About Cuba and Key Financial Statistics

About Cuba and Key Financial Statistics

Overview of Economy:

The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. The government in April 2011 held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the Cuban government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell used cars. As the Cuban government has cut state sector jobs as part of the reform process, it has opened up some retail services to "self-employment," leading to the rise of so-called "cuentapropistas" or entrepreneurs. Approximately 476,000 Cuban workers are currently registered as self-employed. Recent moves include permitting the private ownership and sale of real estate and new vehicles, allowing private farmers to sell agricultural goods directly to hotels, allowing the creation of non-agricultural cooperatives, adopting a new foreign investment law, and launching a “Special Development Zone” around the Mariel port. Despite these reforms, the average Cuban's standard of living remains at a lower level than before the collapse of the Soviet Union and the resulting downturn of the 1990s. Since late 2000, Venezuela has been providing oil on preferential terms, and it supplied nearly 160,000 barrels per day of petroleum products. Cuba has been paying for the oil, in part, with the services of Cuban personnel in Venezuela, including some 30,000 medical professionals. However, in 2013 Venezuela’s economic woes forced an estimated 24% reduction in oil exports to Cuba. This downward trend continued in 2014.

Gross Domestic Product (In USD):

$128.5 billion (2014 est.)

$126.9 billion (2013 est.)

$123.5 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 4

% Industry: 22.4

% Services: 73.5

Composition of Labor Force by Occupation:

% Agriculture: 18

% Industry: 10

% Services: 72

Per Capita Income:

$10,200 (2010 est.)

$10,000 (2009 est.)

$10,000 (2008 est.)

Exports:

$5.187 billion (2014 est.)

$5.566 billion (2013 est.)

Key Export Commodities:

petroleum, nickel, medical products, sugar, tobacco, fish, citrus, coffee

Export Partners:

Venezuela 33.5%, Canada 15.9%, China 9.5%, Netherlands 4.5% (2014)

Imports:

$14.7 billion (2014 est.)

$14.77 billion (2013 est.)

Key Import Commodities:

petroleum, food, machinery and equipment, chemicals

Import Partners:

Venezuela 38.7%, China 9.8%, Spain 8.4%, Brazil 4.7%, Algeria 4.4% (2014)

Inflation Rate (Consumer Price Index):

5.3% (2014 est.)

6% (2013 est.)

Exchange Rate to USD:

Cuban pesos (CUP) per US dollar -

22.7 (2014 est.)

22.7 (2013 est.)

1 (2012 est.)

0.9847 (2011 est.)

0.9259 (2010 est.)

Unemployment Rate:

2.7% (2014 est.)

3.3% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings