Cuban Economy on Progressive Recovery, Minister says

Havana, July 21 (ACN) Cuban economy is progressively recovering despite the world crisis caused by the COVID-19 pandemic and the impact by the US economic, commercial and financial blockade against the island, said Economy Minister Alejandro Gil during the 9th Session of the Cuban Parliament.

The Cuban Gross Domestic Product grew 1.3 percent in 2021 with a stronger impact on the social area more than in the productive sector, Gil said as he submitted his report on the country’s economic performance up to June 30 this year.

Cuban economy grew 10.9 percent in the first quarter of 2022 in comparison to the first quarter of 2021, when the country was practically paralyzed after witnessing a GDP fall of 12.7 percent. Now, the goa lis a gradual recovery to reach the levels of 2019 before the onset of the coronavirus here, he noted.

He said education, tourism, construction, transportation, storage and communications are sectors with fast growth, while power generation and fuel production slow down the economic recovery.

Despite the difficult economic scenario, the country is recovering its cultural and sports life, hospital services have opened for different medical specialties, there is a tense situation about the availability of medications, but all vulnerable persons have assistance guaranteed.

Social security benefits over 1.6 million citizens; the average pensions were raised but still not enough, while social assistance protects 195 thousand 189 families, said the Economy Minister.