Republic of Cuba

Cuba is an agrarian-industrial country with a weak level of economic development. The country’s economic policy is aimed at creating a multi-layered socialist economy with market elements.

According to forecasts, the growth of the Cuban economy in 2015 will be 3.1% (in 2014, growth was 2.9%) due to an increase in both public and private investment, as well as growth in consumption.

The desire of the state to attract more foreign investments into the economy along with the further expansion of the consumer sector will accelerate the country’s economic growth in the coming years. Average annual growth of the economy in the period 2016-2019. Will be 3.2%. The price increase in 2014 was 3.0%. The growth of private consumption affects the strengthening of the economy as a whole, but it also contributes to the growth of imports. The deficit of the trade balance amounted to $ 7.2 billion in 2014, the current account balance was 3.8% of GDP. In 2015, through the strengthening of foreign trade, the trade balance deficit will decrease to $ 1.7 billion.

Against the backdrop of strong economic growth and the conservative approach of the state to capital expenditures, the budget deficit in 2014 decreased to 3.2% of GDP (compared with 3.4% in 2013 ). </ P><br />
<P> According to the data of the National Statistical Office, capital expenditures for the end of 2014 amounted to 2.5 billion US dollars, halving compared to the 2013 indicator. In 2015-2016 years. The budget deficit will increase to 3.9-4% in view of the plans of the Cuban government to expand the use of international capital markets, as well as increase government spending on infrastructure projects. </ P><br />
<P> <a href=  Key facts