Cuban economy grows by 1.8 percent in 2022, less than expected

Havana, Jul 18 (Prensa Latina) Cuba's economy reportedly closed with a 1.8 percent growth in 2022, a result below what was expected for that year, when a 3.1 percent recovery was achieved in 2020.

July 18, 2023
14:08

On a meeting of the Standing Commissions of the National People’s Power Assembly (Parliament), First Deputy Economy and Planning Minister Leticia Morales stated that the country’s Gross Domestic Product (GDP) ended 2022 with 52.2 billion pesos after an increase lower than four percent forecast early 2023 and two percent in December.

It means that Cuba’s GDP does not reach the values recorded in 2019, the year before the Covid-19 pandemic, when a gap of eight percent was reported.

Upon addressing the Economic Affairs Commission, Morales stated that the activities with significant growth were hotels, with 193 percent; education (52 percent); transportation (21.6 percent); communications (31.6 percent); and culture and sports (12.5 percent).

Economic Affairs is one of the 11 Standing Commissions that meet at the Havana-based Conference Center this Tuesday and Wednesday to discuss nearly 80 issues from different sectors prior to the session period of the Cuban Parliament’s 10th legislature on July 20-22.

ef/iff/ro/mar