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Cuban economy performs as forecast in first six months of 2017
Published on July 1, 2017 Email To Friend    Print Version

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HAVANA, Cuba (ACN) -- Cuban minister of economy and planning, Ricardo Cabrisas, reported to the Council of Ministers that, during the first six months of 2017, the country’s economy has performed as expected.

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 months, which should grow in the second half thanks to the arrival of supplies into the country.

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

Freight transportation experienced difficulties, mainly due to problems in the railway system. Crude sugar production, although increasing by 20 percent over the previous year, fell 300,000 tons short of the plan.

With regard to tourism, at the end of May the number of visitors was over 2.260 million, which represents a 20 percent growth over the same period of 2016.

However, the recent drought has had a negative impact on economic performance. At the end of May, the amount of water stored in the dams to supply the population was at 43 percent and that intended to ensure rice production at 27 percent 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 also felt in the eastern part of the island, 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 of the year, Cabrisas indicated that "gross income represents 53 percent of the annual plan, which is determined mainly by the favourable behaviour 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.
 
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