Cuba Economy - 2024

Economic overview

still largely state-run planned economy, although privatization increasing under new constitution; widespread protests due to lack of basic necessities and electricity; massive foreign investment increases recently; known tobacco exporter; unique oil-for-doctors relationship with Venezuela; widespread corruption

Real GDP (purchasing power parity)

$137 billion (2017 est.)
$134.8 billion (2016 est.)
$134.2 billion (2015 est.)

note: data are in 2016 US dollars

Real GDP growth rate

1.25% (2021 est.)
-10.95% (2020 est.)
-0.16% (2019 est.)

Real GDP per capita

$12,300 (2016 est.)
$12,200 (2015 est.)
$12,100 (2014 est.)

note: data are in 2016 US dollars

GDP (official exchange rate)

$93.79 billion (2017 est.)

note: data are in Cuban Pesos at 1 CUP = 1 US$; official exchange rate

Inflation rate (consumer prices)

5.5% (2017 est.)
4.5% (2016 est.)

Credit ratings

Moody's rating: Caa2 (2014)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 4% (2017 est.)

industry: 22.7% (2017 est.)

services: 73.4% (2017 est.)

GDP - composition, by end use

household consumption: 57% (2017 est.)

government consumption: 31.6% (2017 est.)

investment in fixed capital: 9.6% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 14.6% (2017 est.)

imports of goods and services: -12.7% (2017 est.)

Agricultural products

sugar cane, cassava, vegetables, plantains, sweet potatoes, tomatoes, milk, pumpkins, mangoes/guavas, rice

Industries

petroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar

Industrial production growth rate

-6.75% (2021 est.)

Labor force

5.135 million (2021 est.)

note: state sector 72.3%, non-state sector 27.7%

Unemployment rate

2.76% (2021 est.)
2.62% (2020 est.)
1.74% (2019 est.)

note: data are official rates; unofficial estimates are about double

Youth unemployment rate (ages 15-24)

total: 7.4% (2021 est.)

male: 7.6%

female: 7%

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $54.52 billion (2017 est.)

expenditures: $64.64 billion (2017 est.)

Budget surplus (+) or deficit (-)

-10.8% (of GDP) (2017 est.)

Public debt

47.7% of GDP (2017 est.)
42.7% of GDP (2016 est.)

Taxes and other revenues

58.1% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$985.4 million (2017 est.)
$2.008 billion (2016 est.)

Exports

$2.63 billion (2017 est.)
$2.546 billion (2016 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

China 38%, Spain 11%, Netherlands 5%, Germany 5% (2019)

Exports - commodities

cigars, nickel, sugar, rum, zinc (2021)

Imports

$11.06 billion (2017 est.)
$10.28 billion (2016 est.)

Imports - partners

Spain 19%, China 15%, Italy 6%, Canada 5%, Russia 5%, United States 5%, Brazil 5% (2019)

Imports - commodities

poultry meat, wheat, soybean products, corn, concentrated milk (2019)

Reserves of foreign exchange and gold

$11.35 billion (31 December 2017 est.)
$12.3 billion (31 December 2016 est.)

Debt - external

$30.06 billion (31 December 2017 est.)
$29.89 billion (31 December 2016 est.)

Exchange rates

Cuban pesos (CUP) per US dollar -

Exchange rates:
1 (2017 est.)
1 (2016 est.)
1 (2015 est.)
1 (2014 est.)
22.7 (2013 est.)