GDP Composition %
Introduction Key Economic Facts Risk Assessment (Provided by Coface) Cuba is an island country in the Caribbean consisting of the Income Level (by per capita Upper Middle Income Country rating: E - The highest-risk political and economic main island of Cuba, the Isla de la Juventud, and several GNI): situation and the most difficult business environment. archipelagos. Its nearest neighbors are the United States, Level of Development: Developing Corporate default is likely. Bahamas, Mexico, Cayman Islands, GDP, PPP (current international $254.86 billion (2015) Jamaica, Haiti, and the Dominican $): Business Climate rating: E - The highest possible risk in Republic. Cuba is tropical and mostly flat GDP growth (annual %): 2.25% (2018) terms of business climate. Due to a lack of available with mountains in the southeast. The GDP per capita, PPP (current $22,377.05 (2015) financial information and an unpredictable legal system, government system is a communist state; international $): doing business in this country is extremely difficult. the chief of state and head of government is the president. Manufacturing, value added (% 13.05% (2018) Strengths Cuba has a state-controlled planned economy in which most of GDP): of the means of production are owned and run by the state. Labor force, total: 5,087,758 (2020) • Tourism and mining sectors (nickel, cobalt), and Unemployment, total (% of 1.59% (2020) agricultural potential (sugar, tobacco) total labor force) (modeled ILO • Opening up to the individual and cooperative private estimate): sector of agriculture, commerce, catering and Imports of goods and services $12.60 billion (2018) (current US$): construction Exports of goods and services $14.51 billion (2018) • Skilled and inexpensive workforce (current US$): • Quality medical and educational sectors • Relatively satisfactory social indicators Location: Caribbean • Low crime and the fight against corruption Capital City: Havana (-5 GMT) • Dialogue and cooperation agreement with the Chief of State: President Miguel Díaz-Canel European Union Head of Govt.: Prime Minister Manuel Marrero Cruz • WEAKNESSES Currency: Cuban convertible peso and the GDP Composition % Cuban peso (CUP) Agriculture Services Industry Manufacturing • External vulnerabilities (climate, commodities) Major Languages:
Spanish (official)
• Low productivity in the public sector and in agriculture 70 Primary Religions:Christian 59.2%, folk 17.4%, other • Weak investment and infrastructure 25 .4%, none 23% (2010 est.)
4 13 • Very cumbersome administrative process and still Calling Code: 53 very recent trade regulations Voltage: 110/220 *Although Manufacturing is included in the Industry figures, it is also separately reported because it plays a critical role in economy. • State control over wholesale trade, credit, and foreign Rankings Key Websites trade, and investment Index Rank • Commodity subsidies weighing on public spending Main Government Page: cuba.cu Corruption Perceptions Index 60 / 180 • Reduced access to external funding Index of Economic Freedom 177 / 179 • Conversion rate is moving away from the reality, International Logistics Performance Index (LPI) 146 / 160 KOF Index of Globalization 133 / 185 which maintains the dualism of the economy, the black market, the rationing economy, and the informal sector Weaknesses • External vulnerabilities (climate, commodities) • Low productivity in the public sector and in agriculture • Weak investment and infrastructure • Very cumbersome administrative process and still very recent trade regulations • State control over wholesale trade, credit, and foreign trade, and investmentCountry Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV Cuba
• Commodity subsidies weighing on public spending • Reduced access to external funding • Conversion rate is moving away from the reality, which maintains the dualism of the economy, the black market, the rationing economy, and the informal sector U.S. Embassy U.S. Embassy Havana Calzada between L & M Streets, Vedado Havana, Cuba Tel: (+53) 7839-4100 https://cu.usembassy.gov
Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV