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Cuba Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
11,116,396 (July 2018 est.)
GDP (PPP)
$137.0 billion (2017 est.)

Cuba followed a socialist economic system since the revolution in 1959. The Cuban regime has updated its economic model to include permitting the private ownership and sale of real estate and new vehicles, allowing private farmers to sell agricultural goods directly to hotels, allowing the creation of non-agricultural cooperatives, adopting a new foreign investment law, and launching a "Special Development Zone" around the Mariel port.

GDP growth rate
1.6% (2017 est.)

Low rate for such country. One of the reason is problems with petroleum product deliveries from Venezuela

GDP (PPP) per capita
$12,300 (2017 est.)

Low

Local currency
Cuban peso (CUP and CUC)

2 parallel currencies: CUP is mostly used by locals. CUC is mostly used by foreigners. Officially 1 CUC = 1$, however in the black market there are fluctuations

Financial stability (Public debt)
47.7% (2017 est.)

Medium

Inflation
5.5% (2017 est.)

High, but stable

Language
Spanish (official)

English is spoken as a second language in the main urban or touristic areas

Corruption perception index (Source: Transparency International)
Rank 61/180

High level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT

Report not available
Corporate Tax

Report not available
Duties

Report not available

Are you interested in Caribbean business? Does your company deal with Central America trade?

Globartis is the place for you! We are an active player in Central America business and Caribbean import export, especially Caribbean import. We can help you in finding Cuban companies or a Cuban partner in Havana: join now and start doing business in Cuba!

Whether you are looking for Cuba trade or Cuba imports and exports, become a member now for free and grow your company in the Cuba business.

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