The Gross Domestic Product (GDP) in Cuba contracted 11 percent in 2020. source: National Office of Statistics, Republic of Cuba

GDP Annual Growth Rate in Cuba averaged 1.60 percent from 1990 until 2020, reaching an all time high of 12.10 percent in 2006 and a record low of -14.90 percent in 1993. This page provides - Cuba GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Cuba GDP Annual Growth Rate - values, historical data and charts - was last updated on January of 2022.

GDP Annual Growth Rate in Cuba is expected to reach -6.80 percent by the end of 2021, 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 3.50 percent in 2022 and 2.00 percent in 2023, according to our econometric models.

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Cuba GDP Annual Growth Rate

Related Last Previous Unit Reference
GDP Annual Growth Rate -11.00 -0.20 percent Dec/20
GDP Constant Prices 50698.00 56932.00 CUC Million Dec/20
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.