Economy of Cuba
Economy of Cuba
Currency
Cuban peso (CUP) = 100
centavos
Fiscal year
yes
Statistics
GDP
$125.5 billion (2007 est.)[1]
GDP growth
4.3% (2008 est.)[2]
GDP per capita $12,700 (2008 est.)[3]
GDP by sector
Agriculture: 4.6%, industry:
26.1%, services: 69.3%
Inflation (CPI)
3.6% (2007 est.)
Population
below poverty
line
1% (2006)
Labor force
4.853 million (Public sector:
78%, Private sector: 22%)
(2007)
Labor force
by occupation
Agriculture: 21.2%, industry:
14.4%, services: 64.4%
(2005)
Unemployment 1.9% (2007 est.)
Main
industries
Sugar, petroleum, tobacco,
construction, nickel, steel,
cement, agricultural
machinery, pharmaceuticals
External
Exports
$3.231 billion f.o.b. (2007
est.)
Main export
partners
Netherlands 21.8%, Canada
21.6%, China 18.7%, Spain
5.9% (2006)
Imports
$10.86 billion f.o.b. (2007
est.)
Main import
partners
Venezuela 26.6%, China
15.6%, Spain 9.6%, Germany
6.4%, Canada 5.6%, Italy
4.4%, US 4.3%, Brazil 4.2%
(2006)
Public finances
Public Debt
$16.79 billion (convertible
currency); another $20.8
billion owed to Russia $0.9
billion owed to Romania and
$0.2 billion owed to Hungary
Revenues
$35.01 billion (2007 est.)
Expenses
$36.73 billion (2007 est.)
Economic aid
$87.8 million (2005 est.)
All values, unless otherwise stated, are in US
dollars
The economy of Cuba is a largely state-con-
trolled, centrally planned economy overseen
by the Cuban government, though there re-
mains significant foreign investment and en-
terprise in Cuba. Most of the means of pro-
duction are owned and run by the govern-
ment and most of the labor force is employed
by the state. In the year 2000, the public sec-
tor employment was 76% and the private sec-
tor at 23% compared to the 1981 ratio of
91% to 8%.[4] Capital investment is restricted
and requires approval by the government.
The Cuban government sets most prices and
rations goods to citizens. The present Cuban
Minister of Economy and Planning is Marino
Murillo.
In the 1950s, Cuba’s economic develop-
ment was on the top of Latin America and ad-
vanced