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Cuba Economy Profile 2018

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Economy - overviewThe government continues to balance the need for loosening its socialist economic system against a desire for firm political control. In April 2011, the government held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell used cars. The government has cut state sector jobs as part of the reform process, and it has opened up some retail services to "self-employment," leading to the rise of so-called "cuentapropistas" or entrepreneurs. Approximately 476,000 Cuban workers are currently registered as self-employed.

The Cuban regime has updated its economic model to include permitting the private ownership and sale of real estate and new vehicles, allowing private farmers to sell agricultural goods directly to hotels, allowing the creation of non-agricultural cooperatives, adopting a new foreign investment law, and launching a “Special Development Zone” around the Mariel port.

Since late 2000, Venezuela has provided petroleum products to Cuba on preferential terms, supplying nearly 100,000 barrels per day. Cuba has been paying for the oil, in part, with the services of Cuban personnel in Venezuela, including some 30,000 medical professionals.
GDP (purchasing power parity)$132.9 billion (2016 est.)
$134.2 billion (2015 est.)
$128.5 billion (2014 est.)
note: data are in 2016 US dollars
GDP (official exchange rate)$81.56 billion (2013 est.)
note: data are in Cuban Pesos at 1 CUP = 1 US$; official exchange rate
GDP - real growth rate-0.9% (2016 est.)
4.4% (2015 est.)
1% (2014 est.)
GDP - per capita (PPP)$11,900 (2016 est.)
$12,200 (2015 est.)
$11,600 (2014 est.)
note: data are in 2016 US dollars
Gross national saving10.1% of GDP (2017 est.)
11% of GDP (2016 est.)
12.1% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 58.2%
government consumption: 31.7%
investment in fixed capital: 9.9%
investment in inventories: 0%
exports of goods and services: 13.6%
imports of goods and services: -13.5% (2017 est.)
GDP - composition by sectoragriculture: 3.9%
industry: 21.5%
services: 74.2% (2017 est.)
Population below poverty lineNA%
Labor force4.691 million
note: state sector 72.3%, non-state sector 27.7% (2017 est.)
Labor force - by occupationagriculture: 18%
industry: 10%
services: 72% (2013 est.)
Unemployment rate2.2% (2017 est.)
2% (2016 est.)
note: data are official rates; unofficial estimates are about double the official figures
Unemployment, youth ages 15-24total: 6.1%
male: 6.4%
female: 5.6% (2010 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $52.36 billion
expenditures: $60.57 billion (2017 est.)
Taxes and other revenues64.2% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-10.1% of GDP (2017 est.)
Public debt35.8% of GDP (2017 est.)
32.1% of GDP (2016 est.)
Inflation rate (consumer prices)4.8% (2017 est.)
4.5% (2016 est.)
Central bank discount rateNA%
Commercial bank prime lending rateNA%
Stock of narrow money$23.49 billion (31 December 2017 est.)
$21.92 billion (31 December 2016 est.)
Stock of broad money$50.2 billion (31 December 2017 est.)
$48.19 billion (31 December 2016 est.)
Stock of domestic credit$NA
Agriculture - productssugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
Industriespetroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar
Industrial production growth rate0.6% (2017 est.)
Current Account Balance$985.4 million (2017 est.)
$2.008 billion (2016 est.)
Exports$2.885 billion (2017 est.)
$2.535 billion (2016 est.)
Exports - commoditiespetroleum, nickel, medical products, sugar, tobacco, fish, citrus, coffee
Exports - partnersRussia 22.9%, Venezuela 15.4%, Spain 10.3% (2016)
Imports$10.84 billion (2017 est.)
$10.28 billion (2016 est.)
Imports - commoditiespetroleum, food, machinery and equipment, chemicals
Imports - partnersChina 29.2%, Spain 14%, Italy 5.1%, Brazil 4.7%, Mexico 4.4%, Russia 4.3%, Canada 4.1%, US 4% (2016)
Reserves of foreign exchange and gold$12.8 billion (31 December 2017 est.)
$12.3 billion (31 December 2016 est.)
Debt - external$20.55 billion (31 December 2017 est.)
$20.59 billion (31 December 2016 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$4.138 billion (2006 est.)
Exchange ratesCuban pesos (CUP) per US dollar -
1 (2017 est.)
1 (2016 est.)
1 (2015 est.)
1 (2014 est.)
22.7 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018