PwC National Salary Survey 2018/2019
Trinidad and Tobago’s labour market is currently experiencing notable disruptions and rapid, pivotal changes. There are emerging industries and also notable retrenchments in traditional productive sectors. Organisations, now more than ever, need to review, analyse and leverage talent management and compensation insights to position themselves for recovery and growth nationally, regionally and globally.
The economy has showed signs of improvement since the second half of 2017, following two years of recession. This is evidenced by an overall rise in GDP, falling inflation, and a decreasing rate of unemployment in the period 2006 – 2017. This growth is largely attributed to energy sector growth from the second half of 2017. In 2017, real GDP contracted at a slower pace of 2.6 percent after a 6.1 percent drop in 2016. The economy has to returned positive growth in 2018 as energy projects come on-stream, and recovery and expansion takes hold of non-energy sectors.
There was a notable 19% and 12% increase in professional, scientific and technical services and Financial and Insurance activities respectively. Also notable was a 43% decrease in output in Petroleum Support Services.
As shown in the above table, the components of the service sector that experienced the highest growth during the period 2015-2017 were Professional, Scientific and Technical Services (19%), Financial and Insurance Activities (12%), Education (8%), and Transport and Storage (3%). Growth in these areas has assisted in regulating the increase in unemployment due to recession and contraction in other sectors.
Over the period beginning in January 2015, to January 2017, there has been a marked decrease in average weekly earnings across all industries
The chart below illustrates the rising total unemployment rate, with markedly higher rates for females over the period 2014-2017
GDP Contribution & Growth Trends: The Finance and Insurance Activities Sector experienced robust growth of 12% from our last survey in 2015 and 35% for the 5 year period 2013-2017. The sector continues to expand in its contribution to total GDP and also sees consistent increases in its Base Salary offerings despite a recessionary and current low – growth environment.
GDP Contribution & Growth Trends: The Trade and Repairs Sector experienced a decline of 16% from our last survey in 2015, and 15% for the 5 year period 2013-2017. Base Salary offerings for the sector has also shown a notable decline from 2014 to present.