Cuba says economy grew 3.1 percent in 2012; below expectations, but beats last year's figure

HAVANA – Cuba says it will finish the year with 3.1 percent economic growth, lower than expected but higher than in 2011.

Authorities had previously projected growth of 3.4 percent.

Cuba's economy expanded 2.7 percent last year. That also fell short of the 3 percent predicted.

Economy Minister Adel Yzquierdo told a meeting of the Council of Ministers that this year's shortfall is primarily due to missed targets in the construction sector.

He forecast growth of 3.7 percent for 2013.

Yzquierdo's comments were reported Monday in the Communist Party newspaper Granma.