November 01, 2011

TOURISM CONTRIBUTES TO 2.9% GDP GROWTH

Posted by Larry Luxner - No Comments
Filed under: Travel

Thanks mostly to a rise in service exports and tourism, Cuba’s GDP is expected to grow 2.9 percent this year, Foreign Trade Minister Rodrigo Malmierca said earlier this month.

The number points to a slow recovery of the Cuban economy, which was hit by a cash crunch in 2009. The economy grew 4.1% in 2008, 1.4% in 2009, and 1.9% in 2010.

Foreign trade grew 27% during the first half of the year, according to Malmierca, with exports and imports rising at the same rate.

The number of foreign visitors is expected to reach 2.7 million by the end of the year, up from 2.5 million last year.

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