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.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions