Cuba Economy
Latin America & Caribbean · Upper middle income · Capital: Havana
GDP Annual Growth Rate in Cuba increased to -1.06 percent in 2024 from -1.93 percent in 2023.
GDP Growth Rate
Real GDP, annual % change. Hatched bars are IMF projections.
Key Highlights
- Real GDP grew -1.1% in 2024 (previous year: -1.9%).
- The unemployment rate was 1.7% in 2025 (previous: 1.8%).
Main Indicators
| Indicator | Last | Previous | Period |
|---|---|---|---|
| GDP Annual Growth Rate | -1.1% | -1.9% | 2024 |
| Unemployment Rate | 1.7% | 1.8% | 2025 |
| Balance of Trade | $0.7B | $1.7B | 2020 |
| GDP | $107.4B | $103.4B | 2020 |
GDP
| Indicator | Last | Previous | Period |
|---|---|---|---|
| GDP per Capita | $9,605 | $9,232 | 2020 |
| Gross National Income | $101.9B | $98.6B | 2019 |
| GDP from Agriculture | 1.2% | 1.4% | 2024 |
| GDP from Industry | 23.8% | 24.5% | 2024 |
| GDP from Manufacturing | 10.7% | 11.1% | 2024 |
| GDP from Services | 73.4% | 73.2% | 2024 |
| Gross Fixed Capital Formation | 12.8% | 12.9% | 2024 |
| Household Consumption to GDP | 90.9% | 81.1% | 2024 |
Labour
| Indicator | Last | Previous | Period |
|---|---|---|---|
| Youth Unemployment Rate | 4.3% | 4.3% | 2025 |
| Labour Force Participation Rate | 52.2% | 52.6% | 2025 |
| Employment Rate | 51.3% | 51.7% | 2025 |
| Population | 10.94M | 10.98M | 2025 |
Prices
| Indicator | Last | Previous | Period |
|---|---|---|---|
| GDP Deflator Growth | 32.2% | 33.6% | 2024 |
Money
| Indicator | Last | Previous | Period |
|---|---|---|---|
| Foreign Exchange Reserves | $0.0B | $0.0B | 1974 |
Trade
| Indicator | Last | Previous | Period |
|---|---|---|---|
| Exports | $8.8B | $12.6B | 2020 |
| Imports | $8.1B | $11.0B | 2020 |
| Foreign Direct Investment | $0.08B | -$0.01B | 2025 |
| Terms of Trade | 92.6 | 95.1 | 2024 |
| Tourist Arrivals | 1.09M | 4.28M | 2020 |
| Tourism Revenues | $1.15B | $2.65B | 2020 |
Government
| Indicator | Last | Previous | Period |
|---|---|---|---|
| Military Expenditure | 2.88% | 2.87% | 2018 |
Cuba economy explained in simple words
Size of the economy
The economy of Cuba produced goods and services worth $107.4B in 2020, making it the 73rd largest of 214 economies with data.
With a population of about 10.9 million, GDP per person is $9,605. The World Bank classifies Cuba as a “upper middle income” economy.
Economic growth
Real GDP grew -1.1% in 2024, compared with world growth of 3.5% (IMF).
Over the last 10 years growth averaged -0.2% a year, ranging from -10.9% to 4.4%.
Jobs
The unemployment rate was 1.7% in 2025 (world: 4.8%).
About 52.2% of people aged 15 and over are in the labour force (working or looking for work).
Trade and external position
Exports of goods and services were $8.8B and imports $8.1B.
Foreign exchange reserves (including gold) stood at $0.0B.
Structure of the economy
By sector, value added is split roughly as: services 73.4%, industry 23.8%, agriculture 1.2% of GDP.
How to read this page
The four boxes at the top show the most-watched numbers: GDP growth (how fast the economy is expanding), inflation (how fast prices are rising), the central bank policy rate (the base cost of borrowing) and unemployment (the share of job-seekers without work). The small arrow shows the change from the previous reading.
The tabs group all available indicators by topic — GDP, labour, prices, money, trade, government and housing. Each row shows the latest value, the previous value, the period it refers to, a small trend line and the source. Click any indicator to open its full history, chart, statistics and comparison with other countries.
Monthly and quarterly figures come from national statistics offices and central banks — via the OECD, the Bank for International Settlements (BIS) and, for India, the Ministry of Statistics (MoSPI); annual figures come from the World Bank and the IMF. Different indicators are published at different times, so the periods shown can differ.
Frequently asked questions
What is the GDP growth rate of Cuba?
What is the unemployment rate of Cuba?
Data are sourced from official international organisations (IMF, World Bank, BIS) and national authorities, and are shown for educational and informational purposes only. They are not investment advice and no recommendation is made. Figures may be revised by the source; IMF figures for the current and future years are projections. This page was last updated on Saturday, October 17, 2026.