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    Cuba Index 2006

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    Cuba Economy - 2006
    http://www.theodora.com/wfbcurrent/cuba/cuba_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      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. The government in 2005 strengthened its controls over dollars coming into the economy from tourism, remittances, and trade. External financing has helped growth in the mining, oil, construction, and tourism sectors.

      GDP (purchasing power parity):
      $37.24 billion (2005 est.)

      GDP (official exchange rate):
      NA

      GDP - real growth rate:
      5.5% (2005 est.)

      GDP - per capita (PPP):
      $3,300 (2005 est.)

      GDP - composition by sector:
      agriculture: 5.5%
      industry: 26.1%
      services: 68.4% (2005 est.)

      Labor force:
      4.6 million
      note: state sector 78%, non-state sector 22% (2005 est.)

      Labor force - by occupation:
      agriculture: 21.2%
      industry: 14.4%
      services: 64.4% (2004)

      Unemployment rate:
      1.9% (2005 est.)

      Population below poverty line:
      NA%

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices):
      4.2% (2005 est.)

      Investment (gross fixed):
      9.8% of GDP (2005 est.)

      Budget:
      revenues: $22.11 billion
      expenditures: $23.65 billion; including capital expenditures of $NA (2005 est.)

      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:
      3.5% (2005 est.)

      Electricity - production:
      15.65 billion kWh (2004)

      Electricity - consumption:
      13.27 billion kWh (2004)

      Electricity - exports:
      0 kWh (2003)

      Electricity - imports:
      0 kWh (2003)

      Oil - production:
      72,000 bbl/day (2005 est.)

      Oil - consumption:
      205,000 bbl/day (2003 est.)

      Oil - exports:
      NA bbl/day

      Oil - imports:
      NA bbl/day

      Oil - proved reserves:
      532 million bbl (1 January 2002)

      Natural gas - production:
      704 million cu m (2004)

      Natural gas - consumption:
      704 million cu m (2004)

      Natural gas - exports:
      0 cu m (2004)

      Natural gas - imports:
      0 cu m (2004)

      Natural gas - proved reserves:
      70.79 billion cu m (1 January 2002)

      Current account balance:
      -$748 million (2005 est.)

      Exports:
      $2.388 billion f.o.b. (2005 est.)

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

      Exports - partners:
      Netherlands 22.8%, Canada 20.6%, China 7.7%, Russia 7.5%, Spain 6.4%, Venezuela 4.4% (2004)

      Imports:
      $6.916 billion f.o.b. (2005 est.)

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

      Imports - partners:
      Spain 14.7%, Venezuela 13.5%, US 11%, China 8.8%, Canada 6.4%, Italy 6.2%, Mexico 4.9% (2004)

      Reserves of foreign exchange and gold:
      $2.518 billion (2005 est.)

      Debt - external:
      $13.1 billion (convertible currency); another $15-20 billion owed to Russia (2005 est.)

      Economic aid - recipient:
      $68.2 million (1997 est.)

      Currency (code):
      Cuban peso (CUP) and Convertible peso (CUC)

      Exchange rates:
      Convertible pesos per US dollar - 0.93
      note: Cuba has three currencies in circulation: the Cuban peso (CUP), the convertible peso (CUC), and the US dollar (USD), although the dollar is being withdrawn from circulation; 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


      NOTE: The information regarding Cuba on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cuba Economy 2006 information contained here. All suggestions for corrections of any errors about Cuba Economy 2006 should be addressed to the CIA.

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    http://www.theodora.com/wfbcurrent/cuba/cuba_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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