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Cuba's GDP to meet 4% forecast growth in first half of 2015

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Staff writer ▼ | June 23, 2015
Cuba's gross domestic product (GDP) will register just over 4 percent growth in the first six months of 2015, as forecast, state daily Granma reported.
Cuba GDP
Cuba   State daily Granma reported
"Compared with 2014, all (economic) activity registers growth, with the highest figures centered in the sugar industry and manufacturing, construction and trade," the daily said, citing data from Friday's cabinet meeting, at which Minister of Economy and Planning Marino Murillo presented the latest economic indicators.

Areas that registered no growth included mainly transport, warehousing and communications. In general, "the trade balance shows positive performance during the year," despite external financial pressures, Murillo said.

The state budget is expected to register a fiscal deficit of 4. 2 percent of GDP at the end of the year, lower than the 6.2 percent forecast earlier.

The Council of Ministers meeting, headed by President Raul Castro, also discussed the drought affecting the island, where reservoirs are at only 37 percent of capacity on average.

The worst hit areas are the eastern provinces of Santiago de Cuba (34 percent) and Guantanamo (36), and the western territory of Pinar del Rio (55).