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Posted September 14, 2010 by publisher in Business In Cuba

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Rob Sequin | Havana Journal

According to the Minister of Transport Cesar Arocha, private Cuban taxis have increased their productivity by 55 times.

Income spiked to 17,000 pesos ($566) from 529 pesos ($17)

Taxi drivers were allowed to lease their cars from the state for private use, the same principle as with beauty parlors and barbershops in an economic experiment with capitalism by Raul Castro’s government.

Arocha noted that there are “discrepancies” with collection of fares on public buses and that workers are regularly missing from their jobs.

Other Cuba business news

Cubaencuento posted an article in Spanish about the Cuban economy and some comments about the economic system in Cuba.

Some interesting points translated into English:

In 1991 the agriculture business in Cuba accounted for 83% of Cuban exports, with 77% from the sugar industry. Today the industry accounts for between 15 and 17%. This collapse began in 2004 as a result of misguided policies and recurring reluctance to carry out changes and reforms and was exacerbated in 2008 due to the impact of the global economic crisis and three hurricanes that devastated much of Cuba.

The article lists many economic points but I found this to be interesting:

8. The “freezing” of the bank accounts of foreign firms in Cuba not only seriously affected the credibility and image of the country, but has endangered many of the short-term loans and, consequently, has greatly reduced imports and significantly increased cash payments.

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