The economic architecture of Cuba is substantial, anchored by a Gross Domestic Product (GDP) of approximately $107.35B
2020
. This places it as the 66th largest economy out of 191 countries measured, underscoring its significance on the world stage. The economy is facing headwinds, marked by a contraction of -1.9%
2023
On the global stage, Cuba's trade and financial dynamics reveal a complex interplay of international and domestic factors. The nation's economic activity is heavily reliant on foreign goods, running a considerable trade deficit with imports at 48.8% of GDP and exports at 40.0%
2022
.
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $9,010
2019
, ranking the nation 80th out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The labor market demonstrates considerable strength, with a low unemployment rate of 1.5%, suggesting conditions close to full employment.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 66.9% of total employment
2023
.
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 815.616 kg of oil equivalent
2022
, a metric that often correlates with industrial activity and living standards. A significant commitment to sustainability is evident, with renewable energy accounting for 20.9% of consumption
2021
. This commitment places it 89th among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 39.4K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Balancing growth, inflation, and employment remains the core challenge for economic stewardship.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

The transition to a sustainable energy framework is paramount for mitigating climate risk and securing future energy needs.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.