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Cuba Cuba

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Cuba – Quick View
ECR score14.67 (Mar 2011)
ECR rank170 (Mar 2011)
Economic
GDP at current prices 2009USD 2,690.43 million
GNI per capita 2008USD 5,511.7
Inflation 20100.7%
FDI inflow 2009USD 30.6 million
Central Bank Assets 2010 (Sept)NA
Unemployment rate 2011NA
Government deficit 2010 pUSD 130.29 million
Tax revenue 2009USD 580.43 million
Political
Government typeSocialist Republic
Recent political crisisNA
Economic freedom score177th
Freedom of information score166th
Corruption perception index 201069th
Structural
Crude Birth rate 200910 (per '000)
Population BalanceNA
Life expectancy years 201079 years
Under-5 Mortality rate 20086 (per '000)
Literacy rate 201099.8%
Internet access 201012.7%

[Top] Economic Overview

Cuba’s economy is largely fuelled by the public sector.  The private sector face heavy regulations, business restrictions and inefficient bureaucracy. Cuba is making efforts to strengthen bonds with Venezuela and China to attract investments.      

(Source: Heritage.org)

Gross domestic product (GDP)

Cuba GDP current prices

(Sources: National Statistics)

Cuba’s GDP experienced a steady increase from 2004 to 2009. In 2009, the GDP was recorded at CUP 62,278.60 million.

GDP growth rate

Cuba Real GDP growth rate

(Source: Edc.ca, page: 1)

Cuba’s average real GDP growth rate from 2005 to 2009 was 7.1%. From 2010 to 2012 this rate is projected to rise up to 4%.

Gross national income (GNI) per capita

In 2008, Cuba’s GNI was recorded at USD 5,511.7.                    

(Source: un.org)

Inflation

Cuba Inflation

(Sources: Edc.ca, page: 1)

Cuba’s average inflation rate for 2005 to 2009 was recorded at 3%. In 2012, the rate is projected to amount to 4.9%.

Tax rate

Cuba has a progressive income tax system. The individual income tax rate is 50% and corporate income tax is 30%. The VAT rate in the country is 25%.

(Source: Tax Rates)

Personal Income Tax

Income Range (CUP)

Tax Rate (%)

5,000 - 10,000

25

10,000 - 20,000 

30

20,000 - 30,000 

35

30,000 - 40,000

40

40,000 - 50,000

45

Over 50,000

50

(Source: Tax Rates)

Foreign direct investment (FDI)

In 2009, FDI inflow in Cuba amounted to USD 30.6 million. 

(Source: Heritage.org)

[Top] Financial Indicators & Government Financial

Consumer Price Index (CPI)

Cuba CPI

(Source: National Statistics)                

CPI in Cuba registered fluctuating movements from 2004 to 2009. In 2009, CPI amounted to 101.0.

Interest rate

Following are the interest rates on various deposits issued by Cuba’s central bank, Banco Central de Cuba, in 2004:

Interest Rate (%)

Currency

In view

12 months

60 months

Convertible Cuban Peso (CUC)

0.50

3.00

4.75

United States Dollar (USD)

0.25

1.00

1.90

Cuban Peso (CUP)

0.50

5.00

7.50

(Source: Central Bank)

Official exchange rate

As of 2011, the Cuban Peso (CUP) has been pegged on par with the American Dollar (USD).

(Source: Cuba Currency)

Exchange rate

Exchange Rate of the Cuban Peso (CUP) against other currencies:

Currency

Exchange Rate

British Pound (GBP)

1.6126

Canadian Dollar (CAD)

1.0339

Swiss Franc (CHF)

1.0828

Mexican Peso (MXP)

0.0819

Danish Krone (DKK)

0.1906

Norway Krone (NOK)

0.1821

Sweden Krona (SEK)

0.1581

Euro (EUR)

1.4212

(Source: Central Bank)

Government finances

Fiscal balance

Cuba Fiscal balance

 

 (Source: National Statistics)

Cuba’s fiscal balance witnessed a continual deficit from 2004 to 2009. In 2009, the fiscal deficit was CUP 3,016 million.

Total revenue

Cuba’s government’s total revenue increased steadily from 2004 to 2009. As of 2009, the revenue was registered at CUP 30,181 million. 

Cuba Total revenue

(Source: National Statistics)

Total expenditure

Total expenditure witnessed a steady rise from 2004 to 2009. 

Cuba Total expenditure

(Source: National Statistics)

Tax revenue

In 2005, total tax revenue amounted to CUP 9,115.00 million.

Cuba Tax revenue

(Source: National Statistics)

Current account balance

From 2005 to 2009, Cuba's current account balance was -0.6% of the GDP. In 2012, the balance is projected to be -0.1% of Cuba’s GDP.

Cuba Current account balance

(Source: Edc.ca, page: 1)

Balance of payments

Cuba’s balance of payments registered surplus from 2005 to 2008. In 2008, the balance amounted to CUP 1,174.14 million.

Cuba External balance on goods and services

(Source: World Bank)

[Top] Labour Force and Employment Overview

Working age population (2009)
           

Age (years)

No. of workers ('000)

15-16

0.7

17-19

138.4

20-29

981.4

30-39

1,338.7

40-59

2,392.7

60 and above

220.5

Total

5,072.4

(Source: National Statistics)

In 2009, Cuban workers of 40-59 years old constituted the largest group of the working age population.

Unemployment rate

In 2009, the unemployment rate in the country was just 1.5% for men and 2% for women.

(Source: guardian.co.uk)

Employment

From 2005 to 2009 Cuba’s employment rate increased steadily. In 2009, number of people employed was registered at 5.07 million.

Cuba Employed population

(Source: National Statistics, Table 2)

Minimum wage

In 2011, Cuba’s average minimum wage is recorded at CUP 225 per month.

(Sources: Minimum Wage.org)

Monthly wage

Cuba’s average monthly salary in state-owned and mixed enterprises experienced continual increase from 2004 to 2009. In 2009, the average wage was CUP 429 per month.

Cuba Average monthly wage

(Source: National Statistics)

Level of unionisation

The Central de Trabajadores Cubanos (CTC) is the formal representative of Cuban workers. Independent trade unions are prohibited by the government.

Collective bargaining is permitted following worker meetings, union approval and formal declaration procedure. Wages and work conditions are supervised and determined by government. The right to strike is not recognised by law.

(Source: ituc-csi.org) 

[Top] Political Stability

Cuba’s operates with a socialist republic system.

The president exerts executive powers and has a term of five years. There is no re-election limit for the presidential post. The national Assembly occupies the highest position in the political hierarchy. Members are elected through public referendum. The assembly nominates and elects a Council of State and a Council of Ministers, of which the Executive branch is composed.

The Communist Party is the only legally recognized party of the country. As of 2011, Mr. Raul Castro is the President of Cuba.

(Source: Cuba Solidarity.org, bbc, Global Security.org)

Regulatory Environment

Cuba Economic Freedom Indices

(Source: Heritage.org)

Cuba stands 177th on the 2011 Index of Economic Freedom with a score of 27.7. The country is ranked last amongst the 29 countries of South and Central America.

(Source: Heritage.org)

Freedom of information

In 2010, Cuba was ranked 166th on the Press Freedom Index. This index contains countries with scores ranging from zero, implying most freedom, to about 105. Cuba scored 78.00 points on this index, indicating high regulations on the media.

(Source: rsf.org)

Corruption

The Corruption Perceptions Index (CPI) is a survey that measures the perceived level of corruption across countries worldwide. Cuba is ranked 69th out of 178 countries by the 2010 index, indicating that it is perceived as moderately corrupt.

(Sources: Transparency.org)

Judicial system

Cuba’s judicial system is headed by the Supreme Court. Its judges are elected by National Assembly. Provincial judges are elected by provincial assemblies and municipal judges are elected by municipal assemblies.

The Supreme Court consists of the President, the vice-president and the judges. The independence of the judges is guaranteed by principles laid out by the judicial system.

(Source: Cubatreks)

[Top] Demographic Overview

The gender ratio in the country is balanced.  I.e. males comprise about 50.07% of the population and females 49.93%.

(Source: National Statistics)

Cuba Population by gender

Cuba’s population shows a progressive riser from 2005 to 2010. The population increased from 17.2 million in 2005, to 20 million in 2010.

In 2010, the population of the nation was 11.2 million, with 75.2% of Cuba’s population is classified as urban.

(Source: undp, page 183) 

The country’s gender ratio was recorded at 106.8 (men per 100 women) in 2010.

(Source: undp, page 183) 

In 2010, the average life expectancy in Cuba was 79 years and the median age was about 38.3 years.

(Source: undp, page 183) 

In 2008, the under-5 mortality (per '000 live births) was registered at 6.

(Source: undp)

In 2009, the crude birth rate was registered at 10 (per ‘000).   

(Source: unicef.org)

Human development index (HDI)

The country is categorised under ‘Other countries or territories’ on United Nation’s Human Development Index.

(Source: undp, page 142) 

[Top] Soft Infrastructure

Education

Ministry of Education is the governing body of the education system and is in charge of the implementation of educational policies. Other affiliated bodies include Central Institute of Educational Sciences, Higher Pedagogical Institutes, Scientific Exchange Educational group and Centre for Documentation and Informational Education.

Education begins with pre-school, which is not compulsory and starts at 0-2 years of age. However, primary education is compulsory and starts at the age of 6 and lasts 6 years. This is followed by secondary education, which comprises of technical and vocational training at its latter stages.

The system is mainly funded through state funds, which are allocated through the National Assembly approved budget. Financial audits of the system are performed by Ministry of Finance and Pricing.

In 2010, Cuba’s literacy rate was registered at 99.8%.

(Source: ibe.unesco, undp) 

Health

Cuban health system is characterised by high-tech biotechnology, broad epidemiological studies and well-developed R&D units. Research in developing vaccines for diseases such as tuberculosis, cholera, dengue and leptospirosis is encouraged. National registries have been installed across the nation to focus on particular population groups. 

There are 444 polyclinics in the country. In 2004, a refurbishment plan was implemented across 52 hospitals and tertiary institutes to modernize them.

(Source: Medicc.org)

In 2009, there were 14,237 medical units in Cuba.

(Source: National Statistics)

[Top] Hard Infrastructure

Public transport

The means of public transport include taxis, buses and mini buses.

(Source: Cuba Embassy)

Roads

Cuba’s total road network is measured at approximately 60,858 km, out of this about 49% are paved roads.

(Source: Talktalk.co.uk)

Railways

Total railway network covers approximately 14,331 km. Out of the total network, 9,638 km. of the railway line is utilized by the sugar industry. ‘Ferrocarriles de Cuba’ operates trains in Cuba.

(Source: Talktalk.co.uk, Cuba Embassy)

Sea Ports

There are 37 sea ports in Cuba.

(Sources: World Port Source)

Airways

Airport

Runway Length (Ft.)

Bayamo

7,200

Camaguey

9,800

Cayo Largo Del Sur

9,800

Ciego De Avila

11,600

Cienfuegos

7,800

Guantanamo

8,000

Guantanamo Bay

8,000

Havana

13,100

Havana

7,500

Holguin

10,300

Manzanillo

7,800

Nueva Gerona

8,200

Pinar Del Rio

6,500

Pinar Del Rio

8,400

Santa Clara

9,800

Santiago De Cuba

13,100

Varadero

11,400

(Source: Aircraft World Charter)

Cuba has 24 airports, all of which are paved. Havana, Santiago de Cuba, Holguin, Cayo Coco and Cayo Largo are some of the main airports. 

(Sources: Aircraft World Charter, Cuba Embassy)

Domestic flight network is operated by Cubana airlines and others.

(Source: Cuba Embassy)

Telecommunication

Telephone Lines

Cuba Fixed Telephone Lines

 

(Source: itu.int)

In 2009, the number of fixed telephone line users in Cuba was recorded at 1.12 million.

Mobile cellular subscriptions

Cuba Mobile cellular subscripitons

(Source: itu.int)

Cuba’s mobile subscriptions witnessed continual growth from 2005 to 2009.

Approximately 1,450,000 out of 11,451,652 people, i.e. 12.7 % of population, used the Internet in 2010. From 2000 to 2010, Internet users grew by 2,316.7 %.

(Sources: Internet World Stats)

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