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Cuba Economy 2016
https://allcountries.org/world_fact_book_2016/cuba/cuba_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES











Cuba Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 11, 2016

Economy - overview:
The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. In April 2011, the government held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell used cars. The government has cut state sector jobs as part of the reform process, and it has opened up some retail services to "self-employment," leading to the rise of so-called "cuentapropistas" or entrepreneurs. Approximately 476,000 Cuban workers are currently registered as self-employed. The Cuban regime has updated its economic model to include permitting the private ownership and sale of real estate and new vehicles, allowing private farmers to sell agricultural goods directly to hotels, allowing the creation of non-agricultural cooperatives, adopting a new foreign investment law, and launching a “Special Development Zone” around the Mariel port. Since late 2000, Venezuela has provided petroleum products on preferential terms, supplying nearly 100,000 barrels per day. 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):
$128.5 billion (2014 est.) $126.9 billion (2013 est.) $123.5 billion (2012 est.)
note: data are in 2012 US dollars
country comparison to the world: 78
[see also: GDP country ranks ]

GDP (official exchange rate):
$77.15 billion
note: data are in Cuban Pesos at CUP 1 = US$ Official Exchange Rate (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.3% (2014 est.) 2.7% (2013 est.) 3% (2012 est.)
country comparison to the world: 167
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$10,200 (2010 est.) $10,000 (2009 est.) $10,000 (2008 est.)
note: data are in 2010 US dollars
country comparison to the world: 135
[see also: GDP - per capita country ranks ]

Gross national saving:
12.3% of GDP (2015 est.) 13.2% of GDP (2014 est.) 12.8% of GDP (2013 est.)
country comparison to the world: 137
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 55.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 31.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 10.9%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 21.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -19.8% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 72.7% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock

Industries:
petroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar

Industrial production growth rate:
9.6% (2015 est.)
country comparison to the world: 9
[see also: Industrial production growth rate country ranks ]

Labor force:
5.111 million
note: state sector 72.3%, non-state sector 27.7% (2015 est.)
country comparison to the world: 80
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 18%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 10%
[see also: Labor force - by occupation - industry country ranks ]
services: 72% (2013 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
3% (2015 est.) 2.7% (2014 est.)
note: these are official rates; unofficial estimates are about double the official figures
country comparison to the world: 24
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $2.721 billion
[see also: Budget revenues country ranks ]
expenditures: $2.919 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
3.5% of GDP (2015 est.)
country comparison to the world: 216
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.3% of GDP (2015 est.)
country comparison to the world: 39
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
31.6% of GDP (2015 est.) 32.1% of GDP (2014 est.)
country comparison to the world: 140
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.4% (2015 est.) 5.3% (2014 est.)
country comparison to the world: 165
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA%
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
NA%
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.307 billion (31 December 2015 est.) $965.2 million (31 December 2014 est.)
country comparison to the world: 144
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$24.63 billion (31 December 2013 est.) $24.08 billion (31 December 2012 est.)
country comparison to the world: 81
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$NA
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$145.7 million (2015 est.) $1.996 billion (2014 est.)
country comparison to the world: 76
[see also: Current account balance country ranks ]

Exports:
$4.41 billion (2015 est.) $5.187 billion (2014 est.)
country comparison to the world: 112
[see also: Exports country ranks ]

Exports - commodities:
petroleum, nickel, medical products, sugar, tobacco, fish, citrus, coffee

Exports - partners:
Venezuela 33.5%, Canada 15.9%, China 9.5%, Netherlands 4.5% (2014)

Imports:
$15.24 billion (2015 est.) $13.11 billion (2014 est.)
country comparison to the world: 84
[see also: Imports country ranks ]

Imports - commodities:
petroleum, food, machinery and equipment, chemicals

Imports - partners:
Venezuela 38.7%, China 9.8%, Spain 8.4%, Brazil 4.7%, Algeria 4.4% (2014)

Reserves of foreign exchange and gold:
$11.6 billion (31 December 2015 est.) $11.1 billion (31 December 2014 est.)
country comparison to the world: 75
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$25.21 billion (31 December 2014 est.) $24.65 billion (31 December 2013 est.)
country comparison to the world: 78
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$4.138 billion (2006 est.)
country comparison to the world: 71
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Cuban pesos (CUP) per US dollar - 18.43 (2015 est.) 22.7 (2014 est.) 22.7 (2013 est.) 1 (2012 est.) 0.98 (2011 est.)


NOTE: The information regarding Cuba on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cuba Economy 2016 information contained here. All suggestions for corrections of any errors about Cuba Economy 2016 should be addressed to the CIA.




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