Economy of Cuba
Population: 11.34 M (2018)
GDP per Capita: 8,822 USD (2018)
100,020 M.

GDP USD

(2018)

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14,500 M.

EXPORTS USD

(2018)

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12,600 M.

IMPORTS USD

(2018)

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2018 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 2.25 % (2018)
GDP of 2010 USD USD 77.30 B. (2018)
GDP Current USD USD 100.02 B. (2018)
GDP per Capita Current USD USD 8,822 (2018)
GDP per capita, PPP Cuba
GDP per Capita, 2010 USD USD 6,817 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 30.05 % (2018)
Government Spending USD 30.06 B. (2018)
Government Debt % GDP % ()

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 173.11 (2018)
Trade Openness 27.09 % (2018)
Exports of Goods and Services % GDP 14.50 % (2018)
Exports Goods & Services USD 14.50 B. (2018)
Exports Annual Growth 1.74 % (2013)
Imports as % GDP 12.59 % (2018)
Total Imports USD 12.60 B. (2018)
Foreign Direct Investment % GDP
Foreign Direct Investment
Current Account Balance % GDP USD % (2018)
Current Account Balance USD B. (2018)
Trade Balance % GDP 1.91 % (2018)
Trade Balance USD B. (2018)
Foreign Exchange Reserves incl Gold
Remittances % GDP
Remittances
Balance of Payments

Labor Market

Indicator Value
Labor Force 5.09 M. (2019)
Unemployment Rate 2.25 % (2019)
Unemployment Rate Females 1.78 % (2019)
Unemployment Rate Males 1.55 % (2019)
Youth Unemployment (ages 15-24) 5.51 % (2019)
Labor Force Participation Rate 53.48 % (2019)
Labor Force (Percent Female) 38.49 % (2019)
Female Labor Force Participation Rate 39.85 % (2019)
Male Labor Force Participation Rate 67.25 % (2019)
Dependent People 45.77 % (2018)

Agriculture Sector

Indicator Value
Forest Area 31.30 % (2016)
Forest Area km² 32,536 km² (2016)
Agricultural Land 59.86 % (2016)
Agricultural Land km² 62,267 km² (2016)
Employment 18.11 % (2019)
Value added % GDP 3.78 % (2018)
Agriculture Value added USD 3.78 B. (2018)
Crop Production Index 93.10 (2016)
Precipitation 1,335 mm (2014)
Arable Land 29 % (2016)
Cereal Yield 2,856 kg/hectare (2017)
Food production index 110 (2016)
Rural Population 23 % (2018)
Fertilizer use of Arable Land 49 kg/hectare (2016)
Livestock Production Index 145 (2016)
Economy of Cuba

According to the World Bank and its latest published data, the economy of the Cuba presents a growth rate of 2.25 % (2018) to the previous year.

With a population that reaches 11.34 M (2018) and a gross domestic product of USD 100.02 B. (2018), it translates a Gross Domestic Product per Capita of USD 8,822 placing its inhabitants on the threshold of an Upper middle income country (according to the World Bank's updated classification).

Cuba also has a workforce of 5.09 M. (2019) with an unemployment rate of 2.25 % (2019), where women represent 1.78 % (2019) and men 1.55 % (2019), the unemployment rate for young people between 15-24 years old stood at 5.51 % (2019). The total number of dependent people stands at 45.77 % (2018).

The central government spent 30.05 % (2018) of its gross domestic product that year, which in absolute terms is USD 30.06 B. (2018). Its consolidated public debt reached of its GDP, not exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Cuba exported USD 14.50 B. (2018), which represents 14.50 % (2018) of its gross domestic product, in that same sense its imports reached USD 12.60 B. (2018) with a direct foreign investment of .

Cuba has a forest area of 32,536 km² (2016), which represents 31.30 % (2016) of its total area, an average rainfall of 1,335 mm (2014) per year and a population of 23 % (2018) living in rural areas. With a total area of 62,267 km² (2016) available for agriculture and 18.11 % (2019) of its employments, the agricultural sector contributes to the economy of the Cuba about USD 3.78 B. (2018) (3.78 % (2018) of its GDP).