Cuba Economy: from the All Country Info reference guide to country facts

Cuba Economy

Cuba Economy: A summary of information about Cuba Economy, from government research data as well as independent research and other sources.

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Cuba: Economy

Economy - overview
The state under the durable dictatorship of Fidel
CASTRO plays the primary role in the domestic economy and controls
practically all foreign trade. The government has undertaken several
reforms in recent years to stem excess liquidity, increase labor
incentives, and alleviate serious shortages of food, consumer goods,
and services. The liberalized agricultural markets introduced in
October 1994, at which state and private farmers sell above-quota
production at unrestricted prices, have broadened legal consumption
alternatives and reduced black market prices. Government efforts to
lower subsidies to unprofitable enterprises and to shrink the money
supply caused the semi-official exchange rate for the Cuban peso to
move from a peak of 120 to the dollar in the summer of 1994 to 21 to
the dollar by yearend 1999. New taxes introduced in 1996 have helped
drive down the number of self-employed workers from 208,000 in January
1996. Havana announced in 1995 that GDP declined by 35% during
1989-93, the result of lost Soviet aid and domestic inefficiencies.
The drop in GDP apparently halted in 1994, when Cuba reported 0.7%
growth, followed by increases of 2.5% in 1995 and 7.8% in 1996. Growth
slowed again in 1997 and 1998 to 2.5% and 1.2% respectively. Growth
recovered again in 1999 with a 6.2% increase in GDP, due to the
continued growth of tourism. Central control is complicated by the
existence of the informal economy, much of which is denominated in
dollars. Living standards for the average (dollarless) Cuban remain at
a depressed level compared with 1990. The continuation of gradual
economic reforms and increase in tourism suggest growth of 4% to 5% in
2000.
GDP
purchasing power parity - $18.6 billion (1999 est.)
GDP - real growth rate
6.2% (1999 est.)
GDP - per capita
purchasing power parity - $1,700 (1999 est.)
GDP - composition by sector
agriculture: 7.4%
industry: 36.5%
services: 56.1% (1997 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
4.5 million economically active population
note: state sector 76%, non-state sector 24% (1996 est.)
Labor force - by occupation
agriculture 23%, industry 24%, services
53%
Unemployment rate
6% (December 1999 est.)
Budget
revenues: $13.5 billion
expenditures: $14.3 billion, including capital expenditures of $NA
(2000 est.)
Industries
sugar, petroleum, food, tobacco, textiles, chemicals,
paper and wood products, metals (particularly nickel), cement,
fertilizers, consumer goods, agricultural machinery
Industrial production growth rate
6% (1995 est.)
Electricity - production
15.274 billion kWh (1998)
Electricity - production by source
fossil fuel: 89.52%
hydro: 0.65%
nuclear: 0%
other: 9.83% (1998)
Electricity - consumption
14.205 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
sugarcane, tobacco, citrus, coffee, rice,
potatoes, beans; livestock
Exports
$1.4 billion (f.o.b., 1999 est.)
Exports - commodities
sugar, nickel, tobacco, shellfish, medical
products, citrus, coffee
Exports - partners
Russia 25%, Netherlands 23%, Canada 16% (1999
est.)
Imports
$3.2 billion (c.i.f., 1999 est.)
Imports - commodities
petroleum, food, machinery, chemicals
Imports - partners
Spain 16%, Venezuela 15%, Mexico 7% (1999 est.)
Debt - external
$11.2 billion (convertible currency, 1998); another
$20 billion owed to Russia (1998)
Economic aid - recipient
$68.2 million (1997 est.)
Currency
1 Cuban peso (Cu$) = 100 centavos
Exchange rates
Cuban pesos (Cu$) per US$1 - 1.0000 (nonconvertible,
official rate, linked to the US dollar)
Fiscal year
calendar year
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