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Economy - overview:
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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 oil on preferential terms, and it currently supplies about 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 20,000 medical professionals. In 2007, 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 had plagued the country since 2004.
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GDP (purchasing power parity):
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$125.5 billion (2007 est.)
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GDP (official exchange rate):
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$45.58 billion (2007 est.)
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GDP - real growth rate:
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6.5% (2007 est.)
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GDP - per capita (PPP):
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$11,000 (2007 est.)
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GDP - composition by sector:
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agriculture: 5.2%
industry: 25%
services: 69.8% (2007 est.)
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Labor force:
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4.956 million
note: state sector 78%, non-state sector 22% (2007 est.)
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Labor force - by occupation:
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agriculture: 20%
industry: 19.4%
services: 60.6% (2005)
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Unemployment rate:
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1.8% (2007 est.)
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA%
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Investment (gross fixed):
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13.1% of GDP (2007 est.)
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Budget:
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revenues: $41.84 billion
expenditures: $43.9 billion (2007 est.)
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Public debt:
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36.8% of GDP (2007 est.)
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Inflation rate (consumer prices):
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3.1% (2007 est.)
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Central bank discount rate:
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NA
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Commercial bank prime lending rate:
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NA
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Stock of money:
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NA
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Stock of quasi money:
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NA
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Stock of domestic credit:
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NA
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Agriculture - products:
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sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
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Industries:
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sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals
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Industrial production growth rate:
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2.5% (2007 est.)
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Electricity - production:
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16.97 billion kWh (2007 est.)
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Electricity - consumption:
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14.02 billion kWh (2007 est.)
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Electricity - exports:
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0 kWh (2007 est.)
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Electricity - imports:
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0 kWh (2007 est.)
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Oil - production:
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61,300 bbl/day (2008 est.)
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Oil - consumption:
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203,500 bbl/day (2006 est.)
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Oil - exports:
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0 bbl/day (2006)
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Oil - imports:
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123,200 bbl/day (2005)
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Oil - proved reserves:
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124 million bbl (1 January 2008 est.)
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Natural gas - production:
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1.058 billion cu m (2006)
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Natural gas - consumption:
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1.058 billion cu m (2006)
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Natural gas - exports:
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0 cu m (2007 est.)
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Natural gas - imports:
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0 cu m (2007 est.)
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Natural gas - proved reserves:
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70.79 billion cu m (1 January 2008 est.)
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Current account balance:
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$240 million (2007 est.)
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Exports:
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$3.734 billion f.o.b. (2007 est.)
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Exports - commodities:
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sugar, nickel, tobacco, fish, medical products, citrus, coffee
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Exports - partners:
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China 27.5%, Canada 26.9%, Netherlands 11.1%, Spain 4.7% (2007)
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Imports:
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$10.08 billion f.o.b. (2007 est.)
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Imports - commodities:
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petroleum, food, machinery and equipment, chemicals
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Imports - partners:
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Venezuela 29.6%, China 13.4%, Spain 10.4%, Canada 6%, US 5.1% (2007)
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Reserves of foreign exchange and gold:
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$4.247 billion (31 December 2007 est.)
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Debt - external:
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$16.79 billion (convertible currency); another $15-20 billion owed to Russia (31 December 2007 est.)
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Stock of direct foreign investment - at home:
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$11.24 billion (2006 est.)
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Stock of direct foreign investment - abroad:
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$4.138 billion (2006 est.)
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Currency (code):
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Cuban peso (CUP) and Convertible peso (CUC)
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Exchange rates:
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Cuban pesos (CUP) per US dollar - 0.9259 (2007), 0.9231 (2006)
note: Cuba has two currencies in circulation: the Cuban peso (CUP) and the convertible peso (CUC); 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.
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