ed material incentives in the workplace, abolished
farmers' informal produce markets, and raised prices of government-supplied
goods and services. In 1990 the economy probably fell 5% largely as a result
of declining trade with the former Soviet Union and Eastern Europe. Recently
the government has been trying to increase trade with Latin America and
China. Cuba has had difficulty servicing its foreign debt since 1982. The
government currently is encouraging foreign investment in tourist facilities
and in industrial plants idled by falling imports from the former Soviet
Union. Other investment priorities include sugar, basic foods, and nickel.
The annual Soviet subsidy dropped from $4 billion in 1990 to about $1
billion in 1991 because of a lower price paid for Cuban sugar and a sharp
decline in Soviet exports to Cuba. The former Soviet republics have
indicated they will no longer extend aid to Cuba beginning in 1992. Instead
of highly subsidized trade, Cuba has been shifting to trade at market prices
in convertible currencies. Because of increasingly severe shortages of
fuels, industrial raw materials, and spare parts, aggregate output dropped
by one-fifth in 1991.
GNP:
$17 billion, per capita $1,580; real growth rate -20% (1991 est.)
Inflation rate (consumer prices):
NA%
Budget:
revenues $12.46 billion; expenditures $14.45 billion, including capital
expenditures of $NA (1990 est.)
Exports:
$3.6 billion (f.o.b., 1991 est.)
commodities:
sugar, nickel, medical products, shellfish, citrus, tobacco, coffee
partners:
former USSR 63%, China 6%, Canada 4%, Japan 4% (1991 est.)
Imports:
$3.7 billion (c.i.f., 1991 est.)
commodities:
petroleum, capital goods, industrial raw materials, food
partners:
former USSR 47%, Spain 8%, China 6%, Argentina 5%, Italy 4%, Mexico 3% (1991
est.)
External debt:
$6.8 billion (convertible currency, July 1989)
Industrial production:
growth rate 0%; accounts for 45% of GDP (1989)
Electricity:
3,889,000 kW capacity; 16,272 million kWh produced, 1,516 kWh per capita
(1991)
Industries:
sugar milling, petroleum refining, food and tobacco processing, textiles,
chemicals, paper and wood products, metals (particularly nickel), cement,
fertilizers, consumer goods, agricultural machinery
Agriculture:
accounts for 11% of GNP (including fishing and for