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Economy of Cuba

Cuba is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Cuba may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Cuba exports around $6.25 billion and imports roughly $13.6 billion. 2.6% of population in the country are unemployed. The total number of unemployed people in Cuba is 298,716. In Cuba, 5% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Cuba is low, indicating that it has a stable economy. Investors should consider Cuba to be a safe location for investments and other financial ventures. Government expenditure on education is 13.6% of GDP. The Gini Index of the country is 38. Cuba is experiencing good equality. The majority of citizens in Cuba fall within a narrow range of income, although some cases may show significant differences. Cuba has a Human Development Index (HDI) of 0.815. Cuba has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Cuba is 1.988. Due to strong law enforcement presence and high social responsibility, Cuba is very safe by international standards.

Currency

The currency of Cuba is Cuban peso. The plural form of the word Cuban peso is pesos. The symbol used for this currency is $, and it is abbreviated as CUP. The Cuban peso is divided into Centavo; there are 100 in one peso.

Credit rating

According to the Moody's credit-rating agency, Cuba has a credit rating score of Caa1, and the prospects of this rating are stable.

Central bank

In Cuba, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Cuba. Locally, the central bank of Cuba is called Banco Central de Cuba.

Public debt

Cuba has a government debt of 127.9% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Cuba is set at 30%. Personal income tax ranges from 15% to 50%, depending on your specific situation and income level. VAT in Cuba is 20%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Cuba is $234 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Cuba was last recorded at $0 million. PPP in Cuba is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Cuba is 78,694 billion. Based on this statistic, Cuba is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Cuba was last recorded at $7 million. The average citizen in Cuba has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Cuba averaged 1.3% in 2014. According to this percentage, Cuba is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Cuba.

Industry

Major industries in the country are petroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar. The total labor force of Cuba is 5,240,360 people, wherein 2.6% of population in the country are unemployed. The total number of unemployed people in Cuba is 298,716. The Industrial Production growth rate of Cuba is 0.8%.To read more about industrial information within Cuba click on industry of Cuba.

Agriculture

There are 30631 km2 of arable land in Cuba, and it comprises 28% of the country's total territory. There are 37881 km2 of cultivated land in Cuba. The country's major agricultural crops and products are sugar, tobacco, citrus, coffee, rice, potatoes, beans, livestock.To read more about agriculture click on agriculture of Cuba.