{"id":202458,"date":"2019-07-15T17:52:19","date_gmt":"2019-07-15T21:52:19","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=202458"},"modified":"2019-07-15T17:52:19","modified_gmt":"2019-07-15T21:52:19","slug":"cuba-adjusts-figures-2018s-gdp-grew-2-2-not-1-2","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/cuba-adjusts-figures-2018s-gdp-grew-2-2-not-1-2\/","title":{"rendered":"Cuba adjusts figures: 2018\u2019s GDP grew 2.2%, not 1.2%"},"content":{"rendered":"

The Cuban government this Saturday revised the island\u2019s economic growth in 2018, which now stands at 2.2% instead of the 1.2% announced last December, due to unplanned increases in the construction, health and agricultural sectors.<\/span><\/p>\n

“In 2018, once the calculations and reconciliations of the levels of activity that determine the economy\u2019s performance were concluded, a GDP growth of 2.2% was reached, higher than 1.2%, which, as estimated, we reported in December,” explained Cuban President Miguel D\u00edaz-Canel.<\/span><\/p>\n

The president reported on the change in the GDP growth during the closing speech of the third session of the island\u2019s 9th legislature of Parliament, in which the former president and leader of the Communist Party of Cuba, Raul Castro, was also present.<\/span><\/p>\n

The previous figure had been drawn up “based on the real results of the July economy, the end of September and an estimate of December,” Economy Minister Alejandro Gil told deputies.<\/span><\/p>\n

The change was influenced by “above the estimate” growths in the construction area, which experienced a 9.3% rise compared to the calculated 2.2% decrease, he said.<\/span><\/p>\n

There were also growth indices for health (from 1.3 to 3%) and agriculture (from a 4.9% drop to a 2.6% growth), the official website Cubadebate<\/em> reported in the review of the parliamentary session, to which the foreign press doesn\u2019t have access.<\/span><\/p>\n

The previous 1.2% was announced last December by Gil himself in the National Assembly\u2019s last plenary session of the year, which registered a 1.6% economic growth in 2017 according to government data, whose indicators are not audited by any international organization.<\/span><\/p>\n

At the time the Cuban minister of economy acknowledged that the forecast of 2% for 2018 would not be met, although he considered the result was “commendable” amid an “adverse scenario” due to the U.S. embargo and breaches in key sectors such as tourism and services.<\/span><\/p>\n

Corruption and illegalities, the low level of savings, indebtedness and insufficient income from exports are among the main burdens of the island’s economy, which is trying to ward off the specter of recession, which reappeared in 2016 (-0.9 %) for the first time in more than 20 years.<\/span><\/p>\n

Cuba managed to recover with the 1.6% achieved in 2017 and now with 2.2% in 2018, while for this year the government expects a “realistic” 1.5%, a goal that is at risk due to the strengthening of the U.S. economic embargo and the new ban on cruise ships docking in Cuban ports.<\/span><\/p>\n

This week Minister of Tourism Manuel Marrero informed Parliament that compared to 2018 <\/span>the loss of 10% of foreign tourists is being predicted<\/span><\/a>, and acknowledged that the suspension of cruises from the U.S. will prevent reaching the goal of 5.1 million visitors, a figure that now stands at around 4.3 million.<\/span><\/p>\n

Cuba reduce dr\u00e1sticamente su pron\u00f3stico de turistas para 2019<\/a><\/p><\/blockquote>\n