Short facts about the economy in Cuba
| Economy -
overview: |
The government, the primary player in
the economy, has undertaken limited reforms in recent years to stem excess
liquidity, increase enterprise efficiency, and alleviate serious shortages of
food, consumer goods, and services, but prioritizing of political control makes
extensive reforms unlikely. Living standards for the average Cuban, without
access to dollars, remain at a depressed level compared with 1990. The
liberalized farmers' markets introduced in 1994, sell above-quota production at
market prices, expand legal consumption alternatives, and reduce black market
prices. Income taxes and increased regulations introduced since 1996 have
sharply reduced the number of legally self-employed from a high of 208,000 in
January 1996. Havana announced in 1995 that GDP declined by 35% during 1989-93
as a result of lost Soviet aid and domestic inefficiencies. The slide in GDP
came to a halt in 1994 when Cuba reported growth in GDP of 0.7%. Cuba reported
that GDP increased by 2.5% in 1995 and 7.8% in 1996, before slowing down in 1997
and 1998 to 2.5% and 1.2% respectively. Growth recovered with a 6.2% increase in
GDP in 1999 and a 5.6% increase in 2000. Much of Cuba's recovery can be
attributed to tourism revenues and foreign investment. Growth in 2001 should
continue at the same level as the government balances the need for economic
loosening against its concern for firm political
control. |
| GDP: |
purchasing power parity - $19.2 billion
(2000 est.) |
| GDP - real
growth rate: |
5.6% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $1,700 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 7%
industry: 37%
services: 56% (1998
est.) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| Inflation
rate (consumer prices): |
0.3% (1999
est.) |
| Labor
force: |
4.3 million (2000
est.)
note: state sector 75%, non-state sector 25%
(1998) |
| Labor force
- by occupation: |
agriculture 25%, industry 24%, services
51% (1998) |
| Unemployment
rate: |
5.5% (2000
est.) |
| Budget: |
revenues: $13.5 billion
expenditures: $14.3 billion, including
capital expenditures of $NA (2000 est.) |
| Industries: |
sugar, petroleum, tobacco, chemicals,
construction, services, nickel, steel, cement, agricultural
machinery |
| Industrial
production growth rate: |
5% (2000
est.) |
| Electricity
- production: |
14.358 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 94.2%
hydro: 0.7%
nuclear:
0%
other: 5.1% (1999) |
| Electricity
- consumption: |
13.353 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
sugar, tobacco, citrus, coffee, rice,
potatoes, beans; livestock |
| Exports: |
$1.8 billion (f.o.b., 2000
est.) |
| Exports -
commodities: |
sugar, nickel, tobacco, fish, medical
products, citrus, coffee |
| Exports -
partners: |
Russia 23%, Netherlands 23%, Canada 13%
(1999) |
| Imports: |
$3.4 billion (f.o.b., 2000
est.) |
| Imports -
commodities: |
petroleum, food, machinery, chemicals,
semifinished goods, transport equipment, consumer
goods |
| Imports -
partners: |
Spain 18%, Venezuela 13%, Canada 8%
(1999) |
| Debt -
external: |
$11.1 billion (convertible currency,
1999); another $15 billion -$20 billion owed to Russia
(2000) |
| Economic aid
- recipient: |
$68.2 million (1997
est.) |
| Currency: |
Cuban peso
(CUP) |
| Exchange
rates: |
Cuban pesos per US dollar - 1.0000
(nonconvertible, official rate, for international transactions, pegged to the US
dollar); convertible peso sold for domestic use at a rate of 1.00 US dollar per
22 pesos by the Government of Cuba (January
2001) |
| Fiscal
year: |
calendar year | Source: World Factbook |
