The Cuban economy was negatively affected by the COVID-19 pandemic, as well as by additional sanctions from the United States imposed by the Trump administration. In 2020, the country's economy declined by 11%, the country's worst decline in nearly 30 years.

Apr 25, 2017 · Cuba is the 89th, largest importing economy in the world. The country's top imports are food, machinery and equipment, chemicals, and petroleum. The country's top import partners are Venezuela with 38.7%, China with 9.8%, Spain with 8.4%, Brazil with 4.7% and Algeria with 4.4% of the country's total import.

Jan 24, 2024 · Cuba is going through its worst economic crisis in 30 years. Since 2020, Cubans have suffered falling wages, deteriorating public services , regular power outages, severe shortages and a growing...

Apr 25, 2023 · Cuba’s authoritarian regime has failed to avert an economic crisis, repair decaying state institutions, and prevent the country’s largest outflow of migrants since the 1960s.

3 days ago · Cuba - Trade, Economy, Exports: Sugar historically has been the country’s main export. In the early 21st century, Cuba also benefited from a joint venture with Venezuela, which shipped petroleum to Cuba for refining and reexport. In the process, refined fuels vied with sugar to be Cuba’s top export.

Cuba's economy contracted in 2023, and EIU expects a modest economic recovery in 2024 on the back of disinflation and an uptick in tourism and remittances.

For Regional and Income Group breakdowns, visit: World Bank Country and Lending Groups. Explore Cuba economic data on Prosperity Data360.

Dec 21, 2024 · The Cuban government projects a 1% growth in the Gross Domestic Product (GDP) for 2025, which is contrary to the criteria of the Economic Commission for Latin America and the Caribbean (ECLAC) that indicates a 0.1% decrease for next year.

Cuba is facing the worst economic crisis since the Special Period—the extended economic decline on the island primarily due to the collapse of the Soviet Union in 1991 (particularly the worst stage in 1991–1993)—and the situation resembles that of those terrible years.

Dec 29, 2023 · Today the Cuban economy is not what it was a few years ago, but much more diverse in its form of ownership and management. The public enterprise (majority) must exercise leadership in a more competitive and open system.