Cuba

Capital: Havana

Local time:
It is %T:%M %A in Havana
It is %T:%M %A in Santiago de Cuba

Exchange rate on :

GDP growth rate: -% in

FDI inward stock: 136 million USD in 2007

Country risk: See the country risk analysis from Cuba provided by Ducroire.

Economic trends

Cuba's GDP has reached almost 160 billion USD in 2009 (64th place in the world's list). The Cuban economy continues to suffer from the consequences of the collapse of the Soviet bloc in 1991, as well as from the trade boycott imposed by the United States. Fidel Castro's retirement  in July 2006 had raised hopes that the regime could open up politically and economically. However, in three years, very little has changed. In spite of the structural reforms undertaken by the government in order to improve productivity and to solve the shortages of food, goods and services, the living standards of the Cuban population remains very low. It is currently lower than the living standards of the 90's, even though the unemployment rate is very low (1.6% in 2008). The control of the state on the economy and the continued restrictions in trade create great obstacles to the commercial and economic development of the country. 

Main branches of industry

The main sector of activity in Cuba is the service sector. In 2008, it represented more than 70% of GDP and employed 60% of the active population. The importance of this sector is mainly related to the development of tourism.

Industry represents about a fourth of GDP and employs 20% of the population. It concerns agricultural products and the production of cement and agricultural machinery. Cuba also has significant mineral resources. The export of nickel represents the main source of income of the country. Cuba also has other minerals such as gold and copper. 

Agriculture represents about 5% of GDP and employs 20% of the population. Its main productions are sugar and sugar cane (12.5 billion tons of sugar cane are produced every year), they take one third of the cultivated land.

International trade

The embargo upheld by the United States has restricted Cuba's foreign trade. The European Union represents about half of Cuba's foreign trade. Cuba's three main export partners are: China, Canada and Spain.  The island mainly exports sugar, nickel, tobacco, medicines and fishing products. The country's top three import partners are Venezuela, China and Spain. Cuba mainly imports mineral fuels and oil, machinery, electric & electronic equipment, cereals, and vehicles.