ES / EN
- August 17, 2022 -
No Result
View All Result
OnCubaNews Needs You
OnCubaNews
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors
OnCubaNews
ES / EN
ADVERTISEMENT
Home Cuba Economy Cuban Economy

Cuba’s GDP will again grow 1 percent in 2018

The goals for tourism, sugar and mining incomes will not be met.

by EFE, EFE
November 10, 2018
in Cuban Economy
0
Bean cultivation in the state-run Cítricos Ceiba agricultural enterprise, in the Cuban province of Artemisa. Photo: Otmaro Rodríguez.

Bean cultivation in the state-run Cítricos Ceiba agricultural enterprise, in the Cuban province of Artemisa. Photo: Otmaro Rodríguez.

The Cuban economy will maintain a growth rate of a bit over 1 percent for the 2018 plan, in which it will not meet the goals for incomes in the tourism, sugar and mining sectors, according to a report published yesterday by the island’s state-run media.

Cuban Minister of the Economy and Planning Alejandro Gil presented a report on the 2018 economic plan in the last meeting of the Council of Ministers presided over last Tuesday by President Miguel Díaz-Canel before his tour of Russia and several Asian and European countries.

According to that assessment, the growth rate of the Cuban economy this year will be slightly over 1 percent.

Last July, Díaz-Canel reported that the country’s economic growth in the first semester had registered a “discreet” 1.1 percent due to “adverse factors,” among which he cited the tense situation in foreign finances and the non-compliance of the planned incomes for exports, tourism and sugar production.

For 2019, Minister Gil indicated that the drawing up of the sector’s plan has as a priority reducing the import of products that can be produced in the country.

“It is necessary that we adjust expenditures to the incomes we have available and that we work to increase exports and guarantee meeting the adequate yield from investments, the only way to develop through our own efforts,” he said.

Related Posts

Container terminal of the Mariel Special Development Zone, in Cuba. Photo: @ZEDMarielCuba/Twitter/Archive.

Cuba’s Mariel Special Development Zone: when promises aren’t kept

August 15, 2022
Photo: Kaloian.

Politics is not a blank check

August 11, 2022
Photo: Otmaro Rodríguez

Rate of 120 and “fundamentals” of economy

August 9, 2022
Windows of a Metropolitan Bank. Photo: BBC.

Cuba: purchase of foreign currency from population announced

August 5, 2022

The Council of Ministers also analyzed the state of the accounts receivable and payable outside the term among the state-run enterprises, whose principal causes are the deficiencies in the registry, control and conciliation of the accounts, as Deputy Minister of Finances and Prices Meisi Bolaños explained.

She also mentioned as causes the lack of discipline in the deposit and destination of cash for the sale of merchandise and services carried out in retail commerce and in gastronomy, the deficient management of the inventories and the lack of demand in the compliance of the economic contracts.

To revert the situation of the non-payments, the government has established a group of measures that include a proposal to transform the financial state of the retail commerce enterprises and gastronomy, as well as making timely analyses of the chain of debts in all the business entities.

In that sense, Díaz-Canel called for a demanding attitude because “contemplative measures are being taken and solutions are resorted to that damage the State budget and don’t resolve the undercapitalization of the enterprises with lack of liquidity.”

“We have to resolve the structural problems, the organization and control, on the contrary the resources are wasted. You have to get into the problems, search for spaces for the rendering of accounts in each board of directors and management meeting,” the president insisted.

CEPAL: economía cubana crecerá 1,1% en 2018

Regarding taxes, the report by the Cuban News Agency said that ever since private work was expanded, the number of taxpayers went from 150,000 in 2011 to 590,000 at present.

Moreover, in the last five years the State budget’s incomes have grown between 1 and 8 percent, while taxes, rates and contributions make up 74 percent of the total of paid taxes.

In the case of the state sector, the budget incomes through that means represent 85% but according to Deputy Minister Bolaños lack of indiscipline and tax evasion persist due to the non-declaration of incomes and irregularities in the justification of expenditures among the autonomous workers and the exercise of illegal activities.

To avoid tax evasion, the Council of Ministers approved measures such as the withdrawal of authorizations, the closing of establishments, higher fines, systematic operations to check the legal exercise of self-employment and greater tax control in the buying and selling of cars and homes.

 

 

Authors

EFE, EFE
Tags: Cuban EconomyCuba´s GDP growtheconomic politics in Cuba
Previous Post

Antonio Gades’ sevillanas in the heart of Havana

Next Post

Final appeals to voters: Obama vs Trump

EFE

EFE

EFE

EFE

Next Post
Obama and the Democratic candidate for governor of Florida, Andrew Gillum. Photo: Joe Raedle/Getty Images.

Final appeals to voters: Obama vs Trump

Panama City. Photo: memotogel.info

The Cuban dollars that will go to Panama

Will Cubans residing abroad be able to vote in the constitutional referendum?

Leave a Reply Cancel reply

The conversation here is moderated according to OnCuba News discussion guidelines. Please read the Comment Policy before joining the discussion.

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

Most Read

  • Container terminal of the Mariel Special Development Zone, in Cuba. Photo: @ZEDMarielCuba/Twitter/Archive.

    Cuba’s Mariel Special Development Zone: when promises aren’t kept

    10 shares
    Share 4 Tweet 3
  • Cuba: measures making non-commercial imports more flexible come into force

    9 shares
    Share 4 Tweet 2
  • Cuba: purchase of foreign currency from population announced

    34 shares
    Share 14 Tweet 9
  • Environmental disaster and metadiplomacy. Alternatives for U.S.-Cuba relations?

    8 shares
    Share 3 Tweet 2
  • Fire in Matanzas: A door for Cuba-United States dialogue?

    8 shares
    Share 3 Tweet 2

Most Commented

  • The new U.S. Chargé d'Affaires in Havana, Benjamin Ziff. Photo: Archive.

    Biden Administration appoints new charge d’affaires to head embassy in Havana

    13 shares
    Share 5 Tweet 3
  • Santiago de Cuba

    2 shares
    Share 1 Tweet 1
  • Padura christens his seat in the Cuban Academy while preparing his new novel

    20 shares
    Share 19 Tweet 1
  • Fire in Matanzas (in photos)

    12 shares
    Share 5 Tweet 3
  • Cuba rejects Trump’s new threat for support to Venezuela

    63 shares
    Share 61 Tweet 1
  • About us
  • Work with OnCuba
  • Terms of use
  • Privacy Policy
  • Moderation policy for comments
  • Contact us
  • Advertisement offers

OnCuba and the OnCuba logo are registered® trademarks of Fuego Enterprises, Inc., its subsidiaries or divisions.
OnCuba © by Fuego Enterprises, Inc. All Rights Reserved.

No Result
View All Result
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors

OnCuba and the OnCuba logo are registered® trademarks of Fuego Enterprises, Inc., its subsidiaries or divisions.
OnCuba © by Fuego Enterprises, Inc. All Rights Reserved.

Go to mobile version