Cuban Parliament Evaluates Results of 2022 Economic Measures

Cuban Parliament Evaluates Results of 2022 Economic Measures

The National Assembly of People’s Power (Parliament) of Cuba meets from this Saturday in Havana to discuss a loaded parliamentary agenda which included, as first point, the analysis of the evolution of the economy in the first four months of the year 2022, amid the global economic crisis.


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In the extraordinary session of the Cuban parliament, the Minister of Economy, Alejandro Gil, reported on what he called «a process of gradual recovery of the national economy», sustained by an increase in the volumes and values of imports and exports in the national economy.

According to the information presented by the also deputy prime minister, Cuba’s total foreign exchange earnings for the first quarter of 2022 exceed 493 million dollars, a figure similar to that achieved in the same period of the previous year, although he qualified «much lower than what we had before March 2020».

In that sense, he confirmed that «we are beginning to see a certain and gradual recovery as we have proposed», in reference to the Economic Plan approved by the Cuban Parliament in December 2021, which took into account the effects of the post-pandemic economic crisis, although not the unleashing of a war in Eastern Europe.

«Nuestro camino es defender lo que tenemos, es el trabajo duro, creador el incremento de la producción nacional, el incremento de los actores económicos. Poco a poco nos vamos recuperando. En ese empeño se enfoca la estrategia económica y social». Concluye @AlejandroGilF

— Ministerio de Economía y Planificación de Cuba (@MEP_CUBA)
May 14, 2022

«Our path is to defend what we have, it is hard work, creating the increase in national production, the increase in economic actors. Little by little we are recovering. The economic and social strategy is focused on that effort.» Concludes


The minister said that in the current circumstances, «we are moving forward. We are not stagnating or going backwards». He reiterated that in these first months a gradual recovery of the economy can be appreciated. «We are recovering part of the lost ground with a fall of more than 13 points of GDP. We are moving in that direction».

He also assured that one of the aspects that most negatively influences the economic recovery is the availability of fuel and currency: «We have many limitations. We have more income than last year, but still below the plan and what we earned before 2020», he pointed out.

The Economy Minister confirmed that in March, inflation was 1.86 percent compared to March of last year: «Although goods and services are expensive, there is stability» while acknowledging the loss of purchasing power of wages.  

The Cuban National Assembly will discuss and eventually approve eight bills ranging from the Environmental Law to the new Penal Code.

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