Cuban GDP grew 2.1 pct in 1st-half 2012 - minister

HAVANA, July 23 Tue Jul 24, 2012 1:17am IST

HAVANA, July 23 (Reuters) - Cuba's gross domestic product grew 2.1 percent in the first half of the year compared with the same period in 2011 and the communist-ruled country has continued to post a positive trade balance, Economy Minister Adel Yzquierdo said on Monday.

The official Prensa Latina News Agency, reporting on a closed-door meeting of the Cuban National Assembly, said the overall results were considered positive.

Government officials have said the goal is to achieve 3 percent GDP growth in 2012.

The economy grew 2.7 percent in 2011 despite tough austerity measures imposed by President Raul Castro beginning in 2009.

Yzquierdo said trade continued to perform positively, without giving any details. Cuba reported a $4 billion trade surplus in 2011.

Cuba has not reported on its current account balance of payments since 2009.

Cuba is in the midst of a sweeping reform of its Soviet style economy in an effort to pull out of a crisis that has dragged on for two decades.

The island nation is also saddled with a growing foreign debt now estimated at more than $22 billion by local economists.

REUTERS SHOWCASE

2015: India Outlook

2015: India Outlook

India in 2014: A dream run for markets  Full Article 

Funding Woes

Funding Woes

Co-founder of SpiceJet seeks time to finalise rescue  Full Article 

Regulating Airfares

Regulating Airfares

India considers temporary cap on airfares - government official  Full Article 

Flying Back on Course

Flying Back on Course

The inside story of the new Airbus A350 jet  Full Article 

Oil Price Forecast

Oil Price Forecast

Oil prices likely to rebound in second half of 2015: poll  Full Article 

Cyber Attacks

Cyber Attacks

China condemns cyberattacks, but says no proof N.Korea hacked Sony  Full Article 

Connecting Markets

Connecting Markets

China stock connect scheme scorecard throws up surprises  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage