Cuba Economy - 2004

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)