[12] In September 2019, EU foreign policy chief Federica Mogherini stated during a three-day visit to Cuba that the European Union is committed to helping Cuba develop its economy[106], From 1994 until 2021, Cuba had two official currencies: the national peso (or CUP) and the convertible peso (or CUC, often called "dollar" in the spoken language). C.A. The share of the shadow economy is significant in many European countries, ranging from less than 10 to over 40 percent of GDP. Releases from World Bank, More He maintained that they had "the intention of settling" the payments in arrears by 31 May 2020. Reuters. Use Ask Statista Research Service, Share of economic sectors in GDP in Hungary 2021, Real wage development in Hungary 2019-2022. [Brundenius, Claes (2009) Revolutionary Cuba at 50: Growth with Equity revisited. 2", Chart of GDP per capita at current US$ prices, World Map and Chart of GDP per capita at current prices, https://en.wikipedia.org/w/index.php?title=List_of_countries_by_GDP_(nominal)_per_capita&oldid=1165067004, Nearly all country links in the table (except that of, This page was last edited on 12 July 2023, at 20:17. The U.S. has the sixth highest GDP per capita (PPP), fourth highest mean income, and fifth highest median income. Comparisons of national wealth are frequently made on the basis of nominal GDP and savings (not just income), which do not reflect differences in the cost of living in different countries (see List of countries by GDP (nominal) per capita); hence, using a PPP basis is arguably more useful when comparing generalized differences in living standards between economies because PPP takes into account the relative cost of living and the inflation rates of the countries, rather than using only exchange rates, which may distort the real differences in income. La feria A weekly market (Sunday market-type) owned by the government. This page displays a table with actual values, consensus figures, forecasts, statistics and historical data charts for - GDP per capita PPP. Cuba gdp per capita for 2020 was $9,500, a 3.94% increase from 2019. Physiographically, these continental islands are not part of the volcanic Windward Islands arc, although sometimes grouped with them culturally and politically. What is GDP per capita? In 1987, Cuba stopped making payments on that debt. Santosh Mehrotra and Richard Jolly, Clarendon Press, Oxford]. [119] According to Carmelo Mesa-Lago, a Cuban-born US economist, in nominal terms, the Venezuelan subsidy is higher than the subsidy which the Soviet Union gave to Cuba,[120] with the Cuban state receiving cheap oil and the Cuban economy receiving around $6billion annually. [123][needs update], In 2021, Cuba's economic freedom score from the free-market oriented Heritage Foundation was 28.1, ranking Cuba's economy 176th (among the "least free") on such measures as trade freedom, fiscal freedom, monetary freedom, freedom, and business freedom. Dollars,Not Seasonally Adjusted, Frequency: [78][79], In 2019, Cuba once again defaulted on its Paris Club debt. The Soviet Union collapsed, oil cost $40 a barrel, and sugar prices were at basement levels, so why did we not rationalize the industry? Series from World Development Indicators. Gross domestic product (GDP) per capita and GDP per capita annual World Economic Outlook (October 2022) - GDP per capita, current prices. This site uses cookies to optimize functionality and give you the best possible experience. [13] [63], The system of rationed food distribution in Cuba was known as the Libreta de Abastecimiento ("Supplies booklet"). [58], In 2008, Ral Castro's administration hinted that the purchase of computers, DVD players, and microwaves would become legal;[needs update] however, monthly wages remain less than 20 U.S. stored on electronic cards, household supplies, and similar goods. For calculating 2019 data, the total GDP estimate by IMF, List of countries by GDP (nominal) per capita, Corporate haven GDP-per-capita tax haven proxy, List of countries by past and projected GDP (PPP) per capita, List of countries by GDP (PPP) per capita growth rate, United Nations Department of Economic and Social Affairs, "Sarkozy attacks focus on economic growth (French president urges more emphasis on quality of life)", "Alternative progress indicators to Gross Domestic Product (GDP) as a means towards sustainable development", "World Economic Outlook Database, April 2023", "WEO Database, April 2023. Cuba is known for its system of food distribution, the Libreta de Abastecimiento ("Supplies booklet"). Release: [49][self-published source?] This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. (see List of countries by GDP (PPP) per capita). [12] In November 2019, Cuba's state newspaper, Granma, published an article acknowledging that despite the deterioration in relations between the U.S. and Cuban governments, the Cuban government continued to make efforts to attract foreign investment in 2018. [37] Days later in response, the United States cut the Cuban sugar quota completely; Eisenhower was quoted saying "This action amounts to economic sanctions against Cuba. CIA registers 2 separate entries for Palestine: "West Bank" and "Gaza Strip". In December 2015, the parties announced an agreement - Paris Club nations agreed to forgive $8.5billion of the $11.1billion total debt, mostly by waiving interest, service charges, and penalties accrued over the more than two decades of non-payment. Cuban officials estimate roughly 1.6million tourists visited Cuba in 1999, yielding about $1.9 billion in gross revenues. in Cuba, a dramatic increase from the 246 projects reported in 2014. Despite the help of most of the Cuban population, the country fell short and produced only 7.56million tons. [104], Cuba's average tariff rate is 10 percent. The eight major pass-through economiesthe Netherlands, Luxembourg, Hong Kong SAR, the British Virgin Islands, Bermuda, the Cayman Islands, Ireland, and Singaporehost more than 85 percent of the worlds investment in special purpose entities, which are often set up for tax reasons. [86] Cuba's energy sector lacks the resources to produce optimal amounts of power. GDP per capita (current US$) - Cuba | Data This is a list of Latin American and the Caribbean countries by gross domestic product at purchasing power parity in international dollars according to the International Monetary Fund's estimates in the April 2022 World Economic Outlook database. [111] According to a 2022 report from the Cuban Human Rights Observatory (OCDH), 72 percent of Cubans live below the poverty line. Cuba GDP per capita 2023 Data - 2024 Forecast - TRADING ECONOMICS An international dollar (int$) has the same purchasing power over GDP as a United States dollar. N O P Q R S T U V W X Y Z ALL This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. Set monthly fees must be paid regardless of income earned, and frequent inspections yield stiff fines when any of the many self-employment regulations are violated. USD. ", "Well-to-Do in Cuba to Pay an Income Tax", "Health Consequences of Cuba's Special Period", "granma.cu - Cuban Economy Grows 7.5 Per Cent", "Challenges 20072008: Cuban Economy in Need of Nourishment", "US to abstain from UN vote condemning Cuba embargo for the first time in 25 years", "A last hurrah for Cuba's communist rulers", "Cuba adopta nuevos lineamientos econmicos para aumentar la produccin", "Cell phones, microwaves: New access to gizmos could deflect calls for deeper change in Cuba", "A Viewers Guide to Cuba's Economic Reforms", "Cuba to open tax free Special Economic Zone", "Cuba to scrap two-currency system in latest reform", "Cuba's New Social Structure: Assessing the Re-Stratification of Cuban Society 60 Years after Revolution", "Cuba hoy: la pugna entre el racismo y la inclusin", http://www.periodico26.cu/index.php/en/feature/we-recomend/item/16392-expo-caribe-attracts-exhibitors-from-22-countries, "Foreign Direct Investment projects in Cuba increase to 525 - ACN", "Cuba opens broad swath of its economy to private enterprise", "Cuba faces its next financial challenge more than $1 billion in unpaid commercial debt", "Putin Writes Off $32 Billion of Cuba's Debts to Russia", "China Has Forgiven Nearly $10 Billion In Debt. "Cuban banks have long provided loans to farm cooperatives, they have offered credit to new recipients of farmland in usufruct since 2008, and in 2011 they began making loans to individuals for business and other purposes". A comprehensive list of changes is:[61][62], On 20 December 2011, a new credit policy allowed Cuban banks to finance entrepreneurs and individuals wishing to make major purchases to make home improvements in addition to farmers. A Canadian Medical Association Journal paper claimed, "The famine in Cuba during the Special Period was caused by political and economic factors similar to the ones that caused a famine in North Korea in the mid-1990s because both countries were run by authoritarian regimes that denied ordinary people the food to which they were entitled to when the public food distribution collapsed and priority was given to the elite classes and the military. Latin America Initiative on Foreign Policy at Brookings (2014): 1-12. [12][13] As of 2000[update], public-sector employment was 76%, and private-sector employment (mainly composed of self-employment) was 23%, compared to the 1981 ratio of 91% to 8%. (This policy was later partially reversed so that while the U.S. dollar is no longer accepted in businesses, it remains legal for Cubans to hold the currency.) [87] Furthermore, an outdated electricity grid that's been damaged by hurricanes caused the energy crisis in 2004 and continued to be a major issue during the Energy Revolution. On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. What is real GDP per capita? Meeting doctors, engineers, scientists, and other professionals working in restaurants or as taxicab drivers was common. statistic alerts) please log in with your personal account. Government efforts to lower subsidies to unprofitable enterprises and to shrink the money supply caused the semi-official exchange rate for the Cuban peso to move from a peak of 120 to the dollar in the summer of 1994 to 21 to the dollar by year-end 1999. Cuba gni per capita for 2016 was $7,480, a 3.6% increase from 2015. [67] Afro-Cubans, moreover, receive a very limited portion of family remittances from the Cuban-American community in South Florida, which is mostly white. [33] Cuban dictator Fulgencio Batista had plans to line the Malecon, Havana's famous walkway by the water, with hotels and casinos to attract even more tourists. DataBank. [29] The country's economy had grown rapidly in the early part of the century, fueled by the sale of sugar to the United States. 55, NO. The brothers encouraged the development of a cooperative variant of socialism - where the state plays a less active role in the economy - and the formation of worker-owned co-operatives and self-employment enterprises. [72][73], In 2011, China forgave $6billion in debt owed to it by Cuba. GDP per capita is an evolution of this metric, and is obtained by dividing a country's GDP by its population. [3] All data are in current United States dollars. Gross domestic product per capita in Central America in 2022, by country (in 1.000 PPP dollars) [Graph]. [71], Raul Castro's government began a concerted effort to restructure and to ask for forgiveness of loans and debts with creditor countries, many in the billions of dollars and long in arrears from loans and debts incurred under Fidel Castro in the 1970s and 1980s. The Netherlands receives the largest share of Cuban exports (24%), 70 to 80% of which go through Indiana Finance BV, a company owned by the Van 't Wout family, who have close personal ties with Fidel Castro. By the late 1960s, Cuba became dependent on Soviet economic, political, and military aid. It was about 30% to. [a] For rankings regarding wealth, see list of countries by wealth per adult. A power tariff reduced inefficient use. Trust Fund for Statistical Capacity Building. A nationwide scientific survey shows that social inequalities have become increasingly visible in everyday life and that the Afro-Cuban population is structurally disadvantaged. "[21] The socialist revolution was followed by the ongoing United States embargo against Cuba, described by William M. LeoGrande as "the oldest and most comprehensive US economic sanctions regime against any country in the world. [27] Following the fall of the Soviet Union, Cuba's GDP declined by 33% between 1990 and 1993, partially due to the loss of Soviet subsidies[28] and a crash in sugar prices in the early 1990s. Industrial production accounted for almost 37% of Cuban GDP or US$6.9billion and employed 24% of the population, or 2,671,000 people, in 1996. CSV XML EXCEL. To capture the hard currency flowing into the island through tourism and remittances estimated at $500800million annually the government set up state-run "dollar stores" throughout Cuba that sold "luxury" food, household, and clothing items, compared with necessities, which could be bought using national pesos. Their visits for gambling, horse racing, and golfing[33] made tourism an important economic sector. This page provides - Cuba GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news. Foreign investors must form joint ventures with the Cuban government. The Cuban gross domestic product declined at least 35% between 1989 and 1993 due to the loss of 80% of its trading partners[clarification needed] and Soviet subsidies. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. On 22 October 2013, the government eventually announced its intention to end the dual-currency system. GDP per capita (current US$) - Cuba. GDP per capita, PPP - Country rankings - TheGlobalEconomy.com [25], Although Cuba belonged to the high-income countries of Latin America since the 1870s, income inequality was high, accompanied by capital outflows to foreign investors. Growing organopnicos (organic gardens) in the private sector has been attractive to city-dwelling small producers who sell their products where they produce them, avoiding taxes and enjoying a measure of government help from the Ministry of Agriculture (MINAGRI) in the form of seed houses and advisers. GDP per capita in Central America by country 2022 | Statista Country. and over 1Mio. GDP per capita is gross domestic product divided by midyear population. [85] As of 2015, Cuba imported about 7080% of its food[90] and 8084% of the food it rations to the public. List of countries by GDP (PPP) per capita - Wikipedia Cuba vs United States Economy Stats Compared - NationMaster Report for Selected Countries and Subjects: Syria", "IMF DataMapper / Datasets / World Economic Outlook (April 2023) / Population", "Explaining the Shadow Economy in Europe: Size, Causes and Policy Options", "Sizing Up Black Markets and Red-Light Districts for G.D.P. USD. World Bank, [113] The gross domestic product (GDP) measures of national income and output for a given country's . [13] In December 2018, 525 foreign direct investment projects were reported[by whom?] World Bank national accounts data, and OECD National Accounts data files. International Debt Statistics. The volume of Gross Domestic Product in Cuba increased to 545 USD Billion in 2021. 7096. April 7, 2023. 2015 Irish GDP is 143% of 2015 Irish GNI*. IMF. As of 2012[update] the government listed 181 official jobs no longer under their controlsuch as taxi driver, construction worker and shopkeeper. Quarterly External Debt Statistics. The GDP per Capita in Cuba is equivalent to 58 percent of the world's average. It does not include deductions for the . Data Portals and Tools. "Gross Domestic Product per Capita in Central America in 2022, by Country (in 1.000 Ppp Dollars). [82], As of 2011, 96% of electricity was produced from fossil fuels. For example, a university instructor's salary went from 1500 to 5500 CUP. Purchasing Power Parity Converted GDP Per Capita Relative to the United States, G-K method, at current prices for Cuba U.S.=100, Annual, Not Seasonally Adjusted 1970 to 2010 (2012-08-31) Investment Share of Purchasing Power Parity Converted GDP Per Capita at constant prices for Cuba The Latin American countries Brazil, Mexico, Argentina, Colombia, and Chile are the region's largest economies by gross domestic product (GDP) at purchasing power parity (PPP). Contact Data Programs Improving Statistical Capacity International Comparison Program & Purchasing Power Parity International Household Survey Network (IHSN) Joint External Debt Hub Open Data Toolkit Quarterly External Debt Statistics Trust Fund for Statistical Capacity Building Products Cuba had been insulated from world sugar prices by Soviet price guarantees. Comparisons of national income are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries.