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The dissolution of the Eastern bloc and the Soviet Union after 18 had dramatic consequences for Cuba some 85% of its former export markets, as well as the considerable Soviet assistance to the amount of an estimated several billion US dollars per year disappeared. Both were essential for the functioning of the Cuban economy in its former shape. In the course of the economic special period (período especial) which has lasted since 18, Cuba was forced to reorient its economic relations and to restructure its economy.
Since the nineties, tourism has been the engine and main source of foreign exchange for the Cuban economy. In 00, Cubas gross income from about 1.68 million tourists amounted to just under USD billion, although the expected growth in this sector has failed to materialize because fewer tourists came due to September 11 and the economic problems in their own countries. In fact, there has even been a slight fall in the number of tourists. In addition, there are money transfers from Cubans abroad, especially from the United States, albeit to a lesser degree for the same reason. However, the number of US tourists rose to 180,000. Furthermore, in 00 60 cruise liners docked in Cuba and their passengers spent an average of USD 150. In contrast, the importance of sugar, which in the past used to earn the bulk of foreign exchange income, has declined. Other important export commodities are nickel, cigars, tropical fruits, as well as fish and seafood. Hurricanes Lili and Isidore, however, which struck in early October 00, did great damage to the crops in the west. The major imports are crude oil and oil products, machinery, vehicles and foodstuffs.
All in all, Cuba is suffering from a considerable lack of foreign currency, a situation which has been exacerbated by the economic losses in the wake of September 11 and the hurricanes. It is hardly able to pay for the most urgent imports and has been forced to take up short-term loans at unfavourable conditions. Cuba is trying to attract foreign investment, which, however, is possible only in the form of joint ventures with Cuban state-owned enterprises.
The cautious economic reforms carried out since 1, such as allowing Cubans to hold US dollars, enabling foreign investments, the promotion of tourism, the reopening of agricultural products markets, as well as the permission for micro-enterprises to operate within certain limits, are intended to make the system of a centrally controlled economy more efficient, without, however, really transforming it. Although these reform measures have in part improved the situation of the population, they have also widened the gulf between rich and poor.
The most important economic sectors are
Agriculture With an estimated .6 million tonnes annually (001/00), the importance of sugar production is still considerable. In 00/00, however, the harvest is expected to fall for the first time under million tonnes to .5 million tonnes due to the restructuring of the sugar industry (closure of about half of the sugar factories). In addition, tobacco, coffee, tropical fruits and vegetables are produced.
The importance of export-oriented fisheries (especially crayfish and shrimp), fish farming as well as that of the fish-processing industry is falling (exports in 000 87. million pesos, 001 78.8 million pesos).
In the mineral resources sector, significant amounts of nickel and cobalt (00 75,600 tonnes) and heavy oil (00 4.1 million tonnes including natural gas) are produced. Several companies are trying to develop new deposits, also in the exclusive economic zone in the seas west of Cuba.
Traditionally, trade and industry used to be concentrated on the domestic market. Now, however, Cuba would like to do more to develop the export industry, as well as the dollar sector, especially tourism. Cuba is a world leader in biotechnology research. In addition, spin-offs from sugar production (such as chipboard), oil derivatives, textile processing, as well as the cement industry play a role. Investments in the export and tourist sector have priority because they bring in or save foreign currency.
In the service sector, tourism had steadily grown until the autumn of 001. From 750,000 visitors in 15, the figure jumped to 1.8 million in 000. In 001, the figures stagnated in the aftermath of September 11 and as a result of the economic problems in the tourists home countries. Gross income from this sector rose from about USD 1 billion in 15 to about USD 1. billion in 000. In 00, revenue amounted to just under USD billion. Roughly 70% of this sum must be spent for imports or for domestic purchases against foreign currency.
After 18/10, GDP decreased by at least 5%. This trend was not reversed until 14. Official growth figures 14 0.7%; 15 .5%; 16 7.8%; 17 .5%; 18 1.%; 1 6.%; 000 5.6%; 001 %; 00 1.1%.
In 00, GDP officially amounted to 7.6 billion pesos (at current prices), i.e. ,500 pesos per capita, or 85% of the 18 level. However, the value of these figures is limited since they are based on the official exchange rate (1 peso = USD 1) and the peso is not convertible. In the state-run exchange offices the exchange rate in early 00 was ca. 6 pesos = USD 1 (for cash transactions of private individuals only). Since quite recently, official GDP figures expressed in dollars are calculated on the basis of purchase power parity (this model includes free medical and educational services). In accordance with this, GDP was USD 57.7 billion, i.e. about USD 5,00 per capita. No information can be provided on the reliability of these figures.
In 00, Cubas exports and imports totalled USD 1.4 billion and 4.1 billion respectively; the volume of trade amounted to USD 5.5 billion, and the balance of trade deficit USD .7 billion. The deficit was financed through the surplus in the balance of service transactions, as well as transfers and net capital imports.
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