ARCHIVE // CU // TIME-SERIES
Economic overview
Cuba — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | The Soviet-style economy, centrally planned and largely state owned, is highly dependent on the agricultural sector and foreign trade. Sugar provides about 75% of export revenues and is mostly exported to the USSR and other CEMA countries. The economy has stagnated since 1985 under a program that has deemphasized material incentives in the workplace, abolished farmers' informal produce markets, and raised prices of government-supplied goods and services. Castro has complained that the ongoing CE |
| 1991 | The economy, centrally planned and largely state owned, is highly dependent on the agricultural sector and foreign trade. Sugar provides about 75% of export revenues and over half is exported to the USSR. The economy has stagnated since 1985 under policies that have deemphasized material incentives in the workplace, abolished farmers' informal produce markets, and raised prices of government-supplied goods and services. In 1990 the economy probably fell 3%, largely as a result of declining trade |
| 1992 | The economy, centrally planned and largely state owned, is highly dependent on the agricultural sector and foreign trade. Sugar provided about two-thirds of export revenues in 1991, and over half was exported to the former Soviet republics. The economy has stagnated since 1985 under policies that have deemphasized material incentives in the workplace, abolished farmers' informal produce markets, and raised prices of government-supplied goods and services. In 1990 the economy probably fell 5% lar |
| 1993 | Since Castro's takeover of Cuba in 1959, the economy has been run in the Soviet style of government ownership of substantially all the means of production and government planning of all but the smallest details of economic activity. Thus, Cuba, like the former Warsaw Pact nations, has remained in the backwater of economic modernization. The economy contracted by about one-third between 1989 and 1992 as it absorbed the loss of $4 billion of annual economic aid from the former Soviet Union and muc |
| 1994 | Cuba's heavily statist economy remains in a severe depression as a result of the loss of massive amounts of economic aid from the former Soviet Bloc. In 1989-93, GDP declined by about 40% and import capability fell by about 80%. Reduced imports of fuel, spare parts, and chemicals combined with rainy weather to cut the production of sugar - the country's top export - from 7 million tons in 1992 to 4.3 million tons in 1993, causing a loss of more than $400 million in export revenue. The government |
| 1995 | Cuba's heavily statist economy remains severely depressed as the result of its own inefficiencies and the loss of massive amounts of economic aid from the former Soviet Bloc. Total output in 1994 was only about half the output of 1989. The fall in output and in imports is reflected in the deterioration of food supplies, shortages of electricity, inability to get spare parts, and the replacement of motor-driven vehicles by bicycles and draft animals. Higher world market prices for sugar and nicke |
| 1996 | The state retains a primary role in the economy and controls practically all foreign trade. The government has undertaken several reforms in recent years designed to stem excess liquidity, raise labor incentives, and increase the availability of food, consumer goods, and services from depressed levels. The liberalized agricultural markets introduced in October 1994, where state and private farms are authorized to sell any above-quota production at unrestricted prices, have broadened legal consum |
| 1997 | The state plays the primary role in the economy and controls practically all foreign trade. The government has undertaken several reforms in recent years to stem excess liquidity, increase labor incentives, and alleviate serious shortages of food, consumer goods, and services. The liberalized agricultural markets introduced in October 1994, at which state and private farmers sell above-quota production at unrestricted prices, have broadened legal consumption alternatives and reduced black market |
| 1998 | The state plays the primary role in the economy and controls practically all foreign trade. The government has undertaken several reforms in recent years to stem excess liquidity, increase labor incentives, and alleviate serious shortages of food, consumer goods, and services. The liberalized agricultural markets introduced in October 1994, at which state and private farmers sell above-quota production at unrestricted prices, have broadened legal consumption alternatives and reduced black market |
| 1999 | The state plays the primary role in the economy and controls practically all foreign trade. The government has undertaken several reforms in recent years to stem excess liquidity, increase labor incentives, and alleviate serious shortages of food, consumer goods, and services. The liberalized agricultural markets introduced in October 1994, at which state and private farmers sell above-quota production at unrestricted prices, have broadened legal consumption alternatives and reduced black market |
| 2000 | The state under the durable dictatorship of Fidel CASTRO plays the primary role in the domestic economy and controls practically all foreign trade. The government has undertaken several reforms in recent years to stem excess liquidity, increase labor incentives, and alleviate serious shortages of food, consumer goods, and services. The liberalized agricultural markets introduced in October 1994, at which state and private farmers sell above-quota production at unrestricted prices, have broadened |
| 2001 | The government, the primary player in the economy, has undertaken limited reforms in recent years to stem excess liquidity, increase enterprise efficiency, and alleviate serious shortages of food, consumer goods, and services, but prioritizing of political control makes extensive reforms unlikely. Living standards for the average Cuban, without access to dollars, remain at a depressed level compared with 1990. The liberalized farmers' markets introduced in 1994, sell above-quota production at ma |
| 2002 | The government continues to balance the need for economic loosening against a concern for firm political control. It has undertaken limited reforms in recent years to stem excess liquidity, increase enterprise efficiency, and alleviate serious shortages of food, consumer goods, and services, but is unlikely to implement extensive changes. A major feature of the economy is the dichotomy between relatively efficient export enclaves and inefficient domestic sectors. The average Cuban's standard of |
| 2003 | The government continues to balance the need for economic loosening against a desire for firm political control. It has undertaken limited reforms in recent years to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, and services but is unlikely to implement extensive changes. 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 |
| 2004 | 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 |
| 2005 | 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 |
| 2006 | The government continues to balance the need for economic loosening against a desire for firm political control. It has rolled back limited reforms undertaken in the 1990s to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, and services. The average Cuban's standard of living remains at a lower level than before the downturn of the 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. The government in 2005 strengthened its controls |
| 2007 | The government continues to balance the need for economic loosening against a desire for firm political control. It has rolled back limited reforms undertaken in the 1990s to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, and services. The average Cuban's standard of living remains at a lower level than before the downturn of the 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. Since late 2000, Venezuela has been providing Cu |
| 2008 | The government continues to balance the need for economic loosening against a desire for firm political control. It has rolled back limited reforms undertaken in the 1990s to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, and services. The average Cuban's standard of living remains at a lower level than before the downturn of the 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. Since late 2000, Venezuela has been providing oi |
| 2009 | The government continues to balance the need for economic loosening against a desire for firm political control. It has rolled back limited reforms undertaken in the 1990s to increase enterprise efficiency and alleviate serious shortages of food, consumer goods, and services. The average Cuban's standard of living remains at a lower level than before the downturn of the 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. Since late 2000, Venezuela has been providing oi |
| 2010 | The government continues to balance the need for economic loosening against a desire for firm political control. The government announced it would eliminate 500,000 state jobs by March 2011 and has expanded opportunities for self-employment. President CASTRO said such changes were needed to update the economic model to ensure the survival of socialism. It has rolled back limited reforms undertaken in the 1990s to increase enterprise efficiency and alleviate serious shortages of food, consumer go |
| 2011 | The government continues to balance the need for economic loosening against a desire for firm political control. The government announced it would eliminate 500,000 state jobs by March 2011 and has expanded opportunities for self-employment. President Raul CASTRO said such changes were needed to update the economic model to ensure the survival of socialism. The government has introduced limited reforms, some initially implemented in the 1990s, to increase enterprise efficiency and alleviate seri |
| 2012 | The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. The government in April 2011 held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. President Raul CASTRO said such changes were needed to update the economic model to ensure the survival of socialism. The government has expanded opportunities for self employment and has introduced |
| 2013 | The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. The government in April 2011 held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. President Raul CASTRO said such changes were needed to update the economic model to ensure the survival of socialism. The government has expanded opportunities for self-employment and has introduced |
| 2014 | The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. The government in April 2011 held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the Cuban government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and |
| 2015 | The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. The government in April 2011 held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the Cuban government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and |
| 2016 | The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. In April 2011, the government held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell |
| 2017 | The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. In April 2011, the government held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell |
| 2018 | The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. In April 2011, the government held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell |
| 2019 | The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. In April 2011, the government held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell |
| 2020 | The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. In April 2011, the government held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell |
| 2021 | The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. In April 2011, the government held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell |
| 2022 | The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. In April 2011, the government held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell |
| 2023 | still largely state-run planned economy, although privatization increasing under new constitution; widespread protests due to lack of basic necessities and electricity; massive foreign investment increases recently; known tobacco exporter; unique oil-for-doctors relationship with Venezuela; widespread corruption |
| 2024 | still largely state-run planned economy, although privatization increasing under new constitution; widespread protests due to lack of basic necessities and electricity; massive foreign investment increases recently; known tobacco exporter; unique oil-for-doctors relationship with Venezuela; widespread corruption |
| 2025 | still largely state-run planned economy, although privatization increasing under new constitution; widespread protests due to lack of basic necessities and electricity; massive foreign investment increases recently; known tobacco exporter; unique oil-for-doctors relationship with Venezuela; widespread corruption |