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World > North America > Cuba > Economy (Facts)

Cuba - Economy (Facts)
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. Since late 2000, Venezuela has been providing Cuba oil on preferential terms, and it currently supplies about 98,000 barrels per day of petroleum products. Cuba has been paying for the oil, in part, with the services of Cuban personnel, including some 20,000 medical professionals. In 2006, high metals prices continued to boost Cuban earnings from nickel and cobalt production. Havana continued to invest in the country's energy sector to mitigate electrical blackouts that have plagued the country since 2004.
GDP - real growth rate: 9.5% (2006 est.)
GDP (purchasing power parity): $45.51 billion (2006 est.)
GDP (official exchange rate): $40 billion (2006 est.)
GDP - per capita (PPP): $4,000 (2006 est.)
GDP - composition by sector: agriculture: 5.1%
industry: 27.2%
services: 67.6% (2006 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 5% (2006 est.)
Labor force: 4.82 million
note: state sector 78%, non-state sector 22% (2006 est.)
Labor force - by occupation: agriculture: 20%
industry: 19.4%
services: 60.6% (2005)
Unemployment rate: 1.9% (2006 est.)
Budget: revenues: $35.07 billion
expenditures: $36.41 billion; including capital expenditures of NA (2006 est.)
Industries: sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals
Industrial production growth rate: 17.6% (2006 est.)
Electricity - production: 15.34 billion kWh (2005)
Electricity - consumption: 14.1 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 72,000 bbl/day (2005 est.)
Oil - consumption: 204,000 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 259 million bbl (2006 est.)
Natural gas - production: 704 million cu m (2004)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 0 cu m (2004 est.)
Agriculture - products: sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
Exports: $2.956 billion f.o.b. (2006 est.)
Exports - commodities: sugar, nickel, tobacco, fish, medical products, citrus, coffee
Exports - partners: Canada 20.9%, Netherlands 20.9%, China 18.1%, Spain 5.7% (2006)
Imports: $9.51 billion f.o.b. (2006 est.)
Imports - commodities: petroleum, food, machinery and equipment, chemicals
Imports - partners: China 21.6%, Spain 13.3%, Germany 8.8%, Canada 7.6%, Italy 6.1%, US 5.9%, Brazil 5.2%, Mexico 4.7% (2006)
Debt - external: $15.15 billion (convertible currency); another $15-20 billion owed to Russia (2006 est.)
Economic aid - recipient: $68.2 million (1997 est.)
Currency: Cuban Peso (CUP)
Currency code: CUP
Exchange rates: Convertible pesos per US dollar - 0.9231 (2006)
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


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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