Economy

Cuba Sees Economy Expanding 4% in 2022 With Tourism Recovery – BNN

Published

3 years ago

December 14, 2021

(Bloomberg) — Cuba’s economy is expected to expand 4% in 2022, after eking out an estimated 2% growth this year, as tourism recovers and tax revenue increases post-pandemic, according to Prime Minister Manuel Marrero.

The communist island “should overcome the contractions we saw in 2019 and 2020, even if we don’t reach the same economic activity of 2019,” Marrero wrote in an annual report posted on state-run websites.

He added the unemployment rate stands at 1.4%, “which by international standards is full employment, even if the rate did increase slightly.” Some 3.9 million people are employed by the state and 1.5 million are in the private sector, according to the document.

Cuba saw rare outbursts of public protests earlier this year, in part fueled by economic hardship. As tourism dried up amid the pandemic, the economy shrank 11% in 2020, according to Economy Minister Alejandro Gil, its deepest slump since the early 1990s.

Read More: Cuba Says It’s Open for Tourism Amid Inflation, Protests

6,900% Inflation

Left unmentioned in the report is the island’s inflation rate. In October, a government official said that economic reforms, including ending a two-tiered currency system, had fueled price increases of 60% in the formal market during the first 10 months of the year — and up to 6,900% in the informal, or unregulated, market.

Marrero said inflation would be a priority in 2022, adding that “a working group is evaluating measures to control and contain it.”

The report also pointed out that the the government needs to do a better job of collecting taxes, and says the administration will “increase fiscal controls” to do so next year.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

3 days ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

3 days ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

4 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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