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Cuba Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Cuba Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

Economy - overview:
The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. The government in April 2011 held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the Cuban government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell used cars. The Cuban government also opened up some retail services to "self-employment," leading to the rise of so-called "cuentapropistas" or entrepreneurs. Recent moves include permitting the private ownership and sale of real estate and new vehicles, allowing private farmers to sell agricultural goods directly to hotels, and expanding categories of self-employment. Despite these reforms, the average Cuban's standard of living remains at a lower level than before the collapse of the Soviet Union and the resulting downturn of the 1990s. Since late 2000, Venezuela has been providing oil on preferential terms, and it currently supplies over 100,000 barrels per day of petroleum products. Cuba has been paying for the oil, in part, with the services of Cuban personnel in Venezuela, including some 30,000 medical professionals.

GDP (purchasing power parity):
$121 billion (2012 est.)
country comparison to the world: 68

$117.3 billion (2011 est.)
$114.1 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$72.3 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.1% (2012 est.)
country comparison to the world: 112

2.8% (2011 est.)
2.4% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$10,200 (2010 est.)
country comparison to the world: 118

$10,000 (2009 est.)
$10,000 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
13.4% of GDP (2013 est.)
country comparison to the world: 118

11.1% of GDP (2012 est.)
11.7% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 52.1%
government consumption: 34.4%
investment in fixed capital: 10%
investment in inventories: -3.4%
exports of goods and services: 26%
imports of goods and services: -19.2%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 3.8%
industry: 22.3%
services: 73.9% (2013 est.)

Agriculture - products:
sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock

Industries:
petroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar

Industrial production growth rate:
2.6% (2013 est.)
country comparison to the world: 114
[see also: Industrial production growth rate country ranks ]

Labor force:
5.233 million
country comparison to the world: 72
note: state sector 72.3%, non-state sector 27.7% (2013 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 19.7%
industry: 17.1%
services: 63.2% (2011)

Unemployment rate:
4.3% (2013 est.)
country comparison to the world: 39

3.8% (2012 est.)
note: these are official rates; unofficial estimates are about double the official figures
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $47.62 billion
expenditures: $50.29 billion (2013 est.)

Taxes and other revenues:
65.9% of GDP (2013 est.)
country comparison to the world: 2
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.7% of GDP (2013 est.)
country comparison to the world: 140
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
35.9% of GDP (2013 est.)
country comparison to the world: 105

35.8% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
6% (2013 est.)
country comparison to the world: 172

5.5% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA%
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
NA%
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$11.21 billion (31 December 2013 est.)
country comparison to the world: 74

$10.97 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$24.63 billion (31 December 2013 est.)
country comparison to the world: 78

$24.08 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$NA
[see also: Stock of domestic credit country ranks ]

Current account balance:
$289.8 million (2013 est.)
country comparison to the world: 55

-$134.4 million (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$6.252 billion (2013 est.)
country comparison to the world: 107

$5.972 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum, nickel, medical products, sugar, tobacco, fish, citrus, coffee

Exports - partners:
Canada 17.7%, China 16.9%, Venezuela 12.5%, Netherlands 9%, Spain 5.9% (2012)

Imports:
$13.6 billion (2013 est.)
country comparison to the world: 89

$13.72 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
petroleum, food, machinery and equipment, chemicals

Imports - partners:
Venezuela 38.3%, China 10.8%, Spain 8.9%, Brazil 5.2%, US 4.3% (2012)

Reserves of foreign exchange and gold:
$4.993 billion (31 December 2013 est.)
country comparison to the world: 96

$4.693 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$23.44 billion (31 December 2013 est.)
country comparison to the world: 78

$22.51 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$4.138 billion (2006 est.)
country comparison to the world: 63
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Cuban pesos (CUP) per US dollar -

1 (2013 est.)
1 (2012 est.)
0.9259 (2010 est.)
0.9259 (2009)
0.9259 (2008)


NOTE: 1) The information regarding Cuba on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cuba Economy 2015 information contained here. All suggestions for corrections of any errors about Cuba Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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