Castro Touts Rosy Economic Outlook in Cuba

HAVANA
May 1
by Vanessa Arrington, Associated Press Writer Mon May 1, 2006.
Fidel Castro said on Monday that Cuba's economy grew at a rate of more than 12.5 percent in the past month, crediting the country's resilience in the face of the U.S. government's long-standing trade embargo.

"Thank you, Yankee empire, because you've made us grow, you've made us reach new heights," he said in a May Day speech of more than three hours. Those gathered in Havana's Plaza of the Revolution chanted "Fidel!" in response, and waved small paper Cuban flags.

Castro said the economy grew 11.8 percent in the first quarter of this year as compared to the same period in 2005. The current rate of growth has since surged to more than 12.5 percent, he said.

Cuba uses its own method to calculating economic growth that takes into account the country's vast social safety net and subsidized services.

That makes Cuba's growth figures difficult to compare with those of other countries, prompting the United Nation's Economic Commission for Latin America and the Caribbean to leave the island's numbers out of its report last year.
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