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Cuba - Open Map
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Economy

Economy - overview: The state under the durable dictatorship of Fidel CASTRO plays the primary role in the domestic economy and controls practically all foreign trade. The government has undertaken several reforms in recent years to stem excess liquidity, increase labor incentives, and alleviate serious shortages of food, consumer goods, and services. The liberalized agricultural markets introduced in October 1994, at which state and private farmers sell above-quota production at unrestricted prices, have broadened legal consumption alternatives and reduced black market prices. Government efforts to lower subsidies to unprofitable enterprises and to shrink the money supply caused the semi-official exchange rate for the Cuban peso to move from a peak of 120 to the dollar in the summer of 1994 to 21 to the dollar by yearend 1999. New taxes introduced in 1996 have helped drive down the number of self-employed workers from 208,000 in January 1996. Havana announced in 1995 that GDP declined by 35% during 1989-93, the result of lost Soviet aid and domestic inefficiencies. The drop in GDP apparently halted in 1994, when Cuba reported 0.7% growth, followed by increases of 2.5% in 1995 and 7.8% in 1996. Growth slowed again in 1997 and 1998 to 2.5% and 1.2% respectively. Growth recovered again in 1999 with a 6.2% increase in GDP, due to the continued growth of tourism. Central control is complicated by the existence of the informal economy, much of which is denominated in dollars. Living standards for the average (dollarless) Cuban remain at a depressed level compared with 1990. The continuation of gradual economic reforms and increase in tourism suggest growth of 4% to 5% in 2000.

GDP: purchasing power parity - $18.6 billion (1999 est.)

GDP - real growth rate: 6.2% (1999 est.)

GDP - per capita: purchasing power parity - $1,700 (1999 est.)

GDP - composition by sector:
agriculture: 7.4%
industry: 36.5%
services: 56.1% (1997 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 0.3% (1999 est.)

Labor force: 4.5 million economically active population
note: state sector 76%, non-state sector 24% (1996 est.)

Labor force - by occupation: agriculture 23%, industry 24%, services 53%

Unemployment rate: 6% (December 1999 est.)

Budget:
revenues: $13.5 billion
expenditures: $14.3 billion, including capital expenditures of $NA (2000 est.)

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

Industrial production growth rate: 6% (1995 est.)

Electricity - production: 15.274 billion kWh (1998)

Electricity - production by source:
fossil fuel: 89.52%
hydro: 0.65%
nuclear: 0%
other: 9.83% (1998)

Electricity - consumption: 14.205 billion kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

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

Exports: $1.4 billion (f.o.b., 1999 est.)

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

Exports - partners: Russia 25%, Netherlands 23%, Canada 16% (1999 est.)

Imports: $3.2 billion (c.i.f., 1999 est.)

Imports - commodities: petroleum, food, machinery, chemicals

Imports - partners: Spain 16%, Venezuela 15%, Mexico 7% (1999 est.)

Debt - external: $11.2 billion (convertible currency, 1998); another $20 billion owed to Russia (1998)

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

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

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

Fiscal year: calendar year



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