Cuba/Economy

Economy of Cuba

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$107.4B(2020)
GDP per Capita (USD)
$9,605(2020)
GDP Growth (inflation-adjusted)
-1.9%(2023)

Trade & Finance

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Exports (as share of GDP)
40%(2022)
Imports (as share of GDP)
48.8%(2022)

Labor & Income

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Unemployment Rate
1.5%(2024)
Employment in Services
66.9%(2023)
GNI per Capita (USD)
$9,010(2019)

Energy & Environment

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Energy Use per Capita
816 kg oil eq.(2022)
Renewable Energy Consumption (%)
20.9%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Cuba

  • 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 a contraction, with a negative growth rate of -1.9%
    2023
    ,
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 40.0% of GDP and imports at 48.8%
    2022
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $9,010
    2019
    . Globally, this ranks the nation 80th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is robust, with a low unemployment rate of 1.5%
    2024
    . The services sector is a primary driver of the labor market, accounting for 66.9% of total employment
    2023
    .
  • On the environment and energy front, energy consumption per capita is 815.616 kg of oil equivalent
    2022
    . There is a growing focus on sustainability, with renewable energy accounting for 20.9% of consumption
    2021
    . Its commitment to clean energy places it 89th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.

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.