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Cuba Economy
Economy - overview:
The government continues to balance the need for economic loosening against a desire for firm political control. It has undertaken limited reforms to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, and services. 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 depression of the 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. The government reluctantly allows a large dollar market sector, fueled by tourism and remittances from Cubans abroad.
GDP:
purchasing power parity - $32.13 billion (2003 est.)
GDP - real growth rate:
2.6% (2003 est.)
GDP - per capita:
purchasing power parity - $2,900 (2003 est.)
GDP - composition by sector:
agriculture: 5.5%
industry: 26.9%
services: 67.6% (2003 est.)
Investment (gross fixed):
10.1% of GDP (2003)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
4.1% (2003 est.)
Labor force:
4.58 million
note: state sector 78%, non-state sector 22% (2003 est.)
Labor force - by occupation:
agriculture 24%, industry 25%, services 51% (1999)
Unemployment rate:
2.6% (2003 est.)
Budget:
revenues: $17.21 billion
expenditures: $18.28 billion, including capital expenditures of NA (2003 est.)
Industries:
sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals
Industrial production growth rate:
2.4% (2003 est.)
Electricity - production:
14.38 billion kWh (2001)
Electricity - production by source:
fossil fuel: 93.9%
hydro: 0.6%
other: 5.4% (2001)
nuclear: 0%
Electricity - consumption:
13.38 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
50,000 bbl/day (2001 est.)
Oil - consumption:
163,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
532 million bbl (1 January 2002)
Natural gas - production:
600 million cu m (2001 est.)
Natural gas - consumption:
600 million cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
42.62 billion cu m (1 January 2002)
Agriculture - products:
sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
Current account balance:
$-273 million (2003)
Exports:
$1.467 billion f.o.b. (2003 est.)
Exports - commodities:
sugar, nickel, tobacco, fish, medical products, citrus, coffee
Exports - partners:
Netherlands 21.6%, Canada 17.6%, Russia 10.8%, Spain 8.6%, China 7.2% (2003 est.)
Imports:
$4.531 billion f.o.b. (2003 est.)
Imports - commodities:
petroleum, food, machinery and equipment, chemicals
Imports - partners:
Spain 16.3%, Venezuela 12.3%, Italy 8.4%, US 8.3%, China 7.5%, Canada 5.3%, Mexico 5.2%, France 4.8% (2003 est.)
Reserves of foreign exchange & gold:
$582 million (2003)
Debt - external:
$12.52 billion (convertible currency); another $15 billion -$20 billion owed to Russia (2003 est.)
Economic aid - recipient:
$68.2 million (1997 est.)
Currency code:
CUP
Fiscal year:
calendar year
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