Cuba To Close Year with Fiscal Deficit of 5.7 Percent

Cuba will end 2015 with a fiscal deficit amounting to 5.7 percent of the Gross Domestic Product, or below the limit approved in the annual budget law, according to government estimates.

Minister of Finances and Prices, Lina Pedraza, said that the behavior of the internal economy will allow the deficit to be below the limit of 6.2 percent enshrined in the law approved by the National Assembly for the present fiascal year.

Though year 2015 was tense, the budget expenses and revenue gave response to the levels of activity demanded by the economy, said pedraza in a meeting of the Council of Ministers led by President Raul Castro, as published today by Granma newspaper.

According to Pedraza, most businesses and individuals complied with their taxes and other bills, which was seen in the collection, but “fiscal indisciplines continue to happen.”

In the meeting it was also informed that the GDP grows this year four percent against 2014, despite the effects of the US blockade imposed by the United States and the financial restrictions.

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