Categories: Economic Development

Cuba’s GDP Contracts by 11%

Cuba’s Gross Domestic Product (GDP) contracted by 11% in 2020 due to the COVID-19 pandemic and hardening of U.S. sanctions by the Trump administration but new growth is forecast in the upcoming year, Deputy Prime Minister Alejandro Gil told a session of Cuban Parliament.

During the VI Sessions of the National Assembly of People’s Power in the IX Legislature, Minister Alejandro Gil predicted economic growth to return at 6% and 7% in the upcoming year. Recovery is based on the new Cuban economic strategy designed in the face of the current pandemic and the US blockade.

The pandemic has created an exceptional situation that has had a direct impact on economic performance this year. Minister Gil said the year 2020 had experienced a strong contraction in foreign trade, a reduction in international tourism and foreign exchange earnings; as well as the significant impact of COVID-19 on the Health and Education systems.

In summing up the year 2020, Cuban President Miguel Diaz-Canel said, “Cuba has overcome its most difficult year in decades.”

Advertisement. Scroll to continue reading.
Share
Published by
Cuba Business Report Staff

Recent Posts

Cuba Joins the BRICS New Development Bank

In a move with both economic and geopolitical significance, Cuba has officially joined the New…

1 week ago

Cuba’s International Tourist Arrivals—June 2025

Cuba’s tourism sector, long a vital part of the island’s economy, is experiencing mixed fortunes…

2 weeks ago

Cuba Amplifies Voice of the Global South at BRICS 2025 in Brazil

Cuba took center stage at the 17th BRICS 2025 in Rio de Janeiro this weekend,…

1 month ago

FIHAV 2025 Set for this November

Cuba has confirmed the 41st edition of the Havana International Fair (FIHAV 2025) will take…

1 month ago

WestJet CEO Meets with Cuban President Amid Hopes for Expansion of Passenger Flights to Havana

WestJet CEO Alexis von Hoensbroech met Wednesday with Cuban President Miguel Díaz-Canel in Havana, a high-level meeting…

2 months ago

Cuba Expands Solar Parks as Energy Deficits Persist

Cuba is ramping up efforts to address energy shortages through the expansion of photovoltaic solar…

2 months ago