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    Cuba Economy - 2004
    https://immigration-usa.com/wfb2004/cuba/cuba_economy.html
    SOURCE: 2004 CIA WORLD FACTBOOK

      Economy - overview:
      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.

      GDP:
      purchasing power parity - $31.59 billion (2003 est.)

      GDP - real growth rate:
      1.3% (2003 est.)

      GDP - per capita:
      purchasing power parity - $2,800 (2003 est.)

      GDP - composition by sector:
      agriculture: 7.6%
      industry: 34.5%
      services: 57.9% (2001 est.)

      Population below poverty line:
      NA%

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices):
      5% (2003 est.)

      Labor force:
      4.3 million
      note: state sector 78%, non-state sector 22% (2000 est.)

      Labor force - by occupation:
      agriculture 24%, industry 25%, services 51% (1999)

      Unemployment rate:
      3.2% (2003 est.)

      Budget:
      revenues: $14.9 billion
      expenditures: $15.6 billion, including capital expenditures of $NA (2000 est.)

      Industries:
      sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery, pharmaceuticals

      Industrial production growth rate:
      0.6% (2003 est.)

      Electricity - production:
      14.38 billion kWh (2001)

      Electricity - production by source:
      fossil fuel: 93.9%
      hydro: 0.6%
      other: 5.4% (2001)
      nuclear: 0%

      Electricity - consumption:
      13.38 billion kWh (2001)

      Electricity - exports:
      0 kWh (2001)

      Electricity - imports:
      0 kWh (2001)

      Oil - production:
      50,000 bbl/day (2001 est.)

      Oil - consumption:
      163,000 bbl/day (2001 est.)

      Oil - exports:
      NA

      Oil - imports:
      NA

      Oil - proved reserves:
      532 million bbl (1 January 2002)

      Natural gas - production:
      600 million cu m (2001 est.)

      Natural gas - consumption:
      600 million cu m (2001 est.)

      Natural gas - exports:
      0 cu m (2001 est.)

      Natural gas - imports:
      0 cu m (2001 est.)

      Natural gas - proved reserves:
      42.62 billion cu m (1 January 2002)

      Agriculture - products:
      sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock

      Exports:
      $1.467 billion f.o.b. (2003 est.)

      Exports - commodities:
      sugar, nickel, tobacco, fish, medical products, citrus, coffee

      Exports - partners:
      Netherlands 18.5%, Russia 17.5%, Canada 13.8%, Spain 9.2%, China 7% (2002)

      Imports:
      $4.531 billion f.o.b. (2003 est.)

      Imports - commodities:
      petroleum, food, machinery and equipment, chemicals

      Imports - partners:
      Spain 16.3%, China 11.3%, Venezuela 11.1%, Italy 8.6%, France 7.2%, Canada 5.9%, US 5.3%, Mexico 4.7% (2002)

      Debt - external:
      $13.2 billion (convertible currency); another $15 billion -$20 billion owed to Russia (2003 est.)

      Economic aid - recipient:
      $68.2 million (1997 est.)

      Currency:
      Cuban peso (CUP)

      Currency code:
      CUP

      Exchange rates:
      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)

      Fiscal year:
      calendar year


      NOTE: The information regarding Cuba on this page is re-published from the 2004 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cuba Economy 2004 information contained here. All suggestions for corrections of any errors about Cuba Economy 2004 should be addressed to the CIA.

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    https://immigration-usa.com/wfb2004/cuba/cuba_economy.html

    Revised 21-May-04
    Copyright © 2004 Photius Coutsoukis (all rights reserved)


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