Economy - overview: | The government continues to balance the need for economic loosening against a desire for firm political control. It has undertaken limited reforms to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, and services. 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 depression of the 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. The government reluctantly allows a large dollar market sector, fueled by tourism and remittances from Cubans abroad. |
| GDP: | purchasing power parity - $32.13 billion (2004 est.) |
| GDP - real growth rate: | 2.6% (2004 est.) |
| GDP - per capita: | purchasing power parity - $2,900 (2004 est.) |
| GDP - composition by sector: | agriculture: 5.5%
industry: 26.9%
services: 67.6% (2004 est.) |
| Investment (gross fixed): | 10.1% of GDP (2004 est.) |
| Population below poverty line: | NA |
| Household income or consumption by percentage share: | lowest 10%: NA
highest 10%: NA |
| Inflation rate (consumer prices): | 4.1% (2004 est.) |
| Labor force: | 4.58 million
note: state sector 78%, non-state sector 22% (2004 est.) |
| Labor force - by occupation: | agriculture 24%, industry 25%, services 51% (1999) |
| Unemployment rate: | 2.6% (2004 est.) |
| Budget: | revenues: $17.21 billion
expenditures: $18.28 billion, including capital expenditures of NA (2004 est.) |
| Agriculture - products: | sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock |
| Industries: | sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals |
| Industrial production growth rate: | 2.4% (2004 est.) |
| Electricity - production: | 14.38 billion kWh (2001) |
| Electricity - consumption: | 13.38 billion kWh (2001) |
| Electricity - exports: | 0 kWh (2001) |
| Electricity - imports: | 0 kWh (2001) |
| Oil - production: | 50,000 bbl/day (2004 est.) |
| Oil - consumption: | 163,000 bbl/day (2001 est.) |
| Oil - exports: | NA (2001) |
| Oil - imports: | NA (2001) |
| Oil - proved reserves: | 532 million bbl (1 January 2002) |
| 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 (1 January 2002) |
| Current account balance: | $-273 million (2004 est.) |
| Exports: | $1.467 billion f.o.b. (2004 est.) |
| Exports - commodities: | sugar, nickel, tobacco, fish, medical products, citrus, coffee |
| Exports - partners: | Netherlands 21.8%, Canada 16.2%, Russia 10.7%, Spain 8.7%, China 7.3% (2003) |
| Imports: | $4.531 billion f.o.b. (2003 est.) |
| Imports - commodities: | petroleum, food, machinery and equipment, chemicals |
| Imports - partners: | Spain 16.6%, Venezuela 12.5%, Italy 8.6%, US 8.5%, China 7.7%, Canada 5.4%, Mexico 5.3%, France 4.9% (2003) |
| Reserves of foreign exchange & gold: | $582 million (2004 est.) |
| Debt - external: | $12.52 billion (convertible currency); another $15 billion -$20 billion owed to Russia (2004 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 27 pesos per US dollar by the Government of Cuba (2002) |
| Fiscal year: | calendar year
Source: CIA World Factbook
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