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The Economy of Cuba

Cuban Economy

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Economy - overview: The government continues to balance the need for economic loosening against a desire for firm political control. It has rolled back limited reforms undertaken in the 1990s to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, and services. The average Cuban's standard of living remains at a lower level than before the downturn of the 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. Since late 2000, Venezuela has been providing oil on preferential terms, and it currently supplies about 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:

GDP - real growth rate: 4.3% (2008 est.) 7.3% (2007 est.) 12.1% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 4.4% industry: 22.8% services: 72.8% (2008 est.)

Population below poverty line:

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

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 4.962 million note: state sector 78%, non-state sector 22% (2008 est.)

Labor force - by occupation: agriculture: 20% industry: 19.4% services: 60.6% (2005)

Unemployment rate: 1.8% (2008 est.)

Budget: revenues: $41.06 billion expenditures: $43.33 billion (2008 est.)

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

Industrial production growth rate: 6% (2008 est.)

Electricity - production: 17.62 billion kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 14.67 billion kWh (2007 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 61,300 bbl/day (2008 est.)

Oil - consumption: 203,500 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2006)

Oil - imports: 123,200 bbl/day (2005)

Oil - proved reserves: 124 million bbl (1 January 2008 est.)

Natural gas - production: 1.218 billion cu m (2007)

Natural gas - consumption: 1.218 billion cu m (2007)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 70.79 billion cu m (1 January 2008 est.)

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

Exports: $3.497 billion f.o.b. (2008 est.)

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

Exports - partners: China 27.5%, Canada 26.9%, Netherlands 11.1%, Spain 4.7% (2007)

Imports: $11.74 billion f.o.b. (2008 est.)

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

Imports - partners: Venezuela 29.6%, China 13.4%, Spain 10.4%, Canada 6%, US 5.1% (2007)

Debt - external: $18.25 billion (convertible currency); another $15-20 billion owed to Russia (31 December 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Cuban pesos (CUP) per US dollar - 0.9259 (2008 est.), 0.9259 (2007), 0.9231 (2006) note: Cuba has two currencies in circulation: the Cuban peso (CUP) and the convertible peso (CUC); in April 2005 the official exchange rate changed from $1 per CUC to $1.08 per CUC (0.93 CUC per $1), both for individuals and enterprises; individuals can buy 24 Cuban pesos (CUP) for each CUC sold, or sell 25 Cuban pesos for each CUC bought; enterprises, however, must exchange CUP and CUC at a 1:1 ratio.

Fiscal year: