Thursday, June 27, 2019

Cuba Economy


Population 11.2 million, Land area 42,426 square miles. Nominal Per Capita GDP $6,445.  Nominal GDP $72 billion. State Salary $20 per month. Labor force participation 40%.
Unemployment 25%.

Main Industries include: sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery and pharmaceuticals.

Exports $4.41 billion in sugar, medical products, nickel, tobacco shellfish, citrus and coffee sold to Venezuela 33.5%, Canada 15.9%, China 9.5%, Netherlands 4.5% and Italy 1.5%.

Imports $15.2 billion including petroleum, food, machinery, equipment and chemicals from Venezuela 38.7%, China 9.8%, Russia 4.7%, Algeria 4.4% and Poland 2.4%

Government revenue $54.5 billion, Spending $64.6 billion, Public debt $25.2 billion.


Cuban Per Capita GDP in 1929 was 41% of US per capita. Cuban population in 1955 was 7.1 million. In 1950, Cuba was a typical small South American country with a small population of land-owners and a large rural poor population. After the Communist take-over, investment dropped to zero.


Norb Leahy, Dunwoody GA Tea Party Leader


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