Cuba's economy grows 12.5 percent
Campaign News | Tuesday, 28 November 2006
Recovery in all areas, says economy minister
Havana, Nov 27.- The Cuban economy has grown 12.5 percent so far this year, with promising prospects for 2007, said Cuban Economy Minister Jose Luis Rodriguez in the eastern Cuban city of Bayamo on Sunday.
Rodriguez made his statement during a ceremony marking Cuban Economists and Accountants Day. He said the recovery is taking place in all areas of the economy, including those hard-hit by the financial crisis brought on by the collapse of the European Socialist Bloc at the end of the 1980's.
The official said actions to save energy and generate electric power more efficiently were some of the factors contributing to the growth.
In 2005, the average price of a barrel of oil was 56.5 dollars. Thus far in 2006, the median price increased to 66 dollars, making it all the more important to modernize equipment and make efficient use of both imported fuels and of those extracted from Cuban wells, said Rodriguez.
Rodriguez underscored the work carried out by Cuban economists to guarantee the implementation of financial and investment projects aimed at guaranteeing the country's energy security.
During the ceremony, Roberto Verrier, president of Cuba's National Association of Economists and Accountants, read a message addressed to Cuban President Fidel Castro on behalf of the nearly 69,000 members of the organization. National Economists and Accountants Day is November 26th to pay homage to Cuban-Argentinean guerrilla fighter Ernesto Che Guevara, who was appointed President of the Central Bank of Cuba on that day in 1959. (ACN)