• Submitted by: manso
• Business and Economy
• 08 / 03 / 2011

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HAVANA, Cuba, Aug 1 (acn) Cuban President Raul Castro asserted that the economy has grown by 1.9 % in the first half of the year and that an increase of 2.9 % of the island's GDP is estimated for the end of 2011.

While closing the 7th Ordinary Period of Sessions of the National Assembly of the People's Power (Parliament) in its 7th Legislature, Raul stressed that "we'll persist in the road to recover the international credibility of Cuban economy gradually."

The head of state added that although results are positive, lack of fulfillment in agriculture and the food, iron and steel, light and construction material industries continue, due to planning errors and lack of comprehensive management conditions in these branches.

Raul pointed out that, in spite of deficiencies, energy efficiency improved, oil production increased, and the annual plan of accompanying gas is expected to be achieved.

He also said that the deterioration of sugar production stopped; the arrival of tourists to the island increased; and an adequate domestic monetary balance and that of productivity- average wage, among others, was achieved.

The Cuban president praised the fact that exports have increased and imports have decreased, but warned about the existence of a tense situation in finances,in spite of a certain relief due to the debt restructuring process.

He underlined that on its last session on Monday, the Parliament agreed to support and approve the spirit and letter of the Guidelines of the Economic and Social Policy of the Party and the Revolution, in an action that institutionalizes their implementation and lays their legal foundations.

In 2012, the national economy will continue to be subjected to the effects of the world economic crisis as well as to the escalation in food prices anticipated by the United Nations Food and Agriculture Organization (FAO).

He warned that the prices of oil and other raw materials will continue being high and that the restrictions for the obtaining of new financing will continue,in addition to those derived from the US blockade against the island.

These realities, he stated, force us to perfect the performance of management at organizations, enterprises and other institutions.

In this regard, he said that it's essential that leaders requalify, in order to actualize the concepts of the Party Guidelines in terms of increasing the role of accounting and internal control.

It's essential to reestablish the economy's financial discipline and to put an end to the superficiality and negligence characterizing collection and payment relations, emphasized Raul.

Source: http://groups.yahoo.com/group/CubaNews/message/125390