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| Sunday, 4 December 2005 |
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Cuba's GDP jumps up 15 percent with new formula HAVANA, Dec 3 (Reuters) - Cuba's decision to include free health care and other social services in calculating gross domestic product has resulted in a 15 percent jump in the size of the country's economy, according to restated figures released this week. While the government first announced the change in 2003, not until this week was any data available to see by how much the Cuban formula, called the socially sustainable gross domestic product, increased GDP value. The annual statistical abstract for 2004, released this week, adjusts previously reported GDP figures by more than 15 percent. Output in 2000 at current prices is now reported at 32.685 billion pesos instead of 28.206 billion pesos in previous abstracts, a more than 15 percent difference. The GDP figure for 2001 is now 33.820 billion pesos and for 2002 it changed to 36.089 billion pesos, compared with 29.557 billion pesos and 30.680 billion pesos respectively. Cuba began including free social services, subsidies and other social benefits in its growth calculations in 2003, claiming the formula used worldwide to measure and compare economic performance was designed for market economies. |
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