Page last updated on February 5, 2013
Economy - overview:
The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. The government in April 2011 held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. President Raul CASTRO said such changes were needed to update the economic model to ensure the survival of socialism. The government has expanded opportunities for self employment and has introduced limited reforms, some initially implemented in the 1990s, to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, services, and housing. 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 over 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):
$114.1 billion (2010 est.)
country comparison to the world: 68
$112.4 billion (2009 est.)
$110.8 billion (2008 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$57.49 billion (2010 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
1.5% (2010 est.)
country comparison to the world: 151
1.4% (2009 est.)
4.1% (2008 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$9,900 (2010 est.)
country comparison to the world: 114
$9,800 (2009 est.)
$9,700 (2008 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 3.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
22.3%
services:
73.8% (2012 est.)
Labor force:
5.18 million
country comparison to the world: 73
note:
state sector 78%, non-state sector 22% (2012 est.)
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 20%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
19.4%
services:
60.6% (2005)
Unemployment rate:
3.6% (2012 est.)
country comparison to the world: 31
3.2% (2011 est.)
[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%
Investment (gross fixed):
10.7% of GDP (2012 est.)
country comparison to the world: 147
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $46.3 billion
[see also: Budget revenues country ranks ]
expenditures:
$48.97 billion (2012 est.)
Taxes and other revenues:
80.5% of GDP (2012 est.)
country comparison to the world: 1
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-4.6% of GDP (2012 est.)
country comparison to the world: 146
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
35.1% of GDP (2012 est.)
country comparison to the world: 101
35.4% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
5.5% (2012 est.)
country comparison to the world: 148
4.7% (2011 est.)
[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:
$11.43 billion (31 December 2012 est.)
country comparison to the world: 75
$11.1 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$36.29 billion (31 December 2012 est.)
country comparison to the world: 75
$34.77 billion (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$NA
[see also: Stock of domestic credit country ranks ]
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:
3.2% (2011 est.)
country comparison to the world: 94
[see also: Industrial production growth rate country ranks ]
Current account balance:
$148.1 million (2012 est.)
country comparison to the world: 52
-$159.7 million (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$6.35 billion (2012 est.)
country comparison to the world: 105
$6.041 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
sugar, nickel, tobacco, fish, medical products, citrus, coffee
Exports - partners:
China 24.8%, Canada 21.5%, Venezuela 7.1%, Netherlands 7.1%, Spain 6.5% (2011)
Imports:
$14.12 billion (2012 est.)
country comparison to the world: 89
