Cuba

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Introduction - Cuba:
Location - Cuba:
People - Cuba:
Government - Cuba:
Economy - Cuba:

Economy overview

The government continues to balance the need for economic loosening against a desire for firm political control. 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 Cubans 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 Cuba oil on preferential terms, and it currently supplies about 98,000 barrels per day of petroleum products. Cuba has been paying for the oil, in part, with the services of Cuban personnel, including some 20,000 medical professionals. In 2006, high metals prices continued to boost Cuban earnings from nickel and cobalt production. Havana continued to invest in the countrys energy sector to mitigate electrical blackouts that have plagued the country since 2004.

Gdp purchasing power parity

$45.51 billion (2006 est.)

Gdp official exchange rate

$40 billion (2006 est.)

Gdp real growth rate

9.5% (2006 est.)

Gdp per capita ppp

$4,000 (2006 est.)

Gdp composition by sector

agriculture: 5.1%
industry: 27.2%
services: 67.6% (2006 est.)

Labor force

4.82 million
note: state sector 78%, non-state sector 22% (2006 est.)

Labor force by occupation

agriculture: 20%
industry: 19.4%
services: 60.6% (2005)

Unemployment rate

1.9% (2006 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate consumer prices

5% (2006 est.)

Investment gross fixed

11.9% of GDP (2006 est.)

Budget

revenues: $35.07 billion
expenditures: $36.41 billion; including capital expenditures of $NA (2006 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

17.6% (2006 est.)

Electricity production

15.34 billion kWh (2005)

Electricity consumption

14.1 billion kWh (2004)

Electricity exports

0 kWh (2004)

Electricity imports

0 kWh (2004)

Oil production

72,000 bbl/day (2005 est.)

Oil consumption

204,000 bbl/day (2004 est.)

Oil exports

NA bbl/day

Oil imports

NA bbl/day

Oil proved reserves

259 million bbl (2006 est.)

Natural gas production

704 million cu m (2004)

Natural gas consumption

704 million cu m (2004)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

0 cu m (2004 est.)

Natural gas proved reserves

70.79 billion cu m (1 January 2005 est.)

Current account balance

-$1.218 billion (2006 est.)

Exports

$2.956 billion f.o.b. (2006 est.)

Exports commodities

sugar, nickel, tobacco, fish, medical products, citrus, coffee

Exports partners

Canada 20.9%, Netherlands 20.9%, China 18.1%, Spain 5.7% (2006)

Imports

$9.51 billion f.o.b. (2006 est.)

Imports commodities

petroleum, food, machinery and equipment, chemicals

Imports partners

China 21.6%, Spain 13.3%, Germany 8.8%, Canada 7.6%, Italy 6.1%, US 5.9%, Brazil 5.2%, Mexico 4.7% (2006)

Reserves of foreign exchange and gold

$2.618 billion (2006 est.)

Debt external

$15.15 billion (convertible currency); another $15-20 billion owed to Russia (2006 est.)

Economic aid recipient

$68.2 million (1997 est.)

Currency code

Cuban peso (CUP) and Convertible peso (CUC)

Exchange rates

Convertible pesos per US dollar - 0.9231 (2006)
note: Cuba has three currencies in circulation: the Cuban peso (CUP), the convertible peso (CUC), and the US dollar (USD), although the dollar is being withdrawn from circulation; in April 2005 the official exchange rate changed from $1 per CUC to $1.08 per CUC (0.93 CUC per $1), both for individuals and enterprises; individuals can buy 24 Cuban pesos (CUP) for each CUC sold, or sell 25 Cuban pesos for each CUC bought; enterprises, however, must exchange CUP and CUC at a 1:1 ratio.

Communications - Cuba:
Transportation - Cuba:
Military - Cuba:
This page was last updated on 16 September, 2007
Source: CIA >>>


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