Economy Of Cuba
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Economy overview
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The government continues to balance the need for economic loosening against a desire for firm political control. It has undertaken limited reforms to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, and services. A major feature of the economy is the dichotomy between relatively efficient export enclaves and inefficient domestic sectors. The average Cuban's standard of living remains at a lower level than before the depression of the 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. The government reluctantly allows a large dollar market sector, fueled by tourism and remittances from Cubans abroad.
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GDP
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purchasing power parity - $32.13 billion (2004 est.)
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GDP - real growth rate
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2.6% (2004 est.)
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GDP - per capita
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purchasing power parity - $2,900 (2004 est.)
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GDP - composition by sector
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agriculture: 5.5%
industry: 26.9%
services: 67.6% (2004 est.)
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Investment gross fixed
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10.1% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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4.1% (2004 est.)
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Labor force
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4.58 million
note: state sector 78%, non-state sector 22% (2004 est.)
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Labor force by occupation
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agriculture 24%, industry 25%, services 51% (1999)
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Unemployment rate
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2.6% (2004 est.)
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Budget
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revenues: $17.21 billion
expenditures: $18.28 billion, including capital expenditures of NA (2004 est.)
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Public debt
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Agriculture products
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sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
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Industries
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sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals
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Industrial production growth rate
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2.4% (2004 est.)
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Electricity production
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14.38 billion kWh (2001)
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Electricity production by source
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fossil fuel: 93.9%
hydro: 0.6%
other: 5.4% (2001)
nuclear: 0%
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Electricity consumption
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13.38 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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50,000 bbl/day (2004 est.)
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Oil consumption
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163,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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532 million bbl (1 January 2002)
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Natural gas production
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600 million cu m (2001 est.)
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Natural gas consumption
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600 million cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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42.62 billion cu m (1 January 2002)
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Current account balance
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$-273 million (2004 est.)
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Exports
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$1.467 billion f.o.b. (2004 est.)
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Exports commodities
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sugar, nickel, tobacco, fish, medical products, citrus, coffee
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Exports partners
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Netherlands 21.8%, Canada 16.2%, Russia 10.7%, Spain 8.7%, China 7.3% (2003)
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Imports
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$4.531 billion f.o.b. (2003 est.)
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Imports commodities
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petroleum, food, machinery and equipment, chemicals
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Imports partners
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Spain 16.6%, Venezuela 12.5%, Italy 8.6%, US 8.5%, China 7.7%, Canada 5.4%, Mexico 5.3%, France 4.9% (2003)
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Reserves of foreign exchange gold
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$582 million (2004 est.)
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Debt external
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$12.52 billion (convertible currency); another $15 billion -$20 billion owed to Russia (2004 est.)
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Economic aid recipient
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$68.2 million (1997 est.)
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Currency
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Cuban peso (CUP)
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Currency code
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CUP
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Exchange rates
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Cuban pesos per US dollar - 1.0000 (nonconvertible, official rate, for international transactions, pegged to the US dollar); convertible peso sold for domestic use at a rate of 27 pesos per US dollar by the Government of Cuba (2002)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Spanish Translation .
This information was reproduced in part from the CIA World Fact book.
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