T&T government denies recession

The Trinidad and Tobago government has denied suggestions that the economy of the oil-rich twin island republic has gone into recession.



The government has however admitted to a slowing down in the economy.



The latest figures released by the Central bank of Trinidad and Tobago show that the local economy had contracted by 3.3 per cent in the first quarter of this year, compared with growth of 2.4 per cent in the first quarter of 2008.



It says activity in the energy sector fell by 2 per cent in the first quarter of 2009 and that the non-energy sector declined by 5.4 per cent on a year-on-year basis to March 2009.



However, the finance minister Karen Nunes-Tesheira says the figures are not enough to indicate a recession.