- الصفحة الرئيسية
- بلدان
- أفغانستان
أفغانستان
Cuba
During 1954 Cuba’s economy continued to develop on the same low level as in 1953 when gross income had fallen by 18 per cent in relation to the preceding year. In the first place the external factors connected with the sugar market remained so unfavourable as to bring about a 5 per cent decrease in sugar production—over and above a fall of almost 30 per cent in the 1953 sugar crop—which reduced the gross product by some 18 million dollars. The quantum of exports declined by more than 20 per cent thus making a more intensive accumulation of stocks inevitable.
Cuba
During 1957 Cuba’s economic activity attained the highest level registered since the war. According to pro-visional estimates the gross product at current prices was 11 per cent more than in 1956 when the economy had already regained the peak level reached in 1952. If price rises are taken into account the growth of the gross product in real terms may be estimated at rather over 8 per cent.
Cuba
In 1980 for the second year in a row the Cuban economy was faced with serious difficulties in its efforts to expand the material base of its development. Among the most serious obstacles were certain adverse natural phenomena long-standing structural weaknesses and the need to make certain significant changes in economic policy which although still essentially the same has incorporated new means for achieving its objectives. A description of the main developments during the year in question is given below.
Cuba
The difficulties plaguing the Cuban economy since the second half of the 1980s brought on by the gradual economic decline of the member countries of the Council for Mutual Economic Assistance (CMEA) grew worse in the 1990-1991 biennium. Obstacles to obtaining supplies of raw materials and capital goods and deteriorating terms of trade were aggravated by the debt crisis which was slowly cutting off access to the international capital market and by adverse weather conditions such as the severe drought of 1986 and Hurricane Kate. All these factors combined brought the total social product down by nearly 4% in 1987. The level of activity turned around in the next two years but per capita output remained at a virtual standstill.
Cuba
The Cuban economy once again showed disappointing results in 1992. The decisive factor in Cuba's poor economic performance was the worsening of the external sector in which the scarcity of foreign exchange continued to be the main obstacle given the country's heavy dependence on international trade. The situation worsened owing to the decline in trade with the countries which formerly comprised the socialist bloc the deepening of the United States' economic embargo and the fall in the prices of Cuba's main export products. The choking off of energy products and the generalized scarcity of goods led to a collapse in output.
Cuba
In 1993 there was a further decline in productive activity in Cuba and the imbalances which have affected the economy since 1989 continued to deepen. Given that state of affairs efforts have been made to reformulate economic policy with the aim of reforging the country’s linkages with the global economy and revitalizing the production apparatus without giving up the progress achieved in the area of social equity.
Cuba
Cuba's gross domestic product (GDP) increased by 5.6% during the year giving an average annual growth rate of 4.6% for the five-year period 1996-2000. Faced with a chronic shortage of foreign exchange and a sharp increase in the oil bill the authorities had to curb the rapid growth seen in the first six months. Rising interest payments and to a lesser extent the expansion of the trade deficit drove the balance-of-payments current-account deficit upward for the second consecutive year to the equivalent of 2.1% of GDP. The main reason for the widening trade gap was the continuing deterioration in the terms of trade since in volume terms goods exports actually rose faster than imports. Nevertheless a capital-account surplus made it possible to finance the current-account deficit and increase the country's depleted foreign reserves by a small amount. As regards the monetary and price situation there were no significant changes; prices fell slightly once again while the parallel exchange rate remained stable.
Cuba
The Cuban economy slowed down significantly as GDP grew by 3% compared to 5.6% the year before while per capita GDP increased by 2.6%. The faltering international economy put downward pressure on the value of merchandise exports and the terrorist attacks of 11 September caused a slump in tourism. The scarcity of foreign exchange made it necessary to restrict imports to prevent the balance-of-payments current-account deficit from widening and the commercial exchange rate depreciated by 24%. Domestic prices however remained largely stable.
Cuba
Beset by external shocks and bad weather conditions the Cuban economy lost momentum for the second consecutive year in 2002 and gross domestic product grew by just 1.1%. Per capita GDP increased for the fourth straight year (0.8%) while unemployment again declined (3.3%) and real wages fell by 3% as a result of an upturn in inflation (7%). With the international scenario plagued by uncertainties growth for 2003 is forecast to be as low as 1.5%. The modest performance of these two years is partly explained by deterioration in the terms of trade (-9.1%) a fall-off in international tourism since September 2001 and damage caused by hurricanes Michelle in 2001 and Isidora and Lily in 2002.
Cuba
After experiencing a deep slump in production in the years since 1990 the Cuban economy managed to halt its slide in 1994 growing by a modest 0.7%. However per capita GDP remained close to the lowest levels to have been recorded during the past 20 years.
Cuba
In 1995 the Cuban economy managed to halt the strong downward trend in economic activity which had begun in the early 1990s thereby bearing out a number of signs observed in 1994. Gross domestic product (GDP) rose by 2.5% after having fallen by 34% during the first four years of the decade thus ending a six-year-long slide in per capita gdp.
Cuba
Although the island remained in the grip of a serious crisis clearer signs of a recovery in the Cuban economy were visible in 1996. Improved access to imported inputs and reorganization of the public sector resulted in greater capacity utilization and a smaller fiscal deficit. Expansion of supply on the domestic market alleviated inflationary pressures and led to an appreciation of the peso on the parallel exchange market. However the limitations of this economic upturn became evident when the trade deficit again doubled. Thus in 1997 output is expected to grow at a more modest rate of 4% at most.
Cuba
The rate of recovery of the Cuban economy slowed to 2.5% in 1997 (7.8% in 1996) and the balance-of-payments current account deficit grew owing to a large increase (21%) in the volume of merchandise imports and mediocre export performance (3%). Growth in income from tourism services and current transfers helped to mitigate the foreign currency shortage. Despite persistently high liquidity ratios and a deterioration of 20% in the exchange rate no major price adjustments were reported and the fiscal gap was reduced to 2% of output.
Cuba
In 1998 Cuba’s economic recovery slowed down for the second year in a row. The year’s mediocre GDP growth of 1.2% was basically due to a reduced sugar-cane harvest as the rest of the economy grew by 4%. The non-financial public-sector deficit was up slightly at 2.4% of GDP and the liquidity overhang increased though without affecting the purchasing power of the local currency. Inflation remained in low single digits (2.7%) —slightly less than in 1997— and the parallel exchange rate strengthened marginally from 22.8 pesos to the dollar in 1997 to 22.3 in 1998.
Cuba
Following two years of sluggish growth production picked up strongly (6.2%) in 1999. Per capita GDP improved for the sixth consecutive year (5.7%) following the steep downswing of 1990-1993. The fiscal deficit was maintained at 2.2% of GDP and the rate of exchange remained stable (at 20 pesos to the dollar on the parallel market) which helped to keep inflation under control (-3%) within an economic environment marked by the stability of government-regulated prices and declining prices on the open market. The balance-of-payments current account deficit (0.6% of GDP) narrowed for the third year in a row and was the lowest in the decade in relative terms thanks to a decline in the deficit on trade in goods and services and an increase in family remittances from abroad. Inflows from international tourism were up but the merchandise trade deficit widened further despite the increase in the volume of commodity exports owing to a severe deterioration in the terms of trade. The positive balance on the capital account was sufficient to cover the current account deficit and add a small amount to the country’s meagre international reserves.
Cuba
According to data from Cuba’s National Statistical Office the country’s economy grew by 11.8% (compared with 5.4% in 2004) thanks to improved availability of foreign exchange the rising value of nickel exports and growth in tourism services; the latter was particularly boosted by the sale of professional services to the Bolivarian Republic of Venezuela generating income which helped to pay the oil bill. All this was despite adverse weather conditions including the worst drought in a century and three hurricanes which created direct and indirect damage estimated by the government at US$ 3.661 billion (7.9% of GDP in 2005).
Cuba
After growing by 1.5% in 2002 Cuba’s gross domestic product posted an increase of 2.6% in 2003 fuelled by expansions in international tourism family remittances and merchandise exports; the repair of damage caused by the three hurricanes that struck the island in the previous biennium; and an upturn in non-sugar agriculture although the agricultural sector as a whole has been hurt by a drought. In particular the sugar sector beset by financial constraints and organizational problems saw a sharp contraction in output.
Cuba
In 2004 GDP increased by 3% and despite advers circumstances the balance-of-payments current account posted a surplus after decades of negative external balances. This was driven by a 21% rise in exports of goods and services mainly of nickel and tourist and professional services as well as public services. The country suffered the worst drought in 100 years and the onslaught of two hurricanes Charley and Ivan. The hurricanes caused damage that required contingency public transfers of the order of US$3 billion (8.8% of GDP). This was compounded by a crisis in the country's electric power system and the tightening of the economic embargo which increased restrictions on remittances and travel to Cuba and put pressure on foreign banks thus encumbering the country's external financial flows.
Cuba
According to information from the National Statistical Office the Cuban economy expanded by 12.5% in 2006 which was similar to the figure for per capita GDP growth owing to the standstill in population numbers during the year. The fiscal deficit was equivalent to 3.2% of GDP one percentage point smaller than in 2005. The inflation figure to December was two percentage points higher than for 2005 at 5.7%. Open unemployment remained low registering 1.9% the same rate as in 2005.