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, tomatoes, pumpkins/squash, sweet potatoes, bananas (2023).
More about the economy of Cuba
Labor force 4.859 million (2024 est.)
Industrial production growth rate -0.9% (2023 est.)
Industries petroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar
Population below poverty line
Taxes and other revenues
Fiscal year
Exchange rates
Currency Cuban pesos (CUP) per US dollar -
Exchange rates 2024 24 (2024 est.)
Exchange rates 2023 24 (2023 est.)
Exchange rates 2022 24 (2022 est.)
Exchange rates 2021 24 (2021 est.)
Exchange rates 2020 1 (2020 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 24%, China 13%, Netherlands 10%, USA 9%, Canada 6% (2023)
Comodities Imports force beer, poultry, rice, plastic products, soybean oil (2023)
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 34%, Spain 12%, Germany 6%, Switzerland 5%, Hong Kong 4% (2023)
Comodities Exports force tobacco, nickel, liquor, zinc ore, precious metal ore (2023)
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 1.3% (2023 est.)
Industry 27.5% (2023 est.)
Services 70% (2023 est.)
GDP - composition, by end use
Household consumption 73.3% (2023 est.)
Government consumption 25.5% (2023 est.)
Investment in fixed capital 12.3% (2023 est.)
Investment in inventories 10% (2023 est.)
Exports of goods and services 43.5% (2023 est.)
Imports of goods and services -64.6% (2023 est.)
Unemployment rate
Unemployment rate 2024 1.6% (2024 est.)
Unemployment rate 2023 1.8% (2023 est.)
Unemployment rate 2022 1.9% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 3.9% (2024 est.)
Male 4.1% (2024 est.)
Female 3.5% (2024 est.)
All Important Facts about Cuba

Want to know more about Cuba? Check all different factbooks for Cuba below.

Cuba is found in Caribbean