President of Cuba, Raul Castro, admitted that the country's economy through "adverse circumstances" that will force spending cuts and boosting savings, but rejected the "omens" of an impending economic collapse or a return to known as " Special period ".
The president explained that this result has been conditioned by factors such as failure of export earnings coupled with "a certain contraction in fuel supplies agreed with Venezuela" and the effect of the US blockade, among other factors.
In the first half of the year, the Gross Domestic Product (GDP) grew by 1 percent, half of schedule, according to Castro told the National Assembly of the country.
"In these adverse circumstances, the Council of Ministers adopted a set of measures to address the situation and ensure the main activities that ensure the vitality of the economy, minimizing the effects on the population."
The Cuban president rejected the "speculation and portents" that are intended to "sow discouragement and uncertainty" related to "imminent collapse" of the economy "with the return to the acute phase of the special period" enacted in the early 90 after the fall of the Soviet bloc.
"We do not deny damages that may occur, even higher than at present, but we are prepared and better able then to reverse them."
Noting that there is no room for improvisations "much less defeatism," Raul Castro said it is necessary "to reduce expenses of all kinds that are not essential" and encourage saving and efficient use of available resources.