Economy of Cuba
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
Real Growth Rate
7%
Per Capita
USD 4,500
From Agriculture
5%
From Industry
26%
From Services
69%
Labour Force
Available for Work
5
Working in Agriculture
20%
Working in Industry
19%
Working in Services
61%
Unemployment Rate
2%
Population Below Poverty Line
0%
Inflation Rate
4%
Investment as Percent of GDP
14%
Budget
Revenues
USD 35,010 (m)
Expenditures
USD 36,730 (m)
Public Debt
US$ 0.00 (m)
Agricultural Products
Sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
Core Industries
Sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals
Exports
Value
USD 3,231 (m)
Commodities
Sugar, nickel, tobacco, fish, medical products, citrus, coffee
Partners
Netherlands 21.8%, Canada 21.6%, China 18.7%, Spain 5.9% (2006)
Imports
Value
USD 10,860 (m)
Commodities
Petroleum, food, machinery and equipment, chemicals
Partners
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)
External Debt
USD 16,790 (m)
Fiscal Year
Calendar Year
