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Cuba


    • Overview:
      Cuba's heavily statist economy remains severely depressed as the result of its own inefficiencies and the loss of massive amounts of economic aid from the former Soviet Bloc. Total output in 1994 was only about half the output of 1989. The fall in output and in imports is reflected in the deterioration of food supplies, shortages of electricity, inability to get spare parts, and the replacement of motor-driven vehicles by bicycles and draft animals. Higher world market prices for sugar and nickel in 1994, however, resulted in a slight increase in export earnings for the first time in six years, despite lower production of both commodities. The growth of tourism slowed in late 1994 as a result of negative publicity surrounding the exodus of Cubans from the island and other international factors. The government continued its aggressive search for foreign investment and announced preliminary agreements to form large joint ventures with Mexican investors in telecommunications and oil refining. In mid-1994, the National Assembly began introducing several new taxes and price increases to stem growing excess liquidity and restore some of the peso's value as a monetary instrument. In October the government attempted to stimulate food production by permitting the sale of any surplus production (over state quotas) at unrestricted prices at designated markets. Similar but much smaller markets were also introduced for the sale of manufactured goods in December. The various government measures have influenced a remarkable appreciation of the black market value of the peso, from more than 100 pesos to the dollar in September 1994 to 40 pesos to the dollar in early 1995. Policy discussions continue in the bureaucracy over the proper pace and scope of economic reform.

    • National product:
      GDP - purchasing power parity - $14 billion (1994 est.)

    • National product real growth rate:
      0.4% (1994 est.)

    • National product per capita:
      $1,260 (1994 est.)

    • Inflation rate (consumer prices):
      NA%

    • Unemployment rate:
      NA%

    • Budget:

        revenues:
        $9.3 billion

        expenditures:
        $12.5 billion, including capital expenditures of $NA (1994 est.)

    • Exports:
      $1.6 billion (f.o.b., 1994 est.)

        commodities:
        sugar, nickel, shellfish, tobacco, medical products, citrus, coffee

        partners:
        Russia 15%, Canada 9%, China 8%, Egypt 6%, Spain 5%, Japan 4%, Morocco 4% (1994 est.)

    • Imports:
      $1.7 billion (c.i.f., 1994 est.)

        commodities:
        petroleum, food, machinery, chemicals

        partners:
        Spain 17%, Mexico 10%, France 8%, China 8%, Venezuela 7%, Italy 4%, Canada 3%, (1994 est.)

    • External debt:
      $10.8 billion (convertible currency, December 1993)

    • Industrial production:
      growth rate NA%

    • Electricity:

        capacity:
        3,990,000 kW

        production:
        12 billion kWh

        consumption per capita:
        1,022 kWh (1993)

    • Industries:
      sugar milling and refining, petroleum refining, food and tobacco processing, textiles, chemicals, paper and wood products, metals (particularly nickel), cement, fertilizers, consumer goods, agricultural machinery

    • Agriculture:
      key commercial crops - sugarcane, tobacco, and citrus fruits; other products - coffee, rice, potatoes, meat, beans; world's largest sugar exporter; not self-sufficient in food (excluding sugar); sector hurt by persistent shortages of fuels and parts

    • Economic aid:

        recipient:
        Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $710 million; Communist countries (1970-89), $18.5 billion

    • Currency:
      1 Cuban peso (Cu$) = 100 centavos

    • Exchange rates:
      Cuban pesos (Cu$) per US$1 - 1.0000 (non-convertible, official rate, linked to the US dollar)

    • Fiscal year:
      calendar year






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