Cuba’s Economy to Grew Less-Than-Forecast 3.1% This Year

Cuban Economy Minister Adel Yzquierdo Rodriguez said the island’s economy would grow 3.1 percent this year, trailing earlier forecasts of 3.4 percent, after the government failed to complete construction projects on time.

Education, public health, social assistance and culture and sport will grow at a similar rate to last year, Yzquierdo told the Council of Ministers, according Granma, the Communist Party’s newspaper, which didn’t give details. The rest of the economy will expand about 4.5 percent, he said.

Since taking over from his brother Fidel in 2008, President Raul Castro has allowed limited sales of real estate, welcomed foreign oil exploration and expanded the list of professions open to private enterprise as the government seeks to “redesign” the economy by loosening state control.

The government expects the economy to grow 3.7 percent next year, Yzquierdo said.

To contact the reporter on this story: Charlie Devereux in Caracas at cdevereux3@bloomberg.net.

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.