Saturday, September 30, 2023

Cuban MSMEs have tripled their turnover in the first half of this year

The National Office of Statistics and Information (ONEI) of Cuba provided surprising data on Micro, small, and Medium Enterprises (Mipymes). These private companies have tripled their sales from January to June of this year. Onei’s analysis shows that sales of products and services amounted to 132,575 million pesos in the first half of the year. This number includes all operations in the country and is equivalent to $5,524 million at the exchange rate set by the government.

The result achieved in the first half of this year represents a growth of 26% compared to the same period in 2022. MSMEs have become the driving force behind the country’s economic recovery.

Avant-garde gastronomy

Private enterprise accounts for 4.1% of all commercial activity on the island, while the national production of goods and services remains constrained due to the economic crisis and the scarcity of public resources.

Item sales generated 57,599 million pesos, up 14.4% year-on-year. Services contributed 45.7 billion pesos, up 23.7% compared to 2022.

The catering industry recorded an outstanding growth of 206.8%; this branch is the one with the largest presence of MSMEs. State and private companies have trade potential, as private catering had an impact of 49.69% and the state had 22.08%.

State services contributed 34.47%, and private services contributed only 5.25%. Retail was balanced, as entrepreneurs accounted for 45.06% and government institutions registered 43.45%.

Among the difficulties faced by entrepreneurs on the island is the foreign exchange market. MSMEs were founded in 2021 and have developed in a short period.

World Nation News Desk
World Nation News Desk
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
Latest news
Related news