The economy of Cuba expanded 1.8 percent year-on-year in 2017, following a revised 0.5 percent rise in the previous year. Government spending rebounded (2.2 percent vs -0.2 percent in 2016) but both household spending (1.3 percent vs 4.1 percent) and gross capital formation (1.3 percent vs 7.5 percent) grew much less. Meantime, exports were flat (vs -19.7 percent in 2016) while imports decreased 1.6 percent (vs -10.6 percent in 2016). On the production side, main drivers of growth were: sugar industry (19.7 percent vs -19.4 percent); construction (9.0 percent vs 4.7 percent); hotels & restaurants (7.6 percent vs 12.0 percent) and transport, storage and communications (3.7 percent vs 3.4 percent). GDP Annual Growth Rate in Cuba averaged 2.10 percent from 1990 until 2017, 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 expected to be 1.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Cuba GDP Annual Growth Rate is projected to trend around 1.30 percent in 2020, according to our econometric models.

Cuba GDP Annual Growth Rate
Forecast Data Chart
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Cuba GDP Last Previous Highest Lowest Unit
GDP Annual Growth Rate 1.80 0.50 12.10 -14.90 percent [+]
GDP 87.13 80.66 87.13 5.69 USD Billion [+]
GDP per capita 6445.00 6182.80 6445.00 2249.10 USD [+]
GDP Per Capita Ppp 21016.65 20141.98 21016.65 9021.00 USD [+]
GDP Constant Prices 55757.00 54780.00 55757.00 50262.00 CUC Million [+]

Cuba GDP Annual Growth Rate

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. Since the US has maintained a trade embargo against Cuba for over 50 years, growth prospects remain weak. Yet inthe last few years, 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. Cuba GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.80 0.50 12.10 -14.90 1990 - 2017 percent Yearly

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