Cuba:
Economy

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Other pages in this profile of Cuba:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition The government continues to balance the need for economic loosening against a desire for firm political control. It has rolled back limited reforms undertaken in the 1990s to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, and services. The average Cuban's standard of living remains at a lower level than before the downturn of the 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. Since late 2000, Venezuela has been providing oil on preferential terms, and it currently supplies about 100,000 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 20,000 medical professionals. In 2007, high metals prices continued to boost Cuban earnings from nickel and cobalt production. Havana continued to invest in the country's energy sector to mitigate electrical blackouts that had plagued the country since 2004.
GDP (purchasing power parity)	Definition - World rank and map $51.11 billion (2007 est.)
GDP (official exchange rate)	Definition $45.1 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 7% (2007 est.)
GDP - per capita	Definition - World rank and map $4,500 (2007 est.)
GDP - composition by sector	Definition agriculture: 5.2% industry: 25% services: 69.8% (2007 est.)
Labor force	Definition 4.956 million note: state sector 78%, non-state sector 22% (2007 est.)
Labor force - by occupation	Definition agriculture: 20% industry: 19.4% services: 60.6% (2005)
Unemployment rate	Definition - World rank and map 1.8% (2007 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 3.1% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 13.1% of GDP (2007 est.)
Budget	Definition revenues: $41.84 billion expenditures: $43.9 billion (2007 est.)
Public debt	Definition - World rank and map 36.8% of GDP (2007 est.)
Agriculture - products	Definition sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
Industries	Definition sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals
Industrial production growth rate	Definition - World rank and map 2.5% (2007 est.)
Electricity - production	Definition - World rank and map 16.45 billion kWh (2006)
Electricity - consumption	Definition - World rank and map 13.87 billion kWh (2006)
Electricity - consumption per capita	Definition - World rank and map 1,214.2 kWh (2006)
Electricity - exports	Definition 0 kWh (2006)
Electricity - imports	Definition 0 kWh (2006)
Oil - production	Definition - World rank and map 50,850 bbl/day (2006 est.)
Oil - consumption	Definition - World rank and map 150,000 bbl/day (2006 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 13.1 bbl/day (2006 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2006)
Oil - imports	Definition - World rank and map 98,100 bbl/day (2005)
Oil - proved reserves	Definition - World rank and map 243.6 million bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 1.058 billion cu m (2006)
Natural gas - consumption	Definition - World rank and map 1.058 billion cu m (2006)
Natural gas - consumption per capita	Definition - World rank and map 93 cu m (2006)
Natural gas - exports	Definition - World rank and map 0 cu m (2006)
Natural gas - imports	Definition - World rank and map 0 cu m (2006)
Natural gas - proved reserves	Definition - World rank and map 67.89 billion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$750 million (2007 est.)
Exports	Definition - World rank and map $3.702 billion f.o.b. (2007 est.)
Exports - commodities	Definition sugar, nickel, tobacco, fish, medical products, citrus, coffee
Exports - partners	Definition Canada 28%, China 27.9%, Netherlands 11.1%, Spain 4.7% (2006)
Imports	Definition - World rank and map $10.08 billion f.o.b. (2007 est.)
Imports - commodities	Definition petroleum, food, machinery and equipment, chemicals
Imports - partners	Definition Venezuela 28%, China 13.2%, Spain 9.8%, Canada 5.5%, US 4.8%, Brazil 4.6% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $4.247 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $16.79 billion (convertible currency); another $15-20 billion owed to Russia (31 December 2007 est.)
Stock of direct foreign investment - at home	Definition $11.24 billion (2006 est.)
Stock of direct foreign investment - abroad	Definition $4.138 billion (2006 est.)
Economic aid - recipient	Definition $87.8 million (2005 est.)
Currency (code)	Definition Cuban peso (CUP) and Convertible peso (CUC)
Exchange rates	Definition Convertible pesos per US dollar - 0.9259 (2007), 0.9231 (2006) note: Cuba has two currencies in circulation: the Cuban peso (CUP) and the convertible peso (CUC); in April 2005 the official exchange rate changed from $1 per CUC to $1.08 per CUC (0.93 CUC per $1), both for individuals and enterprises; individuals can buy 24 Cuban pesos (CUP) for each CUC sold, or sell 25 Cuban pesos for each CUC bought; enterprises, however, must exchange CUP and CUC at a 1:1 ratio.
Fiscal year	Definition calendar year

Cuba: Economy

Cuba:
Economy