Cuba Reports Economic Growth of 2.7% in 2011

Cuba will close the year 2011 with a 2.7% increase in its Gross Domestic Product (GDP) “slightly below the planned 3%”, announced the Minister of Economy and Planning, Adel Yzquierdo Rodriguez.

By ACN

Cuba will close the year 2011 with a 2.7% increase in its Gross Domestic Product (GDP) “slightly below the planned 3%”, announced the Minister of Economy and Planning, Adel Yzquierdo Rodriguez, during the Eighth Ordinary Period of Sessions of the Seventh Legislature of the Cuban National Assembly (Parliament) that began on Friday morning at Havana’s Convention Center.

During the introduction of the Economic Plan for 2012, Yzquierdo said that the results attained in 2011 are favorable and in tune with the difficulties faced by Cuba due to the current world economic crisis, Washington’s almost-50-year blockade of the Caribbean nation, and domestic insufficiencies.

In addition, he mentioned the failure to comply with the construction and assembly plan for investments, and the price increase for food and raw materials in the international market as a hindrance to a more dynamic development of the Cuban economy.