Cuban GDP Grew 3.1 Percent This Year

HAVANA TIMES — According to figures provided on Friday by Cuban Minister of Economy and Planning, Adel Yzquierdo, the island will end 2012 with a growth rate of 3.1 percent in its Gross Domestic Product (GDP).

The Granma newspaper, which published on Monday the details of a meeting of the Council of Ministers to analyze the performance of the economy this year, pointed out that the figure is less than the previously projected 3.4 percent rate of growth, with this having been due to shortfalls in construction activity.

In his projections for 2013, the head of the Economy ministry envisages Cuba’s overall GDP growth to reach 3.7 percent, with social services being maintained at levels similar to those in 2011 and the rest of the economy growing by 4.5 percent.

Meanwhile, economic reform czar Vice President Marino Murillo highlighted that the economic plan for next year includes funding to support several measures aimed at care for the elderly and to stimulate an increase in the birth rate.