Cuba's economic growth in 2016 is projected to fall 2 percent from this year's 4 percent expansion, Vice President and Economy Minister Marino Murillo said Tuesday. "Considering the current global crisis, the 2 percent increase of the gross domestic product (GDP) in 2016 is also favorable," said Murillo during a biannual meeting of the National Assembly.
The official highlighted that Cuba will allocate its resources toward import substitution and export in 2016, mentioning a 2016 investment plan of over 7 million U.S. dollars, 58 percent of which will focus on key sectors such as tourism, energy, oil and food production.
Murillo addressed the need to reduce imports by increasing domestic production of manufactured goods, one of the government's main objectives in improving the local economic model. "We must produce everything possible in Cuba, and it is better to import raw materials than buy the finished products from the international market," he said.
He described the 4 percent growth of the Cuban economy in 2015 as a "good result," especially in the tourism, sugar industries and service sectors. The regular December meetings held by Cuban parliament members mainly discuss the performance of the last economic plan, current budget situation and new plans for the coming period.
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