Economy Of Cuba - Cuba Information

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Economy Of Cuba
Cuba Information - Country Guides

Economy overview	The government continues to balance the need for economic loosening against a desire for firm political control. It has undertaken limited reforms to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, and services. A major feature of the economy is the dichotomy between relatively efficient export enclaves and inefficient domestic sectors. The average Cuban's standard of living remains at a lower level than before the depression of the 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. The government reluctantly allows a large dollar market sector, fueled by tourism and remittances from Cubans abroad.
GDP	purchasing power parity - $32.13 billion (2004 est.)
GDP - real growth rate	2.6% (2004 est.)
GDP - per capita	purchasing power parity - $2,900 (2004 est.)
GDP - composition by sector	agriculture: 5.5% industry: 26.9% services: 67.6% (2004 est.)
Investment gross fixed	10.1% of GDP (2004 est.)
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	4.1% (2004 est.)
Labor force	4.58 million note: state sector 78%, non-state sector 22% (2004 est.)
Labor force by occupation	agriculture 24%, industry 25%, services 51% (1999)
Unemployment rate	2.6% (2004 est.)
Budget	revenues: $17.21 billion expenditures: $18.28 billion, including capital expenditures of na (2004 est.)
Public debt
Agriculture products	sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
Industries	sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals
Industrial production growth rate	2.4% (2004 est.)
Electricity production	14.38 billion kWh (2001)
Electricity production by source	fossil fuel: 93.9% hydro: 0.6% other: 5.4% (2001) nuclear: 0%
Electricity consumption	13.38 billion kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	50,000 bbl/day (2004 est.)
Oil consumption	163,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves	532 million bbl (1 January 2002)
Natural gas production	600 million cu m (2001 est.)
Natural gas consumption	600 million cu m (2001 est.)
Natural gas exports	0 cu m (2001 est.)
Natural gas imports	0 cu m (2001 est.)
Natural gas proved reserves	42.62 billion cu m (1 January 2002)
Current account balance	$-273 million (2004 est.)
Exports	$1.467 billion f.o.b. (2004 est.)
Exports commodities	sugar, nickel, tobacco, fish, medical products, citrus, coffee
Exports partners	Netherlands 21.8%, Canada 16.2%, Russia 10.7%, Spain 8.7%, China 7.3% (2003)
Imports	$4.531 billion f.o.b. (2003 est.)
Imports commodities	petroleum, food, machinery and equipment, chemicals
Imports partners	Spain 16.6%, Venezuela 12.5%, Italy 8.6%, US 8.5%, China 7.7%, Canada 5.4%, Mexico 5.3%, France 4.9% (2003)
Reserves of foreign exchange gold	$582 million (2004 est.)
Debt external	$12.52 billion (convertible currency); another $15 billion -$20 billion owed to Russia (2004 est.)
Economic aid recipient	$68.2 million (1997 est.)
Currency	Cuban peso (CUP)
Currency code	CUP
Exchange rates	Cuban pesos per US dollar - 1.0000 (nonconvertible, official rate, for international transactions, pegged to the US dollar); convertible peso sold for domestic use at a rate of 27 pesos per US dollar by the Government of Cuba (2002)
Fiscal year	calendar year

Cuban Flag Map Of Cuba

Economy Of CubaCuba Information - Country Guides

Economy Of Cuba
Cuba Information - Country Guides