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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 - $31.59 billion (2003 est.)
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GDP - real growth rate:
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1.3% (2003 est.)
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GDP - per capita:
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purchasing power parity - $2,800 (2003 est.)
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GDP - composition by sector:
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agriculture: 5.5%
industry: 26.9%
services: 67.6% (2003 est.)
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Investment (gross fixed):
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10.1% of GDP (2003)
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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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Inflation rate (consumer prices):
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4.1% (2003 est.)
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Labor force:
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4.58 million
note: state sector 78%, non-state sector 22% (2003 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% (2003 est.)
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Budget:
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revenues: $17.21 billion
expenditures: $18.28 billion, including capital expenditures of NA (2003 est.)
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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% (2003 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 (2001 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 (2003)
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Exports:
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$1.467 billion f.o.b. (2003 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 21.6%, Canada 17.6%, Russia 10.8%, Spain 8.6%, China 7.2% (2003 est.)
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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 16.3%, Venezuela 12.3%, Italy 8.4%, US 8.3%, China 7.5%, Canada 5.3%, Mexico 5.2%, France 4.8% (2003 est.)
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Reserves of foreign exchange & gold:
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$582 million (2003)
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Debt - external:
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$12.52 billion (convertible currency); another $15 billion -$20 billion owed to Russia (2003 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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Keywords: Cuba Economy, Cuba, Economy, country of Cuba, general information, country reports, classbrain, country information, information on Cuba, the Economy of Cuba
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