Cuba says GDP to grow 1.4 percent this year, down from previous forecast of 2.2 percent

Associated Press

Cuba has revised its 2014 economic growth forecast downward to 1.4 percent.

That's nearly a percentage point off previous projections of 2.2 percent.

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Communist Party newspaper Granma reports that Economy Minister Adel Yzquierdo attributes the downgrade to lagging external income, adverse climatic conditions and "internal insufficiencies that our economy continues to confront."

Granma published the new forecast Monday following a midyear report by the Council of Ministers.

Cuba says GDP grew 2.7 percent last year.