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. 1996 Index
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Cuba Economy 1996
Cuba's heavily statist economy remains severely depressed as the result of
its own inefficiencies and the loss of massive amounts of economic aid from
the former Soviet Bloc. Total output in 1994 was only about half the output
of 1989. The fall in output and in imports is reflected in the deterioration
of food supplies, shortages of electricity, inability to get spare parts,
and the replacement of motor-driven vehicles by bicycles and draft animals.
Higher world market prices for sugar and nickel in 1994, however, resulted
in a slight increase in export earnings for the first time in six years,
despite lower production of both commodities. The growth of tourism slowed
in late 1994 as a result of negative publicity surrounding the exodus of
Cubans from the island and other international factors. The government
continued its aggressive search for foreign investment and announced
preliminary agreements to form large joint ventures with Mexican investors
in telecommunications and oil refining. In mid-1994, the National Assembly
began introducing several new taxes and price increases to stem growing
excess liquidity and restore some of the peso's value as a monetary
instrument. In October the government attempted to stimulate food production
by permitting the sale of any surplus production (over state quotas) at
unrestricted prices at designated markets. Similar but much smaller markets
were also introduced for the sale of manufactured goods in December. The
various government measures have influenced a remarkable appreciation of the
black market value of the peso, from more than 100 pesos to the dollar in
September 1994 to 40 pesos to the dollar in early 1995. Policy discussions
continue in the bureaucracy over the proper pace and scope of economic
reform.
GDP - purchasing power parity - $14 billion (1994 est.)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$12.5 billion, including capital expenditures of $NA (1994 est.)
$1.6 billion (f.o.b., 1994 est.)
sugar, nickel, shellfish, tobacco, medical products, citrus, coffee
Russia 15%, Canada 9%, China 8%, Egypt 6%, Spain 5%, Japan 4%, Morocco 4%
(1994 est.)
$1.7 billion (c.i.f., 1994 est.)
petroleum, food, machinery, chemicals
Spain 17%, Mexico 10%, France 8%, China 8%, Venezuela 7%, Italy 4%, Canada
3%, (1994 est.)
$10.8 billion (convertible currency, December 1993)
sugar milling and refining, petroleum refining, food and tobacco processing,
textiles, chemicals, paper and wood products, metals (particularly nickel),
cement, fertilizers, consumer goods, agricultural machinery
key commercial crops - sugarcane, tobacco, and citrus fruits; other products
- coffee, rice, potatoes, meat, beans; world's largest sugar exporter; not
self-sufficient in food (excluding sugar); sector hurt by persistent
shortages of fuels and parts
Western (non-US) countries, ODA and OOF bilateral commitments (1970-89),
$710 million; Communist countries (1970-89), $18.5 billion
1 Cuban peso (Cu$) = 100 centavos
Cuban pesos (Cu$) per US$1 - 1.0000 (non-convertible, official rate, linked
to the US dollar)
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