HAVANA, Dec. 21 (Xinhua) -- Cuba's economy is expected to expand 1.5 percent in 2019 after a 1.2-percent growth in 2018 which is below the government's previous forecast of 2 percent, said the country's economy minister on Friday.
"The economic plan for next year is based on the principles of spending the available financial resources which guarantee growth and development without increasing the nation's foreign debt," Cuban Economy and Planning Minister Alejandro Gil Fernandez said at the ordinary session of the Caribbean island's parliament.
External financial tensions, tougher U.S. sanctions and the impact of natural disasters were the main causes of the lower-than-expected economy in 2018, according to the minister.
Losses caused by hurricane Irma in 2017 and the rains associated with tropical storm Alberto in mid-2018 harshly impacted the country's monetary plan.
"Other negative elements were severe financial tensions to pay our debts abroad due to the lack of hard currencies," Gil Fernandez said.
Sectors including sugar, tourism, trade, agriculture, construction and exports are expected to rebound in 2019 after poor performance this year, he said.
Cuba is working on updating its economic model in a "complex scenario" marked by a setback in relations with the United States and "financial persecution" by Washington as it continues its six-decade-old embargo, Gil Fernandez said.
