Economy of Cuba

Economy of Cuba

Skyline of Havana
Currency	Cuban peso (CUP) = 100 centavos and Cuban Convertible Peso (CUC) = 25 CUP
Fiscal year	Yes
Statistics
GDP	$72 billion (Nominal) (2012 est.) $121 billion (2012 est.) (PPP)
GDP rank	66th (nominal) / 66th (PPP)
GDP growth	-0.9% (2016 est.)
GDP per capita	$10,200 (2010 est.) (PPP)
GDP by sector	Agriculture: 4%, industry: 24%, services: 73% (2015 est.)
Inflation (CPI)	4.4% (2015 est.)
Population below poverty line	5% (2015)
Labor force	5.1 million (Public sector: 72%, Personal sector: 28%) (2015 est.)
Labor force by occupation	Agriculture: 18%, industry: 10%, services: 72% (2013 est.)
Unemployment	3% (2015 est.)
Main industries	Sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals
External
Exports	$4.41 billion (2015 est.)
Export goods	sugar, medical products, nickel, tobacco, shellfish, citrus, coffee
Main export partners	Venezuela 33.5%  Canada 15.9%  China 9.5%  Netherlands 4.5% (2014)
Imports	$15.2 billion (2015 est.)
Import goods	petroleum, food, machinery and equipment, chemicals
Main import partners	Venezuela 38.7%  China 9.8%  Spain 8.4%  Brazil 4.7%  Algeria 4.4% (2014)
Public finances
Public debt	$25.21 billion (31 December 2014 est.);
Revenues	$3 billion (2015 est.)
Expenses	$3 billion (2015 est.)
Economic aid	$88 million (2005 est.)
All values, unless otherwise stated, are in US dollars.

$72 billion (Nominal) (2012 est.)

Cuba has a planned economy dominated by state-run enterprises. Most industries are owned and operated by the government and most of the labor force is employed by the state. Following the fall of the Soviet Union, the Communist Party encouraged the formation of worker co-operatives and self-employment.

In the year 2000, public sector employment was 76% and private sector employment, mainly composed of self-employment, was 23% compared to the 1981 ratio of 91% to 8%. Investment is restricted and requires approval by the government. The government sets most prices and rations goods to citizens. In 2009, Cuba ranked 51st out of 182 countries with a Human Development Index of 0.863, much higher than its GDP per capita rank (95th). In 2012, the country's public debt was 35.3% of GDP, inflation (CDP) was 5.5%, and GDP growth was 3%.

Housing and transportation costs are low. Cubans receive free education, health care and food subsidies. Corruption is common, although lower than in most of Latin America.

The country achieved an more even distribution of income since the Cuban Revolution, which was followed by an economic embargo by the United States. Following the collapse of the Soviet Union, Cuba's GDP declined by 33% between 1990 and 1993, partially due to loss of Soviet subsidies and to a crash in sugar prices in the early 1990s. Cuba retains high levels of healthcare and education.

Although Cuba belonged to the high-income countries of Latin America since the 1870s, income inequality was high, accompanied by capital outflows to foreign investors. The country's economy had grown rapidly in the early part of the century, fueled by the sale of sugar to the United States.