Cuba Economy Expects 2 Percent Growth in 2024

Havana, Dec 20 (ACN) Cuba’s Gross Domestic Product is expected to grow some 2 percent in 2024 given the projections for different economic sectors.

Sectors expected to grow include the exports of goods, cigars, nickel and cobalt, crude sugar and rum, according to the information released at the Second Session of the Cuban Parliament.

The country expects to receive over three million tourists 27 percent over the number of visitors received this year, said Economy Minister Alejandro Gil in the presence of Cuban President Miguel Diaz-Canel and Revolution leader Raul Castro.

Gil stressed the need to produce foodstuffs for the people, since it is not possible to increase such imports, since the average food prices at the world market increased by 76 percent with respect to 2019, standing for 718 million dollars more, which does not mean an increase in products.

The Minister said that production increase is expected in rice, beans, milk and eggs, but still below the local demand. He said that ongoing programs linked to Food and Nutritional Safety and Security will keep going like the granting of lands in usufruct, the integration to agriculture projects by young people discharged from military service, and the advancement of community development projects.

According to the Minister, the sugar industry is also expected to slightly recover next year along with transportation and power generation.