Far From Crisis, Cuban Economy Will Grow 9 % in 2005: Fidel Castro
President Fidel Castro rejected rumors that Cuba is experiencing an economic crisis, explaining that the Cuban capacity for resistance actually allowed the economy to grow 7.3 % in the first six months, despite drought and scarce energy, and all indications show an expected 9 percent growth for the year.

Addressing the ceremony on Tuesday night on the 52nd anniversary of the storming of Moncada Garrison that initiated the liberation war that ended with the triumph of the revolution in 1959, the President detailed significant positive behavior in 13 of the 22 economic branches, proving Cuba "is on the right path."

He particularly noted the growth in metallurgy (15.5% in ferrous, 9.2% non-ferrous), food, dressmaking, liquor and tobacco, and remarked on the notable increase in construction, communications, trade and services.

Highlighting the 1.9 million tons of crude oil and gas production -four times that produced at the beginning of the 90s- the statesman recognized the forces made by the country to explore and drill new oil and gas wells using advanced technology in order to eventually reach national energy self-sufficiency.

On the problems of electricity generation, which was down four percent in the first half of the year due to protracted plant maintenance, President Castro said maintenance resources have been doubled to $100 million and an additional $50 million has been allocated to improving electrical networks to reduce energy loss from 16.5% to 11%.

The Cuban president pointed out that the Island is making strides in a revolutionary concept of production and use of electricity, with new equipment and material now in process of installation that will generate more than a million more kilowatts within a year and double generation capacity by the latter part of 2006.

The current power problem is among the more serious domestic challenges for the Cuban government. It was worsened by damages caused by Hurricane Dennis.

"We will overcome. Have a little bit of faith," the Cuban leader stressed in an address of nearly four hours.

He explained that Cuba has very clear plans for energy over the next 10 to 20 years and cited measures taken to encourage less consumption of electricity, giving as an example the distribution of millions of rice and pressure cookers to substitute for present high-consumption equipment.

Nickel has brought a significant increase in profits through export, the President reported, with sales of 38,200 tons bringing in some 545 million dollars in the first six months of this year alone.

In this same period tourism had an 11.5 percent earnings increase and expects to host the record figure of 2.3 million foreign visitors by the close of the year.

President Castro informed that production in other areas, such as the pharmaceutical industry and yogurt, soy, chocolate, coffee, pasta and eggs, is also expected to experience substantial increases.

The construction industry was also singled out by the dignitary, who mentioned Cuba"s increased capacity to repair and restore homes damaged by hurricanes -completing by the end of the year 30,000 such reparations to those most damaged by recent Hurricane Dennis.

For 2006, the President announced that materials are being readied to build 100,000 new homes, the greatest number in the history of the nation.

Fidel Castro insisted that recent attempts to depict Cuba as being in crisis were fabrications by the nation´s enemies.

"No other revolutionary process has been able to count on as much consensus and overwhelming support as the Cuban revolution has," the Cuban leader stressed.