In 2022, Cuba’s GDP expanded by 1.8%, which fell short of the government’s projected 4% growth. The actual growth is still 8% below the levels reported in 2019, before the pandemic.
The Economic Commission for Latin America and the Caribbean (ECLAC) had forecasted a growth rate closer to the actual figure, around 2%.
Independent economists at the time also suggested ECLAC’s projection was more realistic.
Significant declines were reported in agriculture, livestock and forestry, manufacturing, commerce, and the electricity sectors.
On the other hand, industries such as hospitality, transportation, communications, education, culture, and sports experienced growth.
The export of goods and services in 2022 generated revenue of approximately 1,282 million dollars, falling short by 94 million dollars of the expected amount.
The report also mentioned the tourism sector.
The country received 1.3 million visitors in 2022, constituting only 51.1% of the 2019 pre-pandemic tourist numbers. The goal for 2023 is set at 3.5 million visitors.
The State solely provides Cuba’s economic figures and are not externally audited.
Additionally, the nation is not a member of international organizations such as the World Bank or the International Monetary Fund, making these figures hard to verify.
More: Cuba news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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