unbekannter Gast

Cuba: Economy#

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.

Economic Facts#

GDP (purchasing power parity)$121 billion (2012 est.)
$117.3 billion (2011 est.)
$114.1 billion (2010 est.)
note: data are in 2012 US dollars
GDP - real growth rate3.1% (2012 est.)
2.8% (2011 est.)
2.4% (2010 est.)
GDP - per capita (PPP)$10,200 (2010 est.)
$10,000 (2009 est.)
$10,000 (2008 est.)
note: data are in 2010 US dollars
GDP - composition, by sector of originagriculture: 3.8%
industry: 22.3%
services: 73.9% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 19.7%
industry: 17.1%
services: 63.2% (2011)
Exports - commoditiespetroleum, nickel, medical products, sugar, tobacco, fish, citrus, coffee
Exports - partnersCanada 17.7%, China 16.9%, Venezuela 12.5%, Netherlands 9%, Spain 5.9% (2012)
Agriculture - productssugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
Budgetrevenues: $47.62 billion
expenditures: $50.29 billion (2013 est.)
Imports - commoditiespetroleum, food, machinery and equipment, chemicals
Imports - partnersVenezuela 38.3%, China 10.8%, Spain 8.9%, Brazil 5.2%, US 4.3% (2012)
Exchange ratesCuban pesos (CUP) per US dollar -
1 (2013 est.)
1 (2012 est.)
0.9259 (2010 est.)
0.9259 (2009)
0.9259 (2008)
Exports$6.252 billion (2013 est.)
$5.972 billion (2012 est.)
Debt - external$23.44 billion (31 December 2013 est.)
$22.51 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$13.6 billion (2013 est.)
$13.72 billion (2012 est.)
Industrial production growth rate2.6% (2013 est.)
Industriespetroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar
Inflation rate (consumer prices)6% (2013 est.)
5.5% (2012 est.)
Labor force5.233 million
note: state sector 72.3%, non-state sector 27.7% (2013 est.)
Unemployment rate4.3% (2013 est.)
3.8% (2012 est.)
note: these are official rates; unofficial estimates are about double the official figures
Public debt35.9% of GDP (2013 est.)
35.8% of GDP (2012 est.)
Current account balance$289.8 million (2013 est.)
-$134.4 million (2012 est.)
Reserves of foreign exchange and gold$4.993 billion (31 December 2013 est.)
$4.693 billion (31 December 2012 est.)
GDP (official exchange rate)$72.3 billion (2012 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$4.138 billion (2006 est.)
Central bank discount rateNA%
Commercial bank prime lending rateNA%
Stock of domestic credit$NA
Stock of narrow money$11.21 billion (31 December 2013 est.)
$10.97 billion (31 December 2012 est.)
Stock of broad money$24.63 billion (31 December 2013 est.)
$24.08 billion (31 December 2012 est.)
Taxes and other revenues65.9% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-3.7% of GDP (2013 est.)
GDP - composition, by end usehousehold 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.)
Gross national saving13.4% of GDP (2013 est.)
11.1% of GDP (2012 est.)
11.7% of GDP (2011 est.)