The Modest Growth of the Cuban Economy Falls Short of Expectations

The Modest Growth of the Cuban Economy Falls Short of Expectations /
14ymedio
Posted on June 25, 2014

14ymedio, Havana | June 23, 2014 — The Cuban economy is growing at a
rate slower than the official forecasts, according to data announced by
the Minister of Economy and Planning, Adel Yzquierdo Rodriguez. He said
that during the first half of this year the GDP (Gross Domestic Product)
will increase by just 0.6%, but will improve during the following months
to an increase of 1.4% by the end of the year. However, independent
analysts question these expectations and believe they are not a
realistic reflection of the state of the economy.

The Cabinet last Saturday presented details about "the difficulties that
continue to damage the Cuban economy." Rodriguez blamed the failure of
the Plan's objectives on the "adverse weather conditions" and "the
complex international situation."

The Minister of Finance and Prices, Lina Pedraza Rodriguez, noted a
substantial drop in productivity in 124 companies, which had planned a
positive balance but ultimately had losses.

At the meeting, the ministers also addressed the issue of monetary
unification. The head of the Permanent Commission for Implementation and
Development, Marino Murillo Jorge, explained that this measure "will not
by itself solve all the problems of the economy," but requires the
implementation of other policies aimed at increasing the efficiency and
level of productivity of labor.

In addition, the officials said that, at the end of May, around 467,000
people were self-employed, but they have not provided any statistics on
the high number of the self-employed who have ceased their activities.

Source: The Modest Growth of the Cuban Economy Falls Short of
Expectations / 14ymedio | Translating Cuba -
http://translatingcuba.com/the-modest-growth-of-the-cuban-economy-falls-short-of-expectations-14ymedio/