• Submitted by: manso
• Business and Economy
• 12 / 19 / 2010

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HAVANA, Cuba, Dec 18 (acn) Amidst adverse international conditions and the implementation of the first measures to upgrade its economic model, Cuba foresees a 3.1% increase of its Gross Domestic Product (GDP) for 2011.

This is included in the Economic Plan for next year approved on Saturday by Cuban parliamentarians and presented by the Minister of Economy and Planning,Marino Murillo, during the final day of discussions of the Sixth Ordinary Period of Sessions of the Seventh Legislature of the Cuban National Assembly (Parliament) at Havana’s Convention Center with the participation of President Raul Castro.

Murillo recalled that in 2010 the GDP only grew 2.1% and that next year’s challenge is even bigger because of the difficulties to obtain external financing.

He also insisted on the need to increase exports, substitute imports and to save energy as paths leading to the increase of productivity.

The Minister said that Cuba will continue in 2011 trying to reduce its foreign debt and to improve the management of internal finances.

He noted that it is expected a boost in the construction sector and investment in sectors that can assume their own spending, for example, in the production of rice, sugar and coffee as well as in the tourism and energy areas.

Murillo pointed out that, according to the process to upgrade the economic model, subsidies will also be reduced and one of the main priorities will be to guarantee a balance of the internal finances.

The Minister of Economy and Planning also presented the State Budget bill approved by the parliamentarians.

Source: http://groups.yahoo.com/group/CubaNews/message/119697