Cuba - Economy
How is the economy of Cuba? Based on the information we have, Cuba has a 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. Key agricultural products in this country include: sugarcane, cassava, plantains, vegetables, mangoes/guavas, milk, pumpkins/squash, tomatoes, sweet potatoes, bananas (2022).
More about the economy of Cuba
| Labor force | 5.317 million (2023 est.) |
|---|---|
| Industrial production growth rate | -6.73% (2022 est.) |
| Industries | petroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar |
| Population below poverty line | |
| Taxes and other revenues | 58.1% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Cuban pesos (CUP) per US dollar - |
| Exchange rates 2023 | 24 (2023 est.) |
| Exchange rates 2022 | 24 (2022 est.) |
| Exchange rates 2021 | 24 (2021 est.) |
| Exchange rates 2020 | 1 (2020 est.) |
| Exchange rates 2019 | 1 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 31 December 2017 | $11.35 billion (31 December 2017 est.) |
| Reserves of foreign exchange and gold 31 December 2016 | $12.3 billion (31 December 2016 est.) |
| Current account balance | |
| Current account balance 2017 | $985.4 million (2017 est.) |
| Current account balance 2016 | $2.008 billion (2016 est.) |
| Public debt | |
| Public debt 2017 | 47.7% of GDP (2017 est.) |
| Budget | |
| Revenues | $54.52 billion (2017 est.) |
| Expenditures | $64.64 billion (2017 est.) |
| Budget surplus (+) or deficit (-) | |
| Imports | |
| Imports 2020 | $8.067 billion (2020 est.) |
| Imports 2019 | $10.971 billion (2019 est.) |
| Imports 2018 | $12.567 billion (2018 est.) |
| Imports (partners) | Spain 23%, China 12%, US 10%, Brazil 8%, Netherlands 6% (2022) |
| Comodities Imports force | poultry, wheat, milk, plastic products, soybean oil (2022) |
| Exports | |
| Imports 2020 | $8.067 billion (2020 est.) |
| Imports 2019 | $10.971 billion (2019 est.) |
| Imports 2018 | $12.567 billion (2018 est.) |
| Exports (partners) | China 40%, Spain 13%, Germany 5%, Portugal 4%, Switzerland 4% (2022) |
| Comodities Exports force | tobacco, nickel, zinc ore, liquor, raw sugar (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2017 | $137 billion (2017 est.) |
| Real GDP (purchasing power parity) 2016 | $134.8 billion (2016 est.) |
| Real GDP (purchasing power parity) 2015 | $134.2 billion (2015 est.) |
| GDP (official exchange rate) | $107.352 billion (2020 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2016 | $12,300 (2016 est.) |
| Real GDP per capita 2015 | $12,200 (2015 est.) |
| Real GDP per capita 2014 | $12,100 (2014 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.8% (2022 est.) |
| Industry | 23.8% (2022 est.) |
| Services | 74.6% (2022 est.) |
| GDP - composition, by end use | |
| Household consumption | 59.6% (2022 est.) |
| Government consumption | 32.5% (2022 est.) |
| Investment in fixed capital | 11.5% (2022 est.) |
| Investment in inventories | 5.1% (2022 est.) |
| Exports of goods and services | 40% (2022 est.) |
| Imports of goods and services | -48.8% (2022 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 1.16% (2023 est.) |
| Unemployment rate 2022 | 1.25% (2022 est.) |
| Unemployment rate 2021 | 1.37% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 3% (2023 est.) |
| Male | 3.3% (2023 est.) |
| Female | 2.5% (2023 est.) |
All Important Facts about Cuba
Want to know more about Cuba? Check all different factbooks for Cuba below.
