Central Government Non-Oil Sector Tax Revenue
  - All tax payments to the Government of Trinidad and Tobago by individuals and companies in all sectors of the economy except the oil and gas sector. It includes tax payments by petrochemical and other mining companies.
- 15. Central Government Non-Oil Sector Non-Tax Revenue
  - All non-tax payments made to the Government of Trinidad and Tobago by individuals and companies in all sectors of the economy except the oil and gas sector. (Refer to item 9 for examples of non-tax revenue).
- 16. Central Government Energy Revenue
  - All tax and non-tax payments made to the Government of Trinidad and Tobago by all companies operating within the energy sector. The energy sector comprises oil and gas companies, petrochemical companies, other extractive companies and service contractors within the sector.
- 17. Central Government Energy Sector – Tax Revenue
  - All tax payments made to the Government of Trinidad and Tobago by oil and gas, petrochemical and other extractive companies. It includes interest collected on tax arrears and penalties collected on late payment of taxes.
- 18. Central Government Energy Sector – Non-tax Revenue
  - All compulsory non-tax payments made to the Government of Trinidad and Tobago by oil and gas, petrochemical and other extractive companies.
- 19. Central Government Non-Energy Sector
  - All tax and non-tax payments made to the Government of Trinidad and Tobago by individuals and companies in all sectors of the economy except the energy sector.
- 20. Central Government Non-Energy Sector – Tax Revenue
  - All tax payments made to the Government of Trinidad and Tobago by individuals and companies in all sectors of the economy except the energy sector. It includes interest collected on tax arrears and penalties collected on late payment of taxes.
- 21. Central Government Non-Energy Sector – Non-Tax Revenue
  - All non - tax payments made to the Government of Trinidad and Tobago by individuals and companies in all sectors of the economy except the energy sector.
- 22. Capital Revenue
  - Proceeds from the sale of non-financial capital assets (e.g. land, intangible assets, and stocks), and fixed capital assets (e.g. buildings and equipment). Government receipts of non-repayable transfers for capital purposes from non-governmental sources are also recorded under capital revenue. Capital revenue also includes capital grants which are non-refundable transfers received by the Government of Trinidad and Tobago from other governments or international organisations usually geared towards a particular project.
- 23. Central Government Total Expenditure
  - Total expenditure refers to all recurrent and capital expenditure of the Central Government. It comprises Government’s spending from the Consolidated Fund, Infrastructure Development Fund and other special purpose funds established by Parliament to finance Government expenditure.
- 24. Central Government Current Expenditure
  - All Central Government expenditures that are of a non-capital nature. Examples include expenditure on wages and salaries, goods and services, transfers and subsidies and interest payments on debt.
- 25. Central Government Expenditure on Wages and Salaries
  - Expenditure on all forms of remuneration paid to public officers with the exception of salaries paid to contract officers within the public service. It includes wages and salaries, allowances, national insurance payments, overtime payments and cost of living allowances (COLA).
- 26. Central Government Expenditure on Goods and Services
  - Purchase of goods and services for daily operations of Government’s offices. Examples include but not limited to purchase of equipment, vehicles, machinery and furniture.
- 27. Central Government Expenditure on Transfers and Subsidies
  - Non-repayable payments made by the Government of Trinidad and Tobago to various individuals and agencies operating in Trinidad and Tobago such as non-profit organisations, educational institutions, statutory bodies, state enterprises and foreign agencies for specific purposes. The Government receives no quantifiable benefit, product or service in return for the payment. Transfers and subsidies do not represent the purchase of goods and extension of credit. However, transfers may be provided for the repayment of debt owed by public entities. (See item 28 for definition of subsidies).
- 28. Central Government Expenditure on Subsidies
  - Subsides are non-repayable payments made by the Government of Trinidad and Tobago to private industries and public enterprises operating in Trinidad and Tobago. Subsidies are granted for specific purposes and the Government receives no quantifiable benefit, product or service in return for the payment. Examples include the fuel subsidy (gasoline and diesel), agriculture and forestry subsidies, subsidies for flood relief and subsidies given to manufacturing companies.
- 29. Central Government Transfers Abroad
  - Central Government transfers abroad represent non-repayable payments made by the Government of Trinidad and Tobago to foreign organisations as well as foreign missions. Foreign organisations include regional bodies such as the Caribbean Examination Council and CARICOM, commonwealth bodies such as the Commonwealth Secretariat, the United Nations Organisation and international bodies such as the International Criminal Police Organisation.
- 30. Central Government Transfers to Non-Profit Institutions
  - Non-repayable payments made by the Government of Trinidad and Tobago to registered non-profit institutions. Examples include but not limited to grants to Children’s and Senior Citizens Homes, religious organisations, cultural groups, youth groups and other social programmes.
- 31. Central Government Transfers to Educational Institutions
  - Non-repayable payments made by the Government of Trinidad and Tobago to educational institutions. Examples include but not limited to grants to primary and secondary schools, tertiary institutions, technology centres, research institutes and other educational centres.
- 32. Central Government Transfers to Households
  - Non-repayable, payments made by the Government of Trinidad and Tobago to households. Examples include but not limited to pensions, gratuities, severance benefits, senior citizens grant, disability grant, social assistance, national incentives and rewards, the food price support programme and youth development programmes. Included here is the fuel subsidy, Government Assistance for Tertiary Education (GATE) and the Chronic Diseases Assistance Programme (CDAP).
- 33. Central Government Transfers to State Enterprises
  - Non-repayable payments made by the Government of Trinidad and Tobago to state enterprises operating in Trinidad and Tobago. State enterprises are entities that are wholly or partially owned by the Government.
- 34. Central Government Transfers to Statutory Boards and Similar Bodies
  - Non-repayable payments made by the Government of Trinidad and Tobago to statutory boards and similar bodies. Entities that fall under statutory boards and similar bodies are established under the specific guidelines of the “Statutory Authority Act”. Some examples are the Water and Sewerage Authority (WASA), Trinidad and Tobago Electricity Commission (T&TEC) and the Housing Development Corporation (HDC).
- 35. Central Government Expenditure on Interest Payments
  - Interest Payments made on domestic and external debt owed by the Government of Trinidad and Tobago.
- 36. Central Government Capital Expenditure
  - Payments made by the Government of Trinidad and Tobago for the acquisition of land, intangible assets such as stocks, and other non-financial assets to facilitate the production of goods and services in Trinidad and Tobago. This type of expenditure is financed through the Government’s Consolidated Fund and Infrastructure Development Fund. Capital expenditure also includes spending financed from capital grants which are non-refundable transfers received by the Government of Trinidad and Tobago from other governments or international organisations usually geared towards a particular project.
- 37. Current Account Surplus/ Deficit
  - The current account surplus/deficit is a measure of a government’s contribution to national savings. It is computed as the difference between current revenue and current expenditure. A positive number (current revenue exceeds current expenditure) represents a surplus (an increase in savings) while a negative number (current revenue less than current expenditure) represents a deficit (a decrease in savings). A current account surplus means that a government can finance consumption (current expenditure) from the revenue collected over a given time period. A current account deficit indicates that the government’s revenue is not sufficient to finance all of its consumption and must incur debt to acquire additional funds.
- 38. Non-Energy Fiscal Balance
  - The non-energy fiscal balance provides an indication of a government’s dependence on energy revenues to support its operations and is mostly used by countries that are heavily reliant on the energy sector. It is computed as the difference between total non-energy revenue and total expenditure. A positive number represents a surplus (non-energy revenue exceeds expenditure) implying that government expenditure can be financed entirely by revenue earned from the non-energy sector and is not wholly dependent on energy revenues. A negative number represents a deficit (non-energy revenue is less than total expenditure) implying that revenue from the non-energy sector is not enough to finance expenditure and there is a certain level of dependence on energy revenues. For energy-based economies like Trinidad and Tobago, the non-energy fiscal balance is a more reliable indicator of the health of the economy and its vulnerability to changes in energy prices.
- 39. Primary Balance
  - The primary balance provides an indication of the state of fiscal management in an economy. It indicates the borrowing requirements of the Government excluding interest and thereby measures the Government's ability to honour its obligations without incurring additional debt. It is computed as the overall balance less interest payments on public debt and is often expressed as a percentage of GDP. A positive primary balance is indicative of an improvement in managing public finances as there is less reliance on borrowing to finance public expenditure. A negative primary balance signals a deterioration in the management of public finances as there is greater reliance on new borrowing to finance public expenditure. The primary balance is also used when performing fiscal and debt sustainability analyses.
- 40. Central Government Overall Fiscal Balance
  - The overall fiscal balance measures the extent to which government expenditure is financed by the revenues collected and is an indication of the government’s fiscal policy stance. It is computed as the difference between total revenue and total expenditure. A positive balance (government collects more revenue than it spends) represents a fiscal surplus and points to contractionary fiscal policy aimed at slowing economic growth. A negative fiscal balance (government spends more than it collects in revenue) represents a fiscal deficit and points to expansionary fiscal policy aimed at stimulating economic growth. The government borrows money from its domestic and/or external creditors in order to finance expenditure and thus incurs debt. The overall fiscal balance is often expressed as a percentage of GDP and used as an instrument to measure a government’s ability to meet its financing needs.

Real Sector

The real sector encompasses the sectors of the economy that produce goods and services. Real sector statistics include production, sales, investment, employment, consumption, income, prices and wages. The following series, as defined below, are selected real sector statistics published by the Bank.

Selected Real Sector Series
- 1. Production, Exports and Local Sales of Energy Commodities
  - Production, exports and local sales of energy commodities include crude oil, natural gas, Liquefied Natural Gas (LNG), petrochemicals (ammonia, urea and methanol) and natural gas liquids (propane, butane and natural gasoline).
- 2. Production, Exports and Local Sales of Cement
  - Production, exports and local sales of cement include data from all domestic cement producers and importers/suppliers.
- 3. Production of Agriculture Commodities
  - Production of agriculture commodities comprise commodities that are derived from primary sectors such as fisheries, farming, forestry and hunting (e.g. vegetables, root crops, meats, poultry). Only selected commodities are published on the Bank’s website.
- 4. New Motor Vehicle Sales
  - New motor vehicle sales include only the sales of new vehicle dealers. Sales of used vehicles and new vehicle sales from a few companies are not captured. Sales of commercial vehicles include T, H, R and X and sales of private vehicles comprise ‘P’ registered vehicles.
- 5. Vehicle Registration
  - The number of vehicles registered represents total number of vehicles registered in Trinidad and Tobago during the period.
- 6. Quarterly Index of Real Economic Activity (QIEA)
  - The QIEA is a volume index compiled using indicators of economic activity. The QIEA is an indicator of movements of economic activity and is not a measure of quarterly GDP. The CSO is the official source of GDP data in Trinidad and Tobago. The QIEA differs from the CSO’s measure of GDP in terms of methodologies and coverage. The QIEA is based on production indicators, excludes price effects and does not comprehensively cover all sub-industries measured by the CSO.For further details on the QIEA, see January 2020 Economic Bulletin, Box 2
  - In 2019, the QIEA was rebased from a 2010 to 2012 base year and was migrated from the Trinidad and Tobago System of National Accounts (TTSNA) to the International Standard Industrial Classification of All Economic Activities, Revision 4 (ISIC, Rev 4). The TTSNA is a Trinidad and Tobago version of the System of National Accounts which provided users with a sectoral breakdown relevant to the domestic economy. The QIEA (2010 = 100) under the TTSNA classification is published under the ‘Output QIEA 2010’ sub-category, while the QIEA (2012 = 100) is published under the ‘Output QIEA 2012' sub-category of ‘Output Quarterly’. Further details on the ISIC, Rev 4 industry breakdown can be accessed from the ISIC, Rev 4
- 7. Gross Domestic Product (GDP)
  - GDP is the value of all final goods and services produced in an economy for a given year. GDP is measured at current purchaser/market prices and at constant base year prices. The Central Statistical Office (CSO) is the official source of GDP statistics. In 2017, the Central Statistical Office (CSO) rebased its annual GDP from a base year of 2000 to 2012. GDP data with a base year of 2000 are published in the ‘Output GDP 2000’ sub-category, while GDP under the 2012 base year are published in the ‘Output GDP 2012’ sub-category.
- 8. Real GDP Growth
  - Real GDP growth rates are derived by computing the per cent change in GDP at constant prices. This is computed for the overall economy and its sectors.
- 9. GDP Per Capita
  - GDP per capita is derived by dividing GDP at current/ purchaser/market prices by the population size and converted to US$ using an average of the buying and selling rates.
- 10. Index of Retail Prices (RPI)
  - The RPI is a weighted average of the proportionate changes in the prices of a specified set or ‘basket’ of consumer goods and services between two periods of time. The Index is essentially a consumer price Index and therefore measures changes in the prices of goods and services purchased by households.
  - The major sub-indices are published on the Bank’s website: food and non-alcoholic beverages, drink and tobacco, clothing and footwear, housing electricity gas and other fuels, furnishings, household equipment and routine maintenance, health, transport, communication, recreation, education, restaurant and hotels and miscellaneous.
- 11. Inflation Rate
  - The year-on-year per cent change in the Index of Retail Prices (All Items) is the inflation rate or headline inflation, for the reference month. The year-on-year per cent change for a particular month measures the price changes from the corresponding month of the previous year. The year-on-year per cent change is also computed for the sub-indices of the RPI.
  - The month-on-month per cent changes are also computed. This measure the price changes from the previous month.
- 12. Core Inflation
  - Core inflation is a measure of inflation that excludes the most volatile prices (food prices). The year-on-year per cent change in the Index of Retail Prices (excluding the food sub-index) is the core inflation rate, for the reference month.
- 13. Prices of Selected Energy Commodities
  - Prices of energy commodities including crude oil, natural gas, petrochemicals (ammonia, urea and methanol), motor gasoline, propane and natural gasoline.
- 14. Energy Commodity Price Index (January 2007 = 100)
  - The Energy Commodity Price Index (ECPI) is an average of the international commodity prices of key energy exports of Trinidad and Tobago weighted by each commodity’s relative share of the value of energy exports. Movements in the index can provide an overall indication of how changes in the relevant international commodity prices could affect Trinidad and Tobago’s export earnings or government revenue. See link below for further methodological details. Economic Bulletin July 2010
  - Economic Bulletin July 2010
- 15. Labour Force
  - Of the total population 15 years and over covered in the Continuous Sample Survey of Population (CSSP), all persons engaged in, or willing and able or actively seeking to be engaged in the production of economic goods and services are classified as being in the labour force, during the specific survey reference period. Therefore, the labour force is comprised of all persons who either have jobs (the employed), or, if they did not have jobs, were willing and able to work and actively seeking employment (the unemployed).
- 16. Non-Institutional Population (15 years and over)
  - Non-Institutional Population (15 years and over) comprise that section of the population found in private dwellings, who are 15 years and over, that are not inmates of institutions (e.g. penal, mental facilities, homes for the aged).
- 17. Unemployment Rate
  - The unemployment rate is the ratio of unemployed persons to the total labour force.
- 18. Labour Force Participation Rate
  - The labour force participation rate is the ratio of the Total Labour Force (unemployed and employed) to Total Non-Institutional Population 15 years old and over.