The Gross Domestic Product (GDP) in Cuba expanded 1.70 percent in the second quarter of 2022, easing sharply from 10.9 percent expansion in the previous three-month period and marking its weakest growth since the third quarter of 2019. source: National Office of Statistics, Republic of Cuba

GDP Annual Growth Rate in Cuba averaged 1.10 percent from 2011 until 2022, reaching an all time high of 10.90 percent in the fourth quarter of 2021 and a record low of -20.50 percent in the second quarter of 2020. This page provides - Cuba GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Cuba GDP Annual Growth Rate - values, historical data and charts - was last updated on February of 2023.

GDP Annual Growth Rate in Cuba is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Cuba GDP Annual Growth Rate is projected to trend around 3.00 percent in 2023 and 2.70 percent in 2024, according to our econometric models.

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Cuba GDP Annual Growth Rate

Related Last Previous Unit Reference
GDP Annual Growth Rate 1.70 10.90 percent Jun 2022
GDP Constant Prices 12379.40 12637.00 CUP Million Jun 2022

Cuba GDP Annual Growth Rate
Cuba, the most populous country in the Caribbean, is one of the last communist regimes in the world. The government controls the economy and employs more than 80 percent of the working force. While the most important sector of the economy is services (around 75 percent of GDP), mining, oil production, remittances and tourism are crucial in supporting state revenue. Since the US has maintained a trade embargo against Cuba for over 50 years, growth prospects remain weak. Yet inthe last few years, in order to boost the economy, the government has initiated some market reforms like allowing setting up small businesses and property ownership.
Actual Previous Highest Lowest Dates Unit Frequency
1.70 10.90 10.90 -20.50 2011 - 2022 percent Quarterly
1997=100, NSA