Thu, 07 Jul 2022

Cuban economy starts gradual recovery

Xinhua
17 May 2022, 14:49 GMT+10

HAVANA, May 16 (Xinhua) -- The Cuban economy has entered a gradual recovery process amid the resumption of economic activities in the Caribbean nation two years into the COVID-19 pandemic and the tightening of the U.S.-led economic embargo, Cuban President Miguel Diaz-Canel said on Monday.

"Amid the complex situation we are going through, the gradual recovery of the Cuban peso as the center of the financial system continues to be the paramount priority," he said when addressing the Cuban legislators at Havana's Convention Center.

Diaz-Canel added that the Cuban government stays focused on the fight against inflation, the stability of the national grid, and assistance to vulnerable people and families.

Cuba's Deputy Prime Minister Alejandro Gil said that the Cuban economy had contracted by 13 percent during the COVID-19 crisis.

During the first quarter of 2022, "exports of goods have amounted to 590 million U.S. dollars, up by 162 million U.S. dollars compared to the same period last year," he said.

The Cuban government has projected a 4-percent economic growth for 2022, according to official statistics.

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