Cuba Economy - 2024

GEOGRAPHICAL NAMES 

Economic overview

still largely state-run planned economy, although privatization increasing under new constitution; widespread protests due to lack of basic necessities and electricity; massive foreign investment increases recently; known tobacco exporter; unique oil-for-doctors relationship with Venezuela; widespread corruption

Real GDP (purchasing power parity)

$137 billion (2017 est.)
$134.8 billion (2016 est.)
$134.2 billion (2015 est.)

note: data are in 2016 US dollars

Real GDP growth rate

1.25% (2021 est.)
-10.95% (2020 est.)
-0.16% (2019 est.)

Real GDP per capita

$12,300 (2016 est.)
$12,200 (2015 est.)
$12,100 (2014 est.)

note: data are in 2016 US dollars

GDP (official exchange rate)

$93.79 billion (2017 est.)

note: data are in Cuban Pesos at 1 CUP = 1 US$; official exchange rate

Inflation rate (consumer prices)

5.5% (2017 est.)
4.5% (2016 est.)

Credit ratings

Moody's rating: Caa2 (2014)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 4% (2017 est.)

industry: 22.7% (2017 est.)

services: 73.4% (2017 est.)

GDP - composition, by end use

household consumption: 57% (2017 est.)

government consumption: 31.6% (2017 est.)

investment in fixed capital: 9.6% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 14.6% (2017 est.)

imports of goods and services: -12.7% (2017 est.)

Agricultural products

sugar cane, cassava, vegetables, plantains, sweet potatoes, tomatoes, milk, pumpkins, mangoes/guavas, rice

Industries

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

Industrial production growth rate

-6.75% (2021 est.)

Labor force

5.135 million (2021 est.)

note: state sector 72.3%, non-state sector 27.7%

Unemployment rate

2.76% (2021 est.)
2.62% (2020 est.)
1.74% (2019 est.)

note: data are official rates; unofficial estimates are about double

Youth unemployment rate (ages 15-24)

total: 7.4% (2021 est.)

male: 7.6%

female: 7%

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $54.52 billion (2017 est.)

expenditures: $64.64 billion (2017 est.)

Budget surplus (+) or deficit (-)

-10.8% (of GDP) (2017 est.)

Public debt

47.7% of GDP (2017 est.)
42.7% of GDP (2016 est.)

Taxes and other revenues

58.1% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$985.4 million (2017 est.)
$2.008 billion (2016 est.)

Exports

$2.63 billion (2017 est.)
$2.546 billion (2016 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

China 38%, Spain 11%, Netherlands 5%, Germany 5% (2019)

Exports - commodities

cigars, nickel, sugar, rum, zinc (2021)

Imports

$11.06 billion (2017 est.)
$10.28 billion (2016 est.)

Imports - partners

Spain 19%, China 15%, Italy 6%, Canada 5%, Russia 5%, United States 5%, Brazil 5% (2019)

Imports - commodities

poultry meat, wheat, soybean products, corn, concentrated milk (2019)

Reserves of foreign exchange and gold

$11.35 billion (31 December 2017 est.)
$12.3 billion (31 December 2016 est.)

Debt - external

$30.06 billion (31 December 2017 est.)
$29.89 billion (31 December 2016 est.)

Exchange rates

Cuban pesos (CUP) per US dollar -

Exchange rates:
1 (2017 est.)
1 (2016 est.)
1 (2015 est.)
1 (2014 est.)
22.7 (2013 est.)

NOTE: The information regarding Cuba on this page is re-published from the 2024 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Cuba 2024 information contained here. All suggestions for corrections of any errors about Cuba 2024 should be addressed to the CIA or the source cited on each page.