Recently, there have been calls for the Central Bank to “step up” and collect data on Carnival. This request misunderstands the Bank’s role. Globally, Central Banks manage monetary policy, financial stability, and the balance of payments. It relies on national statistics for the numbers it needs. It is not meant to run surveys of promoters, masqueraders, or events.
An excellent point made in a Sep 28, 2023 Saturday Express article “Carnival a forex earner”, is that Carnival is too important to go unmeasured. It is one of Trinidad and Tobago’s most significant earners of foreign currency and a key component of our creative economy. Visitors spend foreign exchange on flights, hotels, costumes, and tickets. Local people and small businesses earn from related seasonal jobs. Yet, without proper data, we cannot know its true impact. Policymakers and investors are left guessing. This is not the fault of the Central Bank; that’s not its job.
The lack of Carnival data points to a bigger problem. Our national statistics system is weak. Collecting this information should be the job of the Central Statistical Office and line ministries such as Tourism, supported by planning and finance authorities. Only a coordinated system can tell us how Carnival contributes to GDP, foreign exchange, and the wider economy.
Dr. Keith Nurse, appointed President of COSTAATT in 2023, brings decades of research in Caribbean economics and the creative industries. He was not on the Board before his COSTAATT appointment, but now serves as an ex officio member. His insights on Carnival are valuable, but the question of national data is bigger than even his skill set.
In 2015, leading up to the elections, the PNM’s manifesto promised to modernise data collection. A decade later, we still lack a clear creative economy measurement system or integrated data from Immigration, Customs, Tourism, and Finance. Without these, we scramble for numbers and debate policy based on guesses.
Carnival represents export earnings, jobs, entrepreneurship, and international recognition. Properly measured, it strengthens planning and investor confidence. Like so many important issues, it remains poorly measured and is just a talking point. The solution is clear: strengthen our statistical and planning systems. Build a transparent, coordinated, and functional data framework.
Carnival is significant enough to require careful, thoughtful curation, not haphazard management.


