Cuba's Gross Domestic Product (GDP) was up just 1.1 percent in the first half of 2018, said Cuban President Miguel Diaz-Canel on Sunday.

During his closing speech at the ordinary session of the National Assembly of People's Power, Diaz-Canel said the country's economic situation remains "tense" regarding the availability of foreign currencies.

The Cuban leader emphasized that the modest GDP growth was "encouraging, though there are many adverse factors (to overcome)."

The president cited low export, tourism and sugar production revenues, as well as the harmful effects of the extreme weather events, as the issues that dampened growth.

The Cuban leader said that it would be necessary to adopt additional measures during the second half of 2018 to guarantee planned economic results.

He said that despite the internal and external difficulties, a plan for economic growth and progress, together with the gradual restoration of the nation's financial credibility, will be designed.