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ECONOMIC OF CUBA
Submitted by:
Tuazon, Lorena Y.
Submitted to:
Ms. Donna May Estimada, MBA
Cuba
1. Capital - Havana, the capital of Cuba, is renowned for its colorful architecture. Havana is located on
Cuba’s northern coast to the south of the coral cay archipelago of the Florida Keys.
3. Population - The current population of Cuba is 11,491,234 as of Saturday, March 23, 2019, based on
the latest United Nations estimates.
4. Population (average annual growth rate) - The population growth rate of Cuba is 11,477,459. It's
ranking among other countries is 73. (July 2010)
5. GNP Per Capita - The Gross Domestic Product per capita in Cuba was last recorded at 6445 US dollars
in 2015. The GDP per Capita in Cuba is equivalent to 51 percent of the world's average. GDP per capita
in Cuba averaged 3929.93 USD from 1970 until 2015, reaching an all time high of 6445 USD in 2015
and a record low of 2249.10 USD in 1970.
6. GNP Per Capita (AGR) - 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.
7. Agricultural as Share of GDP - The Agriculture % of GDP of Cuba is 3.80 (%) with a global rank of
131.
8. Exports as Share of GDP - In 2017, Cuba exported $1.41B, making it the 138 th largest exporter in
the world.
9. Infant mortality rate: total: 4.4 deaths/1,000 live births male: 4.9 deaths/1,000 live births female: 3.9
deaths/1,000 live births (2017 est.)
10. Child malnutrition - Cuba is the only country in Latin America and the Caribbean that has eliminated
child malnutrition, thanks to the government’s efforts to improve the diet of the most vulnerable groups,
asserts an international organization.
11. Female share of labor force - At least four-in-ten in the labor force are women.
Economic development
Until 1959, the Cuban government followed a policy of free enterprise; government ownership was largely
limited to local utilities. When the Castro government came to power in 1959, it proceeded to create a centrally
planned economy. By means of nationalization and expropriation, all producer industries, mines, refineries,
communications, and export-import concerns were brought under government control by 1968.
Human Capital
Because of slow population growth and an ageing population, Cuba will in the near future be confronted by a
rather unusual problem in the Latin American context: shortage of labor, which will put pressure on the need for
increasing productivity growth, which can only be based on industrial upgrading, reintegration into the global
economy, technological rejuvenation and a highly skilled labor force.
Agricultural Transformation and Rural Development
From an emphasis on state farms, as the politically and technologically appropriate strategy of agricultural
development, to the adoption of a new approach highlighting the advantages of tying producers to small areas;
from an export-oriented production emphasis to the promotion of food crop production; and from a reliance on
high technology to one on alternative technologies, this transformation is touching on a number of the central
aspects of agricultural production and development.