In 2017, the growth of the Cuban economy amounted to 1.4 percent. This is less than previously planned 6 percent. Marino Murillo, head of the Ministry of Economics and Planning of Cuba, said that this happened due to the ongoing blockade of the island of Freedom by the United States of America and the International Economic Crisis. The Minister said that this year the growth of the Cuba economy will be 1.4 percent. The previous forecast made taking into account more favorable conditions promised 6 percent growth. According to Murillo, the main reasons for the low rate of economic growth were the international economic crisis and the American blockade of Cuba. Affected the indicator and the ongoing elimination of the consequences of two powerful hurricanes that fell on the island last year. According to official figures, damage from natural disasters amounted to about $ 10 billion. According to the minister, the main blow of the economic crisis came to the cost of Nickel, which is the main item of export, and to fall in revenue in the field of tourism. Murillo said that since the end of 2008 there has been a significant reduction in currency revenues to the Cuban economy, which led to difficulties in fulfilling obligations on external payments, and also significantly complicated access to sources of financing. The minister noted that the initial investment plan was oriented for programs that are designed for the long term, and in the conditions of the crisis it is necessary to receive currency as quickly as possible. Murillo said that the costs of the social sphere have increased significantly, and the state was not able to provide them. According to official data, this year the import of imports decreased by 37.4 percent, and the volume of exports by 22.9 percent.
