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):
$110.8 billion (2009 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$55.43 billion (2009 est.)
GDP - real growth rate:
1% (2009 est.)
GDP - per capita (PPP):
$9,700 (2009 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 4.3%
industry:
20.9%
services:
74.8% (2009 est.)
Labor force:
4.968 million
note:
state sector 78%, non-state sector 22% (2009 est.)
Labor force - by occupation:
agriculture: 20%
industry:
19.4%
services:
60.6% (2005)
Unemployment rate:
1.6% (2009 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%:
NA%
Investment (gross fixed):
9.8% of GDP (2009 est.)
Budget:
revenues: $39.11 billion
expenditures:
$42.58 billion (2009 est.)
Public debt:
34.8% of GDP (2009 est.)
Inflation rate (consumer prices):
4.3% (2009 est.)
Central bank discount rate:
NA%
Commercial bank prime lending rate:
NA%
Stock of money:
$NA
Stock of quasi money:
$NA
Stock of domestic credit:
$NA
Agriculture - products:
sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
Industries:
sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals
Industrial production growth rate:
-2.8% (2009 est.)
Electricity - production:
16.89 billion kWh (2007 est.)
Electricity - consumption:
13.93 billion kWh (2007 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
52,630 bbl/day (2008 est.)
Oil - consumption:
176,000 bbl/day (2008 est.)
Oil - exports:
0 bbl/day (2007 est.)
Oil - imports:
104,800 bbl/day (2007 est.)
Oil - proved reserves:
124 million bbl (1 January 2009 est.)
Natural gas - production:
400 million cu m (2008 est.)
Natural gas - consumption:
400 million cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
0 cu m (2008 est.)
Natural gas - proved reserves:
70.79 billion cu m (1 January 2009 est.)
Current account balance:
$-1.18 billion (2009 est.)
Exports:
$3.253 billion (2009 est.)
Exports - commodities:
sugar, nickel, tobacco, fish, medical products, citrus, coffee
Exports - partners:
Canada 27.8%, China 26.6%, Spain 6.2%, Netherlands 5.5% (2008)
Imports:
$10.86 billion (2009 est.)
Imports - commodities:
petroleum, food, machinery and equipment, chemicals
Imports - partners:
Venezuela 30%, China 11.9%, Spain 10.1%, Canada 6.4%, US 6.3% (2008)
Reserves of foreign exchange and gold:
$3.547 billion (31 December 2009 est.)
Debt - external:
$19.44 billion (31 December 2009 est.)
Stock of direct foreign investment - at home:
$NA (31 December 2009 est.)
Stock of direct foreign investment - abroad:
$4.138 billion (2006 est.)
Exchange rates:
Cuban pesos (CUP) per US dollar - 0.9259 (2009), 0.9259 (2008), 0.9259 (2007), 0.9231 (2006)
NOTE: The information regarding Cuba on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cuba Economy 2010 information contained here. All suggestions for corrections of any errors about Cuba Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10