Cuba GDP Annual Growth Rate
The Gross Domestic Product (GDP) in Cuba expanded 2.70 percent in 2013 from the previous year. GDP Annual Growth Rate in Cuba averaged 2.13 Percent from 1990 until 2013, reaching an all time high of 12.10 Percent in 2006 and a record low of -14.90 Percent in 1993. GDP Annual Growth Rate in Cuba is reported by the National Office of Statistics, Republic of Cuba.
||1990 - 2013
Cuba, the most populous country in the Caribbean, is one of the last communist regimes in the world. The government controls the economy and employs more than 80 percent of the working force. While the most important sector of the economy is services (around 75 percent of GDP), mining, oil production, remittances and tourism are crucial in supporting state revenue. Cuba’s medical industry continues to thrive; the sector trains foreign workers, accommodates foreign patients and even exports workers worldwide. Cuba is a major producer of mineral resources such as nickel and cobalt. Since the U.S. has maintained a trade embargo against Cuba for over 50 years, growth prospects remain weak. Yet recently, in order to boost the economy, the government has initiated some market reforms like allowing setting up small businesses and property ownership. This page provides - Cuba GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.