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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
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.
$121 billion (2012 est.)
country comparison to the world: 68
note:
data are in 2012 US dollars
[see also: GDP country ranks ]
$72.3 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
3.1% (2012 est.)
country comparison to the world: 112
[see also: GDP - real growth rate country ranks ]
$10,200 (2010 est.)
country comparison to the world: 118
note:
data are in 2010 US dollars
[see also: GDP - per capita country ranks ]
13.4% of GDP (2013 est.)
country comparison to the world: 118
[see also: Gross national saving country ranks ]
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%
agriculture:
3.8%
industry:
22.3%
services:
73.9% (2013 est.)
sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
petroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar
2.6% (2013 est.)
country comparison to the world: 114
[see also: Industrial production growth rate country ranks ]
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 ]
agriculture:
19.7%
industry:
17.1%
services:
63.2% (2011)
4.3% (2013 est.)
country comparison to the world: 39
note:
these are official rates; unofficial estimates are about double the official figures
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$47.62 billion
expenditures:
$50.29 billion (2013 est.)
65.9% of GDP (2013 est.)
country comparison to the world: 2
[see also: Taxes and other revenues country ranks ]
-3.7% of GDP (2013 est.)
country comparison to the world: 140
[see also: Budget surplus (+) or deficit (-) country ranks ]
35.9% of GDP (2013 est.)
country comparison to the world: 105
[see also: Public debt country ranks ]
calendar year
6% (2013 est.)
country comparison to the world: 172
[see also: Inflation rate (consumer prices) country ranks ]
NA%
[see also: Central bank discount rate country ranks ]
NA%
[see also: Commercial bank prime lending rate country ranks ]
$11.21 billion (31 December 2013 est.)
country comparison to the world: 74
[see also: Stock of narrow money country ranks ]
$24.63 billion (31 December 2013 est.)
country comparison to the world: 78
[see also: Stock of broad money country ranks ]
$NA
[see also: Stock of domestic credit country ranks ]
$289.8 million (2013 est.)
country comparison to the world: 55
[see also: Current account balance country ranks ]
$6.252 billion (2013 est.)
country comparison to the world: 107
[see also: Exports country ranks ]
petroleum, nickel, medical products, sugar, tobacco, fish, citrus, coffee
Canada 17.7%, China 16.9%, Venezuela 12.5%, Netherlands 9%, Spain 5.9% (2012)
$13.6 billion (2013 est.)
country comparison to the world: 89
[see also: Imports country ranks ]
petroleum, food, machinery and equipment, chemicals
Venezuela 38.3%, China 10.8%, Spain 8.9%, Brazil 5.2%, US 4.3% (2012)
$4.993 billion (31 December 2013 est.)
country comparison to the world: 96
[see also: Reserves of foreign exchange and gold country ranks ]
$23.44 billion (31 December 2013 est.)
country comparison to the world: 78
[see also: Debt - external country ranks ]
$NA
[see also: Stock of direct foreign investment - at home country ranks ]
$4.138 billion (2006 est.)
country comparison to the world: 63
[see also: Stock of direct foreign investment - abroad country ranks ]
Cuban pesos (CUP) per US dollar -
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
Airport Codes
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This page was last modified 02-Mar-15