Cuba GDP Annual Growth Rate

The Gross Domestic Product (GDP) in Cuba expanded 2.40 percent in 2012 from the previous year. GDP Annual Growth Rate in Cuba is reported by the National Office of Statistics, Republic of Cuba. From 1990 until 2012, Cuba GDP Annual Growth Rate averaged 2.1 Percent reaching an all time high of 12.1 Percent in December of 2006 and a record low of -14.9 Percent in December of 1993. 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. 2014-04-23

Actual Previous Highest Lowest Forecast Dates Unit Frequency
2.40 2.80 12.10 -14.90 2.38 | 2013/12 1990 - 2012 Percent Yearly

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Cuba GDP Annual Growth Rate
LIST BY COUNTRY

GDP Last Previous Highest Lowest Forecast Unit
GDP 60.81 2008-12-31 58.60 60.81 5.69 74.15 2014-06-30 USD Billion [+]
GDP Annual Growth Rate 2.40 2012-12-31 2.80 12.10 -14.90 2.38 2013-12-31 Percent [+]
GDP per capita 4898.30 2010-12-31 4796.20 4898.30 1938.30 5419.99 2014-06-30 USD [+]
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GDP Annual Growth Rate | Notes
The annual growth rate in Gross Domestic Product measures the increase in value of the goods and services produced by an economy over the period of a year. Therefore, unlike the commonly used quarterly GDP growth rate the annual GDP growth rate takes into account a full year of economic activity, thus avoiding the need to make any type of seasonal adjustment.


RELATED NEWS

Cuba Interest Rate at 2.25 Percent  
The benchmark interest rate in Cuba was last recorded at 2.25 percent. Interest Rate in Cuba is reported by the Central Bank of Cuba.
Cuba Inflation Rate at 5.50 Percent  
The inflation rate in Cuba was recorded at 5.50 percent in 2012. Inflation Rate in Cuba is reported by the Rabobank.
Cuba Sales Tax Rate | VAT at 20.00 Percent  
The Sales Tax Rate in Cuba stands at 20 percent. Sales Tax Rate in Cuba is reported by the Minister of Finance and Prices.
Cuba Government Debt To GDP at 21.10 Percent  
Cuba recorded a Government Debt to GDP of 21.10 percent of the country's Gross Domestic Product in 2010. Government Debt To GDP in Cuba is reported by the National Office of Statistics, Republic of Cuba.
Cuba Government Budget at -3.60 Percent of GDP  
Cuba recorded a Government Budget deficit equal to 3.60 percent of the country's Gross Domestic Product in 2012. Government Budget in Cuba is reported by the National Office of Statistics, Republic of Cuba.
Cuba Current Account at 330.00 CUC Million  
Cuba recorded a Current Account surplus of 330 CUC Million in 2011. Current Account in Cuba is reported by the National Office of Statistics, Republic of Cuba.
Cuba Balance of Trade at -7969.00 CUC Million  
Cuba recorded a trade deficit of 7969 CUC Million in 2012. Balance of Trade in Cuba is reported by the National Office of Statistics, Republic of Cuba.
Cuba Imports at 13869.00 CUC Million  
Imports in Cuba decreased to 13869 CUC Million in 2012 from 14022.90 CUC Million in 2011. Imports in Cuba is reported by the National Office of Statistics, Republic of Cuba.
Cuba Exports at 5900.00 CUC Million  
Exports in Cuba decreased to 5900 CUC Million in 2012 from 6340.40 CUC Million in 2011. Exports in Cuba is reported by the National Office of Statistics, Republic of Cuba.
Cuba Retail Sales YoY at 7.50 Percent  
Retail Sales in Cuba increased 7.50 percent in 2012 over the previous year. Retail Sales YoY in Cuba is reported by the National Office of Statistics, Republic of Cuba.
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