Cuba

The rate of recovery of the Cuban economy slowed to 2.5% in 1997 (7.8% in 1996) and the balance-of-payments current account deficit grew owing to a large increase (21%) in the volume of merchandise imports and mediocre export performance (3%). Growth in income from tourism services and current transfers helped to mitigate the foreign currency shortage. Despite persistently high liquidity ratios and a deterioration of 20% in the exchange rate, no major price adjustments were reported and the fiscal gap was reduced to 2% of output.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions