The Economy Of Cuba. A brief sketch of the Cuban economy

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The Economy Of Cuba. A brief sketch of the Cuban economy

The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. The government in April 2011 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 Cuban 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. As the Cuban government has cut state sector jobs as part of the reform process, 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. Recent moves 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. Despite these reforms, the average Cuban's standard of living remains at a lower level than before the collapse of the Soviet Union and the resulting downturn of the 1990s. Since late 2000, Venezuela has been providing oil on preferential terms, and it supplied nearly 160,000 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 30,000 medical professionals. However, in 2013 Venezuela’s economic woes forced an estimated 24% reduction in oil exports to Cuba. This downward trend continued in 2014. 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):

$128.5 billion (2014 est.)

$126.9 billion (2013 est.)

$123.5 billion (2012 est.)

note: data are in 2012 US dollars

country comparison to the world: 76

GDP (official exchange rate):

$72.3 billion

note: data are in Cuban Pesos at CUP 1 = US$ Official Exchange Rate (2013 est.)

GDP - real growth rate:

1.3% (2014 est.)

2.7% (2013 est.)

2.4% (2010 est.)

country comparison to the world: 177

GDP - per capita (PPP):

$10,200 (2010 est.)

$10,000 (2009 est.)

$10,000 (2008 est.)

note: data are in 2010 US dollars

country comparison to the world: 131

Gross national saving:

21.3% of GDP (2014 est.)

12.8% of GDP (2013 est.)

13.7% of GDP (2012 est.)

country comparison to the world: 68

GDP - composition, by end use:

household consumption: 54%

government consumption: 24.7%

investment in fixed capital: 15.4%

investment in inventories: 0%

exports of goods and services: 26.5%

imports of goods and services: -20.6%

(2014 est.)

GDP - composition, by sector of origin:

agriculture: 3.9%

industry: 22.3%

services: 73.7% (2014 est.)

Agriculture - products:

sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock

Industries:

petroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar

Industrial production growth rate:

4.6% (2014 est.)

country comparison to the world: 58

Labor force:

5.092 million

note: state sector 72.3%, non-state sector 27.7% (2014 est.)

country comparison to the world: 77

Labor force - by occupation:

agriculture: 19.7%

industry: 17.1%

services: 63.2% (2011)

Unemployment rate:

3.6% (2014 est.)

3.3% (2013 est.)

note: these are official rates; unofficial estimates are about double the official figures

country comparison to the world: 29

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%: NA%

highest 10%: NA%

Budget:

revenues: $1.917 billion

expenditures: $2.089 billion (2014 est.)

Taxes and other revenues:

NA% of GDP (2014 est.)

Budget surplus (+) or deficit (-):

NA% of GDP (2014 est.)

Public debt:

40.6% of GDP (2014 est.)

37.5% of GDP (2013 est.)

country comparison to the world: 94

Fiscal year:

calendar year

Inflation rate (consumer prices):

5.3% (2014 est.)

6% (2013 est.)

Central bank discount rate:

NA%

Commercial bank prime lending rate:

NA%

Stock of narrow money:

$924.8 million (31 December 2014 est.)

$13.72 billion (31 December 2013 est.)

country comparison to the world: 153

Stock of broad money:

$24.63 billion (31 December 2013 est.)

$24.08 billion (31 December 2012 est.)

country comparison to the world: 81

Stock of domestic credit:

$NA

Current account balance:

-$945.1 million (2014 est.)

-$951.6 million (2013 est.)

country comparison to the world: 115

Exports:

$5.67 billion (2014 est.)

$5.566 billion (2013 est.)

country comparison to the world: 112

Exports - commodities:

petroleum, nickel, medical products, sugar, tobacco, fish, citrus, coffee

Exports - partners:

Canada 16%, China 15.2%, Venezuela 14.2%, Spain 7.5%, Netherlands 5.6% (2013)

Imports:

$14.93 billion (2014 est.)

$14.77 billion (2013 est.)

country comparison to the world: 89

Imports - commodities:

petroleum, food, machinery and equipment, chemicals

Imports - partners:

Venezuela 37.4%, China 12.3%, Spain 9.4%, Brazil 4.7%, Canada 4.1% (2013)

Reserves of foreign exchange and gold:

$10.4 billion (31 December 2014 est.)

$10.1 billion (31 December 2013 est.)

country comparison to the world: 76

Debt - external:

$25.23 billion (31 December 2014 est.)

$24.65 billion (31 December 2013 est.)

country comparison to the world: 79

Stock of direct foreign investment - at home:

$NA

Stock of direct foreign investment - abroad:

$4.138 billion (2006 est.)

country comparison to the world: 65

Exchange rates:

Cuban pesos (CUP) per US dollar -

22.57 (2014 est.)

1 (2013 est.)

1 (2012 est.)

0.9847 (2011 est.)

0.9259 (2010 est.)