The Cuban economy grew by 3.0% in 2013; below the government’s forecast at the beginning of the year and identical to the 2012 figure. This outcome reflects a context of slower growth across most of Europe, which accounts for a significant proportion of the country’s tourist arrivals.
Falling nickel prices also caused a dip in external revenue, which tightened the external constraints on growth, exacerbating the effects of the economic, commercial and financial embargo, which remains in force. On the domestic front, GDP growth was held back by a rate of investment that remains far less than envisaged by the government, and which despite rising to 8%, is nonetheless insufficient to counteract Cuba’s technological obsolescence. (Preliminary Overview of the Economies of Latin America and the Caribbean 2013)