Flag and Facts
Economy
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Cuba is currently struggling with severe economic challenges, and many of its citizens are falling into poverty. Since 2016, Cuba’s economy has faced various issues, including a decline in tourism, shortages of essential goods, inflation, and high levels of emigration. The services sector is a key contributor, accounting for 74.6% of the GDP and employing 66% of the workforce. Tourism has been vital, with Cuba earning around $2 billion and attracting 3 million tourists in 2016. However, in 2020, the pandemic caused a 82% drop in tourism, and the numbers have not recovered to pre-COVID levels. Political instability and travel restrictions, especially from the US, have further harmed the sector. Industries, which make up 37% of Cuba's GDP, also plays an important role. Key industries include biotechnology, manufacturing, and pharmaceuticals. The biotechnology sector, in particular, has contributed significantly to Cuba’s revenue through the production of vaccines and medications. However, industrial growth has been limited by outdated infrastructure and restricted access to vital resources.
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Agriculture, which remains crucial, faces inefficiencies. Cuba produces sugarcane, tobacco, fruits, coffee, and livestock, with sugarcane being the largest export. Despite this, food production cannot meet the country’s needs, and Cuba relies on imports for 70-80% of its food supply. Cuba’s GDP stands at about $137 billion, ranking 87th globally. It has seen negative growth in recent years, including a 1.93% decline in 2023. The GDP per capita in 2024 was $7,599, a clear contrast to the U.S.’s $76,000. Haiti, Cuba's neighbor, has a GDP per capita of only $1,500. This highlights the economic challenges experienced in the region. In conclusion, Cuba’s economic struggles, as well as its political and economic issues, have led to widespread poverty among its citizens.
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