| Economy | Cuba |
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Economy - overview:
|
The government continues to balance the need for economic loosening against a desire for firm political control. The government announced it would eliminate 500,000 state jobs by March 2011 and has expanded opportunities for self-employment. President Raul CASTRO said such changes were needed to update the economic model to ensure the survival of socialism. The government has introduced limited reforms, some initially implemented 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 (purchasing power parity):
|
$114.1 billion (2010 est.)
$112.4 billion (2009 est.)
$110.8 billion (2008 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$9,900 (2010 est.)
$9,800 (2009 est.)
$9,700 (2008 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$57.49 billion (2010 est.) |
GDP - real growth rate:
|
1.5% (2010 est.)
1.4% (2009 est.)
4.1% (2008 est.) |
GDP - composition by sector:
|
agriculture: 4%
industry: 20.8%
services: 75.2% (2011 est.) |
Investment (gross fixed):
|
10.5% of GDP (2011 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):
|
4.7% (2011 est.)
2.9% (2010 est.) |
Central bank discount rate:
|
NA% |
Commercial bank prime lending rate:
|
NA% |
Stock of money:
|
$NA |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
$NA |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
$NA |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
|
$11.03 billion (31 December 2011 est.)
$11.63 billion (31 December 2010 est.) |
Stock of broad money:
|
$34.7 billion (31 December 2011 est.)
$35.98 billion (31 December 2010 est.) |
Labor force:
|
5.153 million
note: state sector 78%, non-state sector 22% (2011 est.) |
Labor force participation rate:
|
46.48 % of population |
Labor force - by occupation:
|
agriculture: 20%
industry: 19.4%
services: 60.6% (2005) |
Unemployment rate:
|
3.8% (2011 est.)
1.6% (2010 est.) |
Unemployment, youth ages 15-24:
|
total: 3.1%
male: 2.8%
female: 3.5% (2008) |
Budget:
|
revenues: $43.12 billion
expenditures: $45.22 billion (2011 est.) |
Budget revenues per capita:
|
3,890 USD per capita |
Taxes and other revenues:
|
75% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-3.7% of GDP (2011 est.) |
Public debt:
|
34.9% of GDP (2011 est.)
34.2% of GDP (2010 est.) |
Industries:
|
sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals |
Industrial production growth rate:
|
2.2% (2011 est.) |
Electricity - production:
|
16.99 billion kWh (2008 est.) |
Electricity - production per capita:
|
1,533 kWh per capita |
Electricity - consumption:
|
14.2 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
1,281 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
53,690 bbl/day (2010 est.) |
Oil - production per capita:
|
4,843 bbl/day per capita |
Oil - consumption:
|
176,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
5.79 bbl/year per capita |
Oil - exports:
|
6,882 bbl/day (2009 est.) |
Oil - imports:
|
109,500 bbl/day (2009 est.) |
Oil - proved reserves:
|
124 million bbl (1 January 2011 est.) |
Natural gas - production:
|
1.16 billion cu m (2009 est.) |
Natural gas - production per capita:
|
105 cu m per capita |
Natural gas - consumption:
|
1.16 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
|
105 cu m per capita |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
70.79 billion cu m (1 January 2011 est.) |
Agriculture - products:
|
sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock |
Current account balance:
|
-$275.1 million (2011 est.)
$241.9 million (2010 est.) |
Current account balance - per capita:
|
-24 USD per capita |
Exports:
|
$4.679 billion (2011 est.)
$3.816 billion (2010 est.) |
Exports per capita:
|
423 USD per capita |
Exports - commodities:
|
sugar, nickel, tobacco, fish, medical products, citrus, coffee |
Exports - partners:
|
China 25.5%, Canada 23.3%, Venezuela 10%, Spain 5.6% (2010) |
Imports:
|
$12.97 billion (2011 est.)
$10.41 billion (2010 est.) |
Imports per capita:
|
1,170 USD per capita |
Imports - commodities:
|
petroleum, food, machinery and equipment, chemicals |
Imports - partners:
|
Venezuela 35.2%, China 11.7%, Spain 8.5%, Brazil 4.6%, Canada 4.2%, US 4.1% (2010) |
Reserves of foreign exchange and gold:
|
$5.147 billion (31 December 2011 est.)
$4.847 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
465 USD per capita |
Debt - external:
|
$21.02 billion (31 December 2011 est.)
$19.75 billion (31 December 2010 est.) |
Debt - external - per capita:
|
1,896 USD per capita |
Stock of direct foreign investment - at home:
|
$NA (31 December 2009 est.) |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$4.138 billion (2006 est.) |
Stock of direct foreign investment - abroad - per capita:
|
374 USD per capita |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Cuban peso (CUP) and Convertible peso (CUC) |
Exchange rates:
|
Cuban pesos (CUP) per US dollar -
0.9847 (2011 est.)
0.9259 (2010 est.)
0.9259 (2009)
0.9259 (2008)
0.9259 (2007) |
Fiscal year:
|
calendar year |
|
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