• Submitted by: Luis Manuel Mazorra
• Business and Economy
• 01 / 19 / 2012

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The chapters that address the issues Internal Finance, External Sector and National Accounts already published in digital format Cuba 2010 Statistical Yearbook, 2011 edition, which was produced by the National Bureau of Statistics and Information.

 The External Sector section contains data on balance of payments and external debt until 2008, marked by the effects of international economic and financial crisis and three hurricanes that caused losses estimated at nine thousand 722 million dollars, the daily concerns Granma.

   The newspaper, citing the www.one.cu digital site, indicates that each of these factors in a very unfavorable impact on the Cuban economy, which resulted in a deteriorating current account balance to a deficit of two thousand 309 million pesos.

   Were among the causes of the fall expense in 2008 of the price of nickel-major export category by 43 percent over 2007, and the decline in the international market demands for products of the island, frozen lobster, coffee and oranges.

   Moreover, prices of basic foodstuffs imported by Cuba grew 53 percent in the former year, compared with the previous, forcing the nation to pay $ 840 million more for this concept.

  It joined the speculative rise in oil prices, which reached a record $ 147 a barrel, a situation that involved an increase in imports of a thousand 336 million dollars.

   Also had an impact on the international market acquisition of additional volumes of food and other supplies for the damages caused by hurricanes, coupled with the net effect of dollar depreciation against the major currencies with which Cuba made their trade in goods and services .

   The current account deficit had to face a very complex international environment, characterized by the scourge of the crisis, credit crunch and global consequences of the economic, commercial and financial U.S., particularly severe in the latter area concludes Granma.