Cuba - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Cuba was 7.51 as of 2020. Its highest value over the past 50 years was 44.97 in 1985, while its lowest value was 7.51 in 2020.

Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1970 44.18
1971 44.18
1972 44.18
1973 44.18
1974 44.17
1975 44.19
1976 44.19
1977 44.18
1978 44.15
1979 44.14
1980 44.28
1981 44.20
1982 44.15
1983 43.98
1984 44.11
1985 44.97
1986 43.78
1987 43.92
1988 43.11
1989 44.76
1990 40.88
1991 29.06
1992 18.23
1993 15.72
1994 14.54
1995 15.91
1996 17.31
1997 17.83
1998 18.25
1999 17.33
2000 16.95
2001 16.13
2002 13.20
2003 13.64
2004 15.29
2005 18.34
2006 18.47
2007 17.63
2008 24.35
2009 15.45
2010 17.72
2011 21.86
2012 20.36
2013 20.22
2014 17.19
2015 14.47
2016 12.29
2017 11.67
2018 12.56
2019 10.61
2020 7.51

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts