Cuban economy grew 4 percent in 2015

Cuban Economy Minister Marino Murillo said that, despite the negative impact of the US blockade on Cuba and financial restrictions, the Gross Domestic Product grew 4 percent in 2015, compared to last year.

Minister Murillo explained that this was the result of having access to cash ahead of time, proper execution of credits and a trend to a decrease in prices of imports, published Granma newspaper today.

He added that material production rose from 59.3 to 61.1 percent of the GPD in one year. ¨ All productive sectors grew compared to last year, though agriculture, sugar industry, construction, transportation, and communications failed to meet the plans¨

Sugar production grew 16.9 percent, but fell 5.3 percent short of planned, mainly due to low performance and use of industrial capacity, caused by difficulties in the work organization.

The Minister also said that despite the growth in construction, they still couldn't meet the plan because of the deficient technical preparation of investments.

During the meeting of the Council of Ministers, they approved the Economic Plan for 2016, where they plan to boost the internal reserves of the economy; direct resources to those activities that grant export and reduce imports, among others.

The plan guarantees similar expenditures for basic social services (Education, Health) as in the last years; it gives priority to power generation and the efficient use of energy. This will be introduced at the next ordinary period of sessions of the People´s Power Assembly, convened for December 29.