Economic news

For the past half century, the Cuban economy has been nothing short of a basket case, propped up at various times by Soviet subsidies, Western tourists in search of cheap holidays and more recently, that buffoon Hugo Chavez.

But if you believe the official statistics that are regularly pumped out by the Castro regime, the place is roaring.

Take the latest announcement by the Minister for the Economy and Planning, Jose Luis Rodriguez, who has told reporters that the Cuban economy will grow by at least four per cent next year.

That’s right: at a time when most economies around the world are seriously shrinking, the Cubans reckon their economy will grow by four per cent.

Unbelievable? You bet. You see, the Castro regime uses its own measure of growth, which supposedly takes into account a range of “social services” provided by the State. No one else uses the same formula for the simple reason that it is well, fiction.

According to these make-believe statistics, the Cuban economy grew by seven per cent in 2007 and by four per cent this year.