This is how Cuba's economy is doing, according to Alejandro Gil Fernández. We need to "produce more."

Before Cuban parliamentarians, the Minister of Economy and Planning, Alejandro Gil Fernández, reviewed the island's economic situation and asserted that to reverse the current deep crisis, it is essential to "produce more."

He acknowledged that while there were plans to grow 4% in 2022, the Cuban economy only achieved growth of 1,8%, primarily in service sectors such as transportation, education, culture, sports, communications, and tourism.

El titular señaló que la economía cubana decreció un 10.9% en 2020, y explicó que por ello ahora la recuperación es más difícil. “La caída es mucho más acentuada que la recuperación”, al tiempo que argumentó que “el PIB por sectores refleja una recuperación asimétrica”.

Precisely the sectors that reflect the greatest economic stagnation are agriculture, livestock and forestry, trade, and manufacturing, among others. Paradoxically, these are the sectors Cuba currently needs most, as they generate wealth and resources for the population.

He also stated that "the expected revenues from nickel, sugar, honey, and charcoal exports are not being achieved. Tobacco, rum, seafood, and biopharmaceuticals are performing better."

He also acknowledged that the telecommunications sector is no longer earning as much foreign currency as it used to. He asserted that foreign currency earnings from abroad are currently on a downward trend, driven by increased sales in the national currency, which "is good for the population, but affects foreign revenue," he stated.

Early 2023

The outlook for 2023 is not promising, as only $1282 billion has been raised from exports of goods and services in the first few months of the year. This figure barely touches 35.7% of the annual plan. This is $94 million less than what had been planned for the current calendar year.

Remittances to Cuba

Alejandro Gil Fernández made special mention of remittances, which are now the country's main source of income. In this regard, he spoke of strengthening stores that sell in freely convertible currency: "For this reason, markets must be kept stocked, hence the cost, so that money can flow into the country." This argument is far removed from what he proposed when these types of businesses opened on the island, when he declared that they wouldn't last forever and that other stores (formerly shopping malls) would never run out of supplies to keep these stores stocked.

Regarding tourism, he stated that the island has already received 1,3 million visitors, which represents 80% of the annual plan, although that figure is only half of what was recorded in the same period in 2019.

“Se debe avanzar con celeridad en la recuperación del sector turístico, que fue duramente afectado por la pandemia”, enfatizó, al tiempo que reconoció la importancia del turismo nacional en la recaudación de divisas.