Cuba's Economy Overview

Cuba's economy is marked by its predominantly state-controlled and planned nature, though recent strides towards privatization signal a shift towards a more mixed economic model. In 2017, Cuba's government revenues were estimated at $54.52 billion, while expenditures exceeded this at $64.64 billion, highlighting a budget deficit challenge. The island nation has faced extensive protests due to shortages of essential goods and electricity, yet it remains a notable tobacco exporter. A unique aspect of Cuba's economy is the oil-for-doctors arrangement with Venezuela, underscoring its strategic international partnerships. Despite pervasive corruption issues, the country has experienced a significant influx of foreign investment. In 2023, China's strong economic ties with Cuba were evident, accounting for 34% of its exports, while Spain led as the top import partner with 24%. The Cuban peso has been pegged at 24 per US dollar since 2021, reflecting the government's fixed exchange rate policy. As Cuba navigates these economic landscapes, its labor force is estimated to reach 4.859 million by 2024, with a remarkably low unemployment rate forecasted at 1.6%.

Budget

revenues

$54.52 billion (2017 est.)

expenditures

$64.64 billion (2017 est.)

Exports

Exports 2018

$14.53 billion (2018 est.)

Exports 2019

$12.632 billion (2019 est.)

Exports 2020

$8.768 billion (2020 est.)

Imports

Imports 2018

$12.567 billion (2018 est.)

Imports 2019

$10.971 billion (2019 est.)

Imports 2020

$8.067 billion (2020 est.)

Industries

petroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar

Labor force

4.859 million (2024 est.)

Public debt

Public debt 2016

42.7% of GDP (2016 est.)

Exchange rates

Currency

Cuban pesos (CUP) per US dollar -

Exchange rates 2020

1 (2020 est.)

Exchange rates 2021

24 (2021 est.)

Exchange rates 2022

24 (2022 est.)

Exchange rates 2023

24 (2023 est.)

Exchange rates 2024

24 (2024 est.)

Economic overview

the economy remains predominantly state-controlled and planned, though privatization is on the rise under the new constitution; there have been extensive protests related to shortages of essential goods and electricity; there has been a significant influx of foreign investment recently; recognized as a tobacco exporter; has a distinctive oil-for-doctors arrangement with Venezuela; pervasive corruption

Unemployment rate

Unemployment rate 2022

1.9% (2022 est.)

Unemployment rate 2023

1.8% (2023 est.)

Unemployment rate 2024

1.6% (2024 est.)

Exports - partners

China 34%, Spain 12%, Germany 6%, Switzerland 5%, Hong Kong 4% (2023)

Imports - partners

Spain 24%, China 13%, Netherlands 10%, USA 9%, Canada 6% (2023)

Real GDP per capita

Real GDP per capita 2022

$13,300 (2022 est.)

Real GDP per capita 2023

$18,300 (2023 est.)

Real GDP per capita 2024

$23,700 (2024 est.)

Real GDP growth rate

Real GDP growth rate 2021

1.3% (2021 est.)

Real GDP growth rate 2022

1.8% (2022 est.)

Real GDP growth rate 2023

-1.9% (2023 est.)

Agricultural products

sugarcane, cassava, plantains, vegetables, mangoes/guavas, milk, tomatoes, pumpkins/squash, sweet potatoes, bananas (2023)

Exports - commodities

tobacco, nickel, liquor, zinc ore, precious metal ore (2023)

Imports - commodities

beer, poultry, rice, plastic products, soybean oil (2023)

GDP (official exchange rate)

$259.781 billion (2024 est.)

GDP - composition, by end use

household consumption

73.3% (2023 est.)

government consumption

25.5% (2023 est.)

investment in inventories

10% (2023 est.)

investment in fixed capital

12.3% (2023 est.)

exports of goods and services

43.5% (2023 est.)

imports of goods and services

-64.6% (2023 est.)

Inflation rate (consumer prices)

Inflation rate (consumer prices) 2020

11.9% (2020 est.)

Inflation rate (consumer prices) 2021

151.9% (2021 est.)

Inflation rate (consumer prices) 2022

76.1% (2022 est.)

Industrial production growth rate

-0.9% (2023 est.)

Real GDP (purchasing power parity)

Real GDP (purchasing power parity) 2022

$83.597 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$81.985 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$81.165 billion (2024 est.)

Youth unemployment rate (ages 15-24)

male

4.1% (2024 est.)

total

3.9% (2024 est.)

female

3.5% (2024 est.)

GDP - composition, by sector of origin

industry

27.5% (2023 est.)

services

70% (2023 est.)

agriculture

1.3% (2023 est.)

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