1945

The Cuban economy grew by 4.3% in 2008, down from 7.3% the previous year. For the third consecutive year, per capita GDP rose at the same rate as overall GDP, reflecting zero demographic growth. The consumer price index was practically unchanged, falling by 0.1 of a percentage point, while unemployment contracted from 1.8% in 2007 to 1.6% in 2008. By contrast, both the fiscal deficit and the external deficit worsened. The fiscal deficit rose from 3.2% of GDP in 2007 to 6.7% in 2008. In the same period, the balanceof-payments current account went from a small surplus to a deficit equivalent to several percentage points of GDP.

Related Subject(s): Economic and Social Development
Countries: Cuba
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