Economy - overview The government continues to balance the need for economic loosening against a concern for firm political control. It has undertaken limited reforms in recent years to stem excess liquidity, increase enterprise efficiency, and alleviate serious shortages of food, consumer goods, and services, but is unlikely to implement extensive changes. A major feature of the economy is the dichotomy between relatively efficient export enclaves and inefficient domestic sectors. The average Cuban's standard of living remains at a lower level than before the severe economic depression of the early 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. High oil prices, recessions in key export markets, and damage from Hurricane Michelle hampered growth in 2001. Cuba paid high prices for oil imports in the face of slumping prices in the key sugar and nickel industries and suffered a slowdown in tourist arrivals following September 11. The government subsequently depreciated the peso by approximately 30% and now aims for 3% growth in 2002.

GDP purchasing power parity - $25.5 billion (2001 est.)

GDP - real growth rate 3% (2001 est.)

GDP - per capita purchasing power parity - $2,300 (2001 est.)

GDP - composition by sector
agriculture: 7.6%
industry: 34.5%
services: 57.9% (2000 est.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 0.5% (2001 est.)

Labor force 4.3 million (2000 est.)
note: state sector 78%, non-state sector 22% (1999)

Labor force - by occupation agriculture 24%, industry 25%, services 51% (1999)

Unemployment rate 4.1% (2001 est.)

Budget
revenues: $14.9 billion
expenditures: $15.6 billion, including capital expenditures of $NA (2000 est.)

Industries sugar, petroleum, tobacco, chemicals, construction, services, nickel, steel, cement, agricultural machinery, biotechnology

Industrial production growth rate 2.4% (2001 est.)

Electricity - production 14.87 billion kWh (2000)

Electricity - production by source
fossil fuel: 94.63%
hydro: 0.4%
other: 4.97% (2000)
nuclear: 0%

Electricity - consumption 13.829 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock

Exports $1.7 billion (f.o.b., 2001 est.)

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

Exports - partners Russia 18%, Canada 16%, Netherlands 12% (2000)

Imports $4.9 billion (f.o.b., 2001 est.)

Imports - commodities petroleum, food, machinery, chemicals, semifinished goods, transport equipment, consumer goods

Imports - partners Spain 16%, Venezuela 13%, Italy 8% (2000)

Debt - external $11 billion (convertible currency, 2000 est.); another $15 billion -$20 billion owed to Russia (2001)

Economic aid - recipient $68.2 million (1997 est.)

Currency Cuban peso (CUP)

Currency code CUP

Exchange rates Cuban pesos per US dollar - 1.0000 (nonconvertible, official rate, for international transactions, pegged to the US dollar); convertible peso sold for domestic use at a rate of 1.00 US dollar per 27 pesos by the Government of Cuba (January 2002)

Fiscal year calendar year

NOTE: The information regarding Cuba on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cuba Economy 2002 information contained here. All suggestions for corrections of any errors about Cuba Economy 2002 should be addressed to the CIA.