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Cuba Business Report
General information
Source: The World Factbook - Central Intelligence Agency
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 61/180High 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
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