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Cuba Economy 2011
https://theodora.com/wfb2011/cuba/cuba_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 13, 2011

Economy - overview:
The government continues to balance the need for economic loosening against a desire for firm political control. The government announced it would eliminate 500,000 state jobs by March 2011 and has expanded opportunities for self-employment. President CASTRO said such changes were needed to update the economic model to ensure the survival of socialism. 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 30,000 medical professionals.

GDP (purchasing power parity):
$114.1 billion (2010 est.)
country comparison to the world: 67

$112.4 billion (2009 est.)
$110.8 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$57.49 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2010 est.)
country comparison to the world: 172

1.4% (2009 est.)
4.1% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$9,900 (2010 est.)
country comparison to the world: 110

$9,800 (2009 est.)
$9,700 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 4.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 22.7%
[see also: GDP - composition by sector - industry country ranks ]
services: 72.9% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
5.164 million
country comparison to the world: 72
note: state sector 78%, non-state sector 22% (2009 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 20%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 60.6% (2005)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
2% (2010 est.)
country comparison to the world: 12

1.7% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Investment (gross fixed):
10.5% of GDP (2009 est.)
country comparison to the world: 149
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $46.51 billion
[see also: Budget - revenues country ranks ]
expenditures: $48.89 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
34.4% of GDP (2010 est.)
country comparison to the world: 84

34.7% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
0.7% (2010 est.)
country comparison to the world: 13

-0.5% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA%
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
NA%
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$11.57 billion (31 December 2010 est)

$11.74 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$35.92 billion (31 December 2010 est.)

$35.61 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$NA
[see also: Stock of domestic credit country ranks ]

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:
0.8% (2009 est.)
country comparison to the world: 151
[see also: Industrial production growth rate country ranks ]

Electricity - production:
16.89 billion kWh (2007 est.)
country comparison to the world: 73
[see also: Electricity - production country ranks ]

Electricity - consumption:
13.93 billion kWh (2007 est.)
country comparison to the world: 77
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
48,340 bbl/day (2009 est.)
country comparison to the world: 64
[see also: Oil - production country ranks ]

Oil - consumption:
169,000 bbl/day (2009 est.)
country comparison to the world: 60
[see also: Oil - consumption country ranks ]

Oil - exports:
0 bbl/day (2007 est.)
country comparison to the world: 203
[see also: Oil - exports country ranks ]

Oil - imports:
104,800 bbl/day (2007 est.)
country comparison to the world: 65
[see also: Oil - imports country ranks ]

Oil - proved reserves:
178.9 million bbl (1 January 2010 est.)
country comparison to the world: 61
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
400 million cu m (2008 est.)
country comparison to the world: 68
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
400 million cu m (2008 est.)
country comparison to the world: 96
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 67
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 184
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
70.79 billion cu m (1 January 2010 est.)
country comparison to the world: 57
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$87 million (2010 est.)
country comparison to the world: 75

$539 million (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$3.311 billion (2010 est.)
country comparison to the world: 121

$2.879 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
sugar, nickel, tobacco, fish, medical products, citrus, coffee

Exports - partners:
China 25.68%, Canada 20.31%, Spain 6.79%, Netherlands 4.53% (2009)

Imports:
$10.25 billion (2010 est.)
country comparison to the world: 89

$8.91 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
petroleum, food, machinery and equipment, chemicals

Imports - partners:
Venezuela 30.51%, China 15.48%, Spain 8.3%, US 6.87% (2009)

Reserves of foreign exchange and gold:
$4.847 billion (31 December 2010 est.)
country comparison to the world: 67

$4.647 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$19.75 billion (31 December 2010 est.)
country comparison to the world: 72

$19.42 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$4.138 billion (2006 est.)
country comparison to the world: 61
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Cuban pesos (CUP) per US dollar - 0.9259 (2010), 0.9259 (2009), 0.9259 (2008), 0.9259 (2007), 0.9231 (2006)


NOTE: The information regarding Cuba on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cuba Economy 2011 information contained here. All suggestions for corrections of any errors about Cuba Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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