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Cuba: Economy

Economy Cuba
Economy - overview:
The government continues to balance the need for economic loosening against a desire for firm political control. It has undertaken limited reforms in recent years to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, and services but is unlikely to implement extensive changes. 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 severe economic depression of the early 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. High oil import prices, recessions in key export markets, damage from Hurricanes Isidore and Lili, and the tourist slump after 11 September 2001 hampered growth in 2002.
GDP:
purchasing power parity - $30.69 billion (2002 est.)
GDP - real growth rate:
1.1% (2002 est.)
GDP - per capita:
purchasing power parity - $2,700 (2002 est.)
GDP - composition by sector:
agriculture: 7.6%
industry: 34.5%
services: 57.9% (2000 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
7.1% (2002 est.)
Labor force:
4.3 million
note: state sector 78%, non-state sector 22% (2000 est.)
Labor force - by occupation:
agriculture 24%, industry 25%, services 51% (1999)
Unemployment rate:
4.1% (2001 est.)
Budget:
revenues: $14.9 billion
expenditures: $15.6 billion, including capital expenditures of $NA (2000 est.)
Industries:
sugar, petroleum, tobacco, chemicals, construction, services, nickel, steel, cement, agricultural machinery, biotechnology
Industrial production growth rate:
0.2% (2001 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 (2001 est.)
Oil - consumption:
163,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
532 million bbl (37257)
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 (37257)
Agriculture - products:
sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
Exports:
$1.8 billion f.o.b. (2002 est.)
Exports - commodities:
sugar, nickel, tobacco, fish, medical products, citrus, coffee
Exports - partners:
Netherlands 19.1%, Russia 18.1%, Canada 14.3%, Spain 9.5%, China 7.3% (2002)
Imports:
$4.8 billion f.o.b. (2001 est.)
Imports - commodities:
petroleum, food, machinery and equipment, chemicals
Imports - partners:
Spain 17.2%, China 12%, Italy 9.1%, France 7.6%, Mexico 7.3%, Canada 6.2%, US 5.6%, Brazil 4.7% (2002)
Debt - external:
$12.3 billion (convertible currency); another $15 billion -$20 billion owed to Russia (2002 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 1.00 US dollar per 27 pesos by the Government of Cuba (2002)
Fiscal year:
calendar year

Also See:

Background & Country Profile
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Government
Economy
Communications
Transportation
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Source: The CIA World Fact Book 2003

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