| 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. 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 30,000 medical professionals. |
GDP (purchasing power parity):
|
$108.2 billion (2008 est.)
$103.7 billion (2007)
$96.7 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$9,500 (2008 est.)
$9,100 (2007 est.)
$8,500 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$55.18 billion (2008 est.) |
GDP - real growth rate:
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4.3% (2008 est.)
7.3% (2007 est.)
12.1% (2006 est.) |
GDP - composition by sector:
|
agriculture: 4.4%
industry: 22.8%
services: 72.8% (2008 est.) |
Investment (gross fixed):
|
11.6% of GDP (2008 est.) |
Population below poverty line:
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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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4.2% (2008 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:
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NA |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
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NA |
Stock of domestic credit - per capita:
|
void |
Labor force:
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4.962 million
note: state sector 78%, non-state sector 22% (2008 est.) |
Labor force participation rate:
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43.33 % 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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1.8% (2008 est.) |
Budget:
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revenues: $41.06 billion
expenditures: $43.33 billion (2008 est.) |
Budget revenues per capita:
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3,586 USD per capita |
Public debt:
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32.8% of GDP (2008 est.) |
Industries:
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sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals |
Industrial production growth rate:
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6% (2008 est.) |
Electricity - production:
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17.62 billion kWh (2007 est.) |
Electricity - production per capita:
|
1,539 kWh per capita |
Electricity - consumption:
|
14.67 billion kWh (2007 est.) |
Electricity - consumption - per capita:
|
1,282 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
61,300 bbl/day (2008 est.) |
Oil - production per capita:
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5,353 bbl/day per capita |
Oil - consumption:
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203,500 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
6.49 bbl/year per capita |
Oil - exports:
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0 bbl/day (2006) |
Oil - imports:
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123,200 bbl/day (2005) |
Oil - proved reserves:
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124 million bbl (1 January 2008 est.) |
Natural gas - production:
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1.218 billion cu m (2007) |
Natural gas - production per capita:
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107 cu m per capita |
Natural gas - consumption:
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1.218 billion cu m (2007) |
Natural gas - consumption - per capita:
|
107 cu m per capita |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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70.79 billion cu m (1 January 2008 est.) |
Agriculture - products:
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sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock |
Current account balance:
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-$330 million (2008 est.) |
Current account balance - per capita:
|
-28 USD per capita |
Exports:
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$3.497 billion f.o.b. (2008 est.) |
Exports per capita:
|
306 USD per capita |
Exports - commodities:
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sugar, nickel, tobacco, fish, medical products, citrus, coffee |
Exports - partners:
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China 27.5%, Canada 26.9%, Netherlands 11.1%, Spain 4.7% (2007) |
Imports:
|
$11.74 billion f.o.b. (2008 est.) |
Imports per capita:
|
1,026 USD per capita |
Imports - commodities:
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petroleum, food, machinery and equipment, chemicals |
Imports - partners:
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Venezuela 29.6%, China 13.4%, Spain 10.4%, Canada 6%, US 5.1% (2007) |
Reserves of foreign exchange and gold:
|
$4.347 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
380 USD per capita |
Debt - external:
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$18.25 billion (convertible currency); another $15-20 billion owed to Russia (31 December 2008 est.) |
Debt - external - per capita:
|
1,594 USD per capita |
Stock of direct foreign investment - at home:
|
$11.24 billion (2006 est.) |
Stock of direct foreign investment - at home - per capita:
|
982 USD per capita |
Stock of direct foreign investment - abroad:
|
$4.138 billion (2006 est.) |
Stock of direct foreign investment - abroad - per capita:
|
362 USD per capita |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$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:
|
Cuban pesos (CUP) per US dollar - 0.9259 (2008 est.), 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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