Cuban Economy Grows 7.5
Per Cent
Cuban economy grew in
2007 by 7.5 percent,
figure below the
expected 10 percent, but
higher by 5.6 percent to
the Latin American
average rate.
With the presence of
Cuban first Vice
President Raul Castro,
Minister of Economy and
Planning Jose Luis
Rodriguez rendered the
report on economic and
social results for the
ending year and the
guidelines for 2008.
Rodriguez explained that
adverse weather
conditions affected
construction and
agriculture, sectors
that fell short of their
planned growth rates,
together with delays in
goods imports that
reduced the monetary
circulation.
In spite of that, Cuba
ranks fifth among the 33
countries analyzed by
the UN Economic
Commission for Latin
America and the
Caribbean (ECLAC).
Those results confirm
the gradual
consolidation of the
Cuban economy which
accumulates a rise of
42.5 percent in its
Gross Domestic Product
since 2004.
Rodriguez recalled the
rise was obtained amid a
hike in imported food
and oil prices,
increasing financial
tensions and the
recrudescing of the US
blockade on Cuba.
After recognizing the
effort, resistance and
unity of the people, the
Minister explained that
work productivity grew
by five per cent,
investments by 16.8
percent and also key
sectors like
agriculture, industry,
transport and services.
Such advances had a
direct impact on the
population due to an
increase in production
and distribution of milk
and pork meat, blackout
reduction, a modest
improvement in passenger
transport and conclusion
of 300 social works.
In response to the call
made by Raul Castro last
July 26th of giving
timely solution to many
of the country"s
problems, RodrĄguez said
that in 2008 plans will
correspond to the
financial, material and
human resources
available.
It is decisive, he said,
that the increase in
work productivity, more
efficient planning and
management, an adequate
investment policy for
agricultural, industrial
production and services,
as well as housing.
RodrĄguez stressed
saving, specially of
energy products, as an
immediate source of
resources, cost
reduction and the need
to prioritize food
production, inputs for
exports and the
substitution of imports.
The parliament"s plenary
session continues with
the presentation of
reports on the execution
of the 2007 budget and
the budget project for
2008.
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