OnCuba suggests this text by Jorge Luis Rodríguez, adviser at the Center for Research on the Global Economy, published recently in the online edition of El Economista de Cuba:
In recent days new official figures were revealed on socio-economic development of Cuba during 2013, with the digital release of the 2013Economic & Social Panorama of Cuba by ONEI. This information allows a better profiling of the economic and social performance of the country last year, which can be completed with some assessments of what happened during the first months of 2014.
GDP growth for 2013 reached only 2.7 percent, down from the 3 percent in 2012 and well below the planned growth of 3.6 percent. The sector performance showed decreases in the mining sector (-5.6 percent), perhaps associated with closure of the Nicaro nickel plant, which was not economically feasible.
Also there was a decrease in the added value in public administration activities and education, in line with the policy of reducing government expenditure, taking into account that the expenditures of the state budget fell from 70 to 60.3 percent of GDP between 2012 and 2013.
The newly published document confirms that different sectors of the economy showed a slight improvement in 2013, especially the agricultural sector, which grew 2.6 percent from 0.5 percent the previous year.
In physical terms production of roots and tubers increased 8.8 percent, vegetables 13.9, cereals 9.7 and the legumes2.1. However, there was a significant declines in potatoes (-18.5 percent), bananas (-25.6 percent) and citrus (-18.1 percent) related to lack of resources in time for the purchase of perishables and negative natural factors.
In the agribusiness sector continued an equally slight recovery in sugar production, an increase of 8.4 percent in added value, which allowed achieving a harvest of 1,513 million tons.
In relation to that of 2013-2014, the harvest showed an 86 percent compliance with the plan in early May, affected by climatic factors and other operational elements, which suggests that production will be below the planned level (1,8 million tons), although slightly higher than the previous year.
Manufacturing grew at a similar rate than the previous period (2.1 percent) and recovery in the construction sector continued, which increased its added value in 13.4 percent, up from 11.2 percent in 2012. However, the rate of GCF was maintained at 13.2 percent, similar to the reference stage (13.6 percent).
Other sectors that also showed growth, but slowed down compared to the previous year, were transport and communications (1.8 vs. 6.2 percent), trade (4.8 to 5.3 percent), science and innovation technology (0.3 to 7 percent) and hotels and restaurants, which fell to 3.5 from 5.1 percent.
