| People | Cuba |
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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 20,000 medical professionals. In 2007, high metals prices continued to boost Cuban earnings from nickel and cobalt production. Havana continued to invest in the country's energy sector to mitigate electrical blackouts that had plagued the country since 2004. |
GDP (purchasing power parity):
|
$51.11 billion (2007 est.) |
GDP (official exchange rate):
|
$45.1 billion (2007 est.) |
GDP - real growth rate:
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7% (2007 est.) |
GDP - per capita (PPP):
|
$4,500 (2007 est.) |
GDP - composition by sector:
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agriculture: 4.6%
industry: 26.1%
services: 69.3% (2007 est.) |
Investment (gross fixed):
|
14.2% of GDP (2007 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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3.6% (2007 est.) |
Labor force:
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4.853 million
note: state sector 78%, non-state sector 22% (2007 est.) |
Labor force participation rate:
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42.48 % of population |
Labor force - by occupation:
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agriculture: 20%
industry: 19.4%
services: 60.6% (2005) |
Unemployment rate:
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1.9% (2007 est.) |
Budget:
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revenues: $35.01 billion
expenditures: $36.73 billion (2007 est.) |
Budget revenues per capita:
|
3,065 USD per capita |
Public debt:
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37.2% of GDP (2007 est.) |
Industries:
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sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals |
Industrial production growth rate:
|
8% (2007 est.) |
Electricity - production:
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16.45 billion kWh (2006) |
Electricity - production per capita:
|
1,440 kWh per capita |
Electricity - consumption:
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13.87 billion kWh (2006) |
Electricity - consumption - per capita:
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1,215 kWh per capita |
Electricity - exports:
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0 kWh (2006) |
Electricity - imports:
|
0 kWh (2006) |
Oil - production:
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50,850 bbl/day (2006 est.) |
Oil - production per capita:
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4,452 bbl/day per capita |
Oil - consumption:
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150,000 bbl/day (2006 est.) |
Oil - consumption - per capita:
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4.79 bbl/year per capita |
Oil - exports:
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0 bbl/day (2006) |
Oil - imports:
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98,100 bbl/day (2005) |
Oil - proved reserves:
|
750 million bbl (1 January 2006 est.) |
Natural gas - production:
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1.058 billion cu m (2006) |
Natural gas - production per capita:
|
93 cu m per capita |
Natural gas - consumption:
|
1.058 billion cu m (2006) |
Natural gas - consumption - per capita:
|
93 cu m per capita |
Natural gas - exports:
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0 cu m (2006) |
Natural gas - imports:
|
0 cu m (2006) |
Natural gas - proved reserves:
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67.89 billion cu m (1 January 2006 est.) |
Agriculture - products:
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sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock |
Current account balance:
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-$750 million (2007 est.) |
Current account balance - per capita:
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-65 USD per capita |
Exports:
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$3.231 billion f.o.b. (2007 est.) |
Exports per capita:
|
283 USD per capita |
Exports - commodities:
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sugar, nickel, tobacco, fish, medical products, citrus, coffee |
Exports - partners:
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Netherlands 21.8%, Canada 21.6%, China 18.7%, Spain 5.9% (2006) |
Imports:
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$10.86 billion f.o.b. (2007 est.) |
Imports per capita:
|
951 USD per capita |
Imports - commodities:
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petroleum, food, machinery and equipment, chemicals |
Imports - partners:
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Venezuela 26.6%, China 15.6%, Spain 9.8%, Germany 6.4%, Canada 5.6%, Italy 4.4%, US 4.3%, Brazil 4.2% (2006) |
Reserves of foreign exchange and gold:
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$4.247 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
372 USD per capita |
Debt - external:
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$16.79 billion (convertible currency); another $15-20 billion owed to Russia (31 December 2007 est.) |
Debt - external - per capita:
|
1,470 USD per capita |
Stock of direct foreign investment - at home:
|
$11.24 billion (2006 est.) |
Stock of direct foreign investment - abroad:
|
$4.138 billion (2006 est.) |
Market value of publicly traded shares:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$87.8 million (2005 est.) |
Economic aid - recipient per capita:
|
8 USD per capita |
Currency (code):
|
Cuban peso (CUP) and Convertible peso (CUC) |
Exchange rates:
|
Convertible pesos per US dollar - 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:
|
calendar year |
|
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