Cuba' economy grows by over 7 per cent

Campaign News | Wednesday, 27 July 2005

First half figures show end of year growth will be 9 per cent overall

Taken from Trabajadores Newspaper

Havana, July 26 (Trabajadores).- The Cuban economy grew 7.3 percent during the first semester of 2005 and is expected to end the year with close to 9 percent.

The announcement was made by President Fidel Castro, who discarded references to a profound economic crisis on the island as publicized by enemies of the Cuban revolution taking as a basis a protracted drought, problems with electricity generation, and the devastation caused by hurricane Dennis.

Cuba’s favorable economic performance is the result of growth in 13 of the 22 industrial branches, among them the ferrous (15.5%) and non-ferrous (9.2%) metal industry; the publishing industry (21.7%); textiles (7%); the food industry (3.6%) and beverages and tobacco products (4.4%).

Other branches that grew include construction (8.2%); communications (7.1%); and services (13.3%).

At the same time, oil and gas production quadrupled what Cuba produced in the early 1990s, a major step towards energy self-sufficiency.

President Fidel Castro explained that the country is taking actions to expand its electricity generation, which declined 4 percent in the semester due to breakdowns in power plants and maintenance that went over schedules, regrettably affecting the public, he noted.

The Cuban leader made emphasis on what he described as a profound revolution in the approach to and use of electric energy, with major investments in new generating sources and an energy conservation program that includes importing modern electric home appliances for the Cuban families.

He said that additional steps are being taken by the Cuban government to improve the food situation island-wide.

| top | back | home |
Share on FacebookTweet this