Economy

Cuban economy minister says no quick fix to devastating crisis – Reuters Canada

Published

1 year ago

July 23, 2023

HAVANA, July 22 (Reuters) – Cuba’s economic growth is less than 2% this year and remains 8 percentage points below pre-pandemic levels, while production in sectors such as agriculture, mining and manufacturing was further behind, Economy Minister Alejandro Gil said on Saturday.

Speaking before the country’s parliament, Gil said the primary sector, which includes agriculture, mining and other basic production, was down 34.9% compared with 2019, while manufacturing was off 20%. A third sector that includes services such as tourism, communications and education was down 4.9%.

Cuba, heavily dependent on food, fuel and other imports, largely blames U.S. sanctions and the coronavirus pandemic for more than a 50% decline in its export earnings, which are needed to purchase imports, while admitting that market-oriented reforms have moved too slowly in the Communist-run country.

Gil said export earnings so far this year were $1.3 billion, 35.7% of what had been expected, while imports were $4.4 billion, also well below the Cuban government’s forecast.

The minister said inflation was raging at a 45% clip this year, on top of last year’s 39% jump, a figure many economists say underestimates the rate as it does not adequately account for a growing informal market driven by scarcity.

Cuba has resorted to increased price controls to slow inflation, with little success to date, while conceding that other factors are driving up prices, such as low productivity and output.

“If there is no supply and production, we will not achieve effective price control,” Esteban Lazo Hernandez, the president of Cuba’s parliament, said during a session earlier this week.

Gil said the crisis, which has left residents reeling, protesting and leaving the island nation, was “complicated,” but he added that the government was working on solutions.

“The gradual recovery of the Cuban economy has not yet reached the necessary pace,” he said. “Growth (this year) is very light at 1.8% and also asymmetric. In other words, it does not occur in productive sectors.”

Additional reporting by Marc Frank; Editing by Paul Simao

Our Standards: The Thomson Reuters Trust Principles.

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Economy

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

Published

14 hours 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

21 hours 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

2 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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