July 15, 2025
Cash-strapped Cuba’s severe economic crisis shows no signs of easing, Cuban Economy Minister Joaquin Alonso said on Monday, as official media reported that growth fell by 1.1% last year following a 10% decline since 2019. Speaking before the Cuban parliament’s economic commission, Alonso said there was little hope for improvement this year, given tightening U.S. sanctions and a challenging international environment. The import-dependent Caribbean nation has seen foreign currency revenues drop by around 30% in recent years, triggering shortages of food, fuel, medicine, and inputs for agriculture and manufacturing. A lack of fuel and equipment has severely affected the energy grid, resulting in daily blackouts that can last 16 hours or more in the Communist-run country.
According to Alonso, agriculture, livestock farming, and mining have contracted by 53.4% over the past five years, while manufacturing has declined by 23%. He said this year and last were marked by “the intensified impact of the blockade, the fierce persecution of financial flows, and barriers to international transactions that have hindered payments to suppliers.”
Alonso also reported that hard currency earnings this year were 9% lower than during the same period last year, while imports were running 7% higher. “Cuba is importing more than it exports, which increases the debt,” he said.
The country last reported its foreign debt at $19.7 billion in 2020.
Source: (Reuters)
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