Cuba to see 0.5 pct growth in 2019 despite US sanctions: official

Friday, 2019-08-09 12:04:14
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Despite restrictions by US government, each year tourists continue steadily to visit Cuba. (Photo: A. del Valle).
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Cuba's economy is projected to see a 0.5 percent growth in 2019, despite the stepped-up US sanctions, according to Economy Minister Alejandro Gil.

Gil cited growth figures recently released by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).

"Despite the worsening of the (US) blockade, ECLAC forecasts the Cuban economy will not contract in 2019 and projects a growth of 0.5 percent, similar to that of the region," Gil posted on Twitter.

"We remain focused on improving people's quality of life, which is what really matters," Gil added.

Cuba's government ratified its economic strategy to strengthen national production, diversify and increase its exports, and substitute imports, while promoting development.

The measures approved by President Miguel Diaz-Canel to boost the economy will foster a more favorable environment to take advantage of domestic potential and successfully overcome the US embargo, said Gil.

ECLAC's annual economic outlook forecasts a 0.5 percent growth for Latin America as a whole.

Concerning Cuba, ECLAC took into account adverse weather affecting the Caribbean nation, stepped-up US sanctions and other factors.

Xinhua