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The Financial Express

Cuba to see 0.5pc economic growth in 2019

Published: December 18, 2019 12:44:32 | Updated: December 20, 2019 14:59:25


File photo (Collected) File photo (Collected)

Cuba's gross domestic product (GDP) will see a slight 0.5-per cent expansion in 2019, the country's Economy Minister Alejandro Gil said has on.

Speaking to legislatures, Gil said the country's economy this year has suffered from global economic uncertainty and additional economic and financial sanctions imposed by the United States.

Washington's latest sanctions have hurt oil supplies to Cuba, leading officials to take special measures to deal with shortages, reports Xinhua.

The tourism sector, a main revenue generator for the island country, was severely impacted by US restrictions on cruise ships, pleasure boats and private aircraft with routes from the United States to Cuba.

"These punitive measures affect all Cuban society," said the minister on Tuesday, adding sanctions largely hit Cuba's budding private sector which employs some 618,000 Cubans, many of whom work for small tourism-related businesses.

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