Posted: May 22nd, 2023

Analyzing the Current Economic Situation in Cuba

Gross Domestic Product

In 2012, Cuba’s GDP stood at 121 billion US dollars. According to the World Bank, the figure represents 0.11 percent of the world economy. The GDP has grown steadily since 1990. In 2013, it increased by 2.7% from the previous year (Campbell, 2013). The country’s National Office of Statistics reported that the annual growth of GDP averaged 2.13% from 1990 to 2013. A record high of 12.9% was reported in 2006. In 1993, the growth was at its lowest at -14.90% [see appendix 1] (Campbell, 2013). The growth in GDP is mainly being attributed to the implementation of favorable policies by the new leaders. However, the policies have come under criticism from the ‘old guard’, who prefer a centralized control of the economy.

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