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Cuba:
Economy

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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


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