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    Cuba Economy - 1990

      Overview: The Soviet-style economy, centrally planned and largely state owned, is highly dependent on the agricultural sector and foreign trade. Sugar provides about 75% of export revenues and is mostly exported to the USSR and other CEMA countries. The economy has stagnated since 1985 under a program that has deemphasized material incentives in the workplace, abolished farmers' informal produce markets, and raised prices of government-supplied goods and services. Castro has complained that the ongoing CEMA reform process has interfered with the regular flow of goods to Cuba. Recently the government has been trying to increase trade with Latin America and China. Cuba has had difficulty servicing its foreign debt since 1982. The government currently is encouraging foreign investment in tourist facilities. Other investment priorities include sugar, basic foods, and nickel. The annual $4 billion Soviet subsidy, a main prop to Cuba's threadbare economy, may be cut in view of the USSR's mounting economic problems.

      GNP: $20.9 billion, per capita $2,000; real growth rate - 1% (1989 est.)

      Inflation rate (consumer prices): NA%

      Unemployment: 6% overall, 10% for women (1989)

      Budget: revenues $11.7 billion; expenditures $13.5 billion, including capital expenditures of $NA (1989 est.)

      Exports: $5.5 billion (f.o.b., 1988); commodities--sugar, nickel, shellfish, citrus, tobacco, coffee; partners--USSR 67%, GDR 6%, China 4% (1988)

      Imports: $7.6 billion (c.i.f., 1988); commodities--capital goods, industrial raw materials, food, petroleum; partners--USSR 71%, other Communist countries 15% (1988)

      External debt: $6.8 billion (convertible currency, July 1989)

      Industrial production: 3% (1988)

      Electricity: 3,991,000 kW capacity; 14,972 million kWh produced, 1,425 kWh per capita (1989)

      Industries: sugar milling, petroleum refining, food and tobacco processing, textiles, chemicals, paper and wood products, metals (particularly nickel), cement, fertilizers, consumer goods, agricultural machinery

      Agriculture: accounts for 11% of GNP (including fishing and forestry); 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

      Aid: Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $657.5 million; Communist countries (1970-88), $13.5 billion

      Currency: Cuban peso (plural--pesos); 1 Cuban peso (Cu$) = 100 centavos

      Exchange rates: Cuban pesos (Cu$) per US$1--1.0000 (linked to the US dollar)

      Fiscal year: calendar year

      NOTE: The information regarding Cuba on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cuba Economy 1990 information contained here. All suggestions for corrections of any errors about Cuba Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)