Cuba says GDP recovers, up about 1 percent so far in 2017

AP News
Posted: Jul 14, 2017 5:02 PM

HAVANA (AP) — The Cuban government says the island's economy is growing again after a dip last year.

Economy Minister Ricardo Cabrisas has announced at the opening session of the National Assembly that the economy grew around 1 percent in the first half of 2017. That puts GDP growth on track to hit 2 percent for the year.

The government said the economy shrank last year by 1 percent amid falling support from troubled Venezuela. That was the first decrease reported in two decades. Cabrisas said Friday that instability in the supply of Venezuelan oil weighs on the country but tourism, construction, transportation and communications were growing.

Some growth in tourism is due to the normalization of relations with the U.S. that is threatened under President Donald Trump.