Published On: Wed, Dec 17th, 2014

Cuba confirms economic growth projection in 2015

marino murillo jorgeHAVANA, Cuba - Minister of economy and planning Marino Murillo confirmed on Tuesday in Havana that the Cuban economy is expected to grow in 2015 at rates that will break the low growth trend of recent years.

Speaking at the Economic Standing Committee of the National Assembly of People's Power (ANPP), Murillo stressed that the conditions are created for the increase of GDP next year, however, greater effort and commitment of all is needed.

Despite the negative effects of the US embargo, external financial constraints and the international situation, the expected rate involves reversing the current low growth rates, for the sake of true development, since it requires a yearly five to seven percent GDP growth, he said.

Murillo stressed that this year Cuba prepared a more comprehensive plan for 2015, which will be directed, in the main, to maximize internal efficiency reserves, and concentrate resources on the revival of sectors such as manufacturing.

He stressed that the best results are expected in this area, which will demand increasing imports of raw materials to add value to production, thus reducing the tendency to acquire finished products overseas.

Construction, trade, agriculture, livestock and fish farming will be other sectors that will bring about the increase of the GDP, said the minister.

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