Cuba says GDP recovers, up about 1 percent so far in 2017
By THE ASSOCIATED PRESS
HAVANA — Jul 14, 2017, 5:59 PM ET
The Cuban government said Friday that the economy is growing again
following a decline last year that was the first drop reported in two
Economy Minister Ricardo Cabrisas said at the opening session of the
National Assembly that Cuba’s GDP grew just over 1 percent in the first
six months of 2017 and is on track to hit an estimated 2 percent for the
The rebound came despite the economic crisis in Venezuela, which
provides oil and other support to the island. The government said Cuba’s
economy shrank last year by 1 percent amid falling help from Venezuela,
which is struggling with triple-digit inflation and widespread shortages
of food and other basic goods. The decrease was the first reported by
Cuba in years.
Cuban media quoted Cabrisas as telling the assembly that instability in
the supply of Venezuelan oil weighs on the country’s economy but
tourism, construction, transportation and communications are all growing.
Foreign media were not allowed to attend the session, which was presided
over by President Raul Castro.
Some growth in tourism is due to the normalization of relations with the
U.S. that was started by President Barack Obama and is now threatened
under President Donald Trump.
Source: Cuba says GDP recovers, up about 1 percent so far in 2017 – ABC