Cuban Council of Ministers Analyzes Economy Plans

Cuba has almost fulfilled the investment plan for the first six month, while they should grow in the second half of 2017

Cuban Minister of Economy and Planning, Ricardo Cabrisas, reported to the Council of Ministers that during the first six
month of 2017, economy has performed as expected.

Minister Cabrisas said that in order to meet the 2017 plan, they continue taking measures to guarantee that those activities vital for the Cuban economy receive all the needed resources.

Cuba has almost fulfilled the investment plan for the first six month, while they should grow in the second half thanks to the arrival of supplies into the country.

The agricultural sector shows favorable results, especially in the
production of vegetables, but milk and beef outputs are below expectations.

Cargo transportation had affectations, mainly due to problems in the railway system. Crude sugar production, although increased by 20% over the previous year, fell 300,000 tons shy of the plan.

About tourism, it was known that at the end of May the number of visitors was over 2,260 million, which represents a 20% growth over the same period of 2016.

It was explained that the drought has had a negative impact on the results of this Plan. At the end of May, the amount of water stored in the dams to supply the population were at 43% and those intended to ensure rice production at 27% of capacity.

This situation has repercussions throughout the country, although it is aggravated in the central provinces of Ciego de Avila, Sancti Spíritus, Villa Clara and Camagüey. The effects are maintained in the eastern territory, mainly in Santiago de Cuba, Guantánamo, Holguín and Las Tunas, where the drought has been extreme in the last three years.

Referring to the implementation of the State Budget in the first half, Cabrisas Ruiz indicated that “gross income represents 53% of the annual Plan, which is determined mainly by the favorable behavior of tax revenues.” The Fiscal Deficit is expected to be in a lower range than planned for the period.

The members of the Council of Ministers approved the report on the progress of the economy at the end of the first half of 2017, which will be presented at the next session of the National Assembly of People’s Power, convened for July 14, at which time the Cuban people will receive more information.