Cuban economy grows 10.9% in first quarter

Cuban Economy and Planning Minister Alejandro Gil attends a press conference in Havana, Cuba, Oct. 14, 2021. (Xinhua/Lin Zhaohui)

According to official figures, in the first months of the year, Cuba experienced stronger economic growth in the areas of education, hotels and transport, along with nickel, sugar, honey, high-end Cuban cigars, rum and biopharmaceuticals among the main sources of hard currency.

HAVANA, July 21 (Xinhua) — Cuba’s economy grew 10.9 percent in the first quarter of 2022 compared to the same period last year, the Deputy Prime Minister and Minister of Finance said Thursday. Economy Alejandro Gil.

“We remain focused on reviving economic activities to pre-pandemic levels,” he said, addressing Cuban lawmakers at the Havana Convention Center.

According to official figures, in the first months of the year, Cuba experienced stronger economic growth in the areas of education, hotels and transport, along with nickel, sugar, honey, high-end Cuban cigars, rum and biopharmaceuticals among the main sources of hard currency.

Gil also said that Cuba will allow foreign direct investment in the private sector and set up a new foreign exchange market.

The Cuban government has forecast economic growth of 4% for 2022, as well as the arrival of nearly 2.5 million tourists.

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