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Cuban economy grows 10.9 pct in Q1

HAVANA
2022-07-22 07:06

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HAVANA, July 21 (Xinhua) -- The Cuban economy grew by 10.9 percent during the first quarter of 2022 compared to the same period last year, Deputy Prime Minister and Minister of Economy Alejandro Gil said Thursday.

"We remain focused on reviving economic activities to pre-pandemic levels," he said, while addressing Cuban legislators at Havana's Convention Palace.

According to official figures, during the first months of the year, Cuba saw stronger economic growth in the fields of education, hospitality and transportation, with nickel, sugar, honey, Cuban premium cigars, rum and biopharmaceutical products among the fundamental hard currency sources.

Gil also stated that Cuba will allow direct foreign investment in the private sector and will set up a new foreign exchange market.

The Cuban government has projected economic growth of 4 percent for 2022, along with the arrival of nearly 2.5 million tourists.
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