In the year 2006, Cuba's combined exports and imports ranked it 8th among all nations, holding free trade agreements (FTAs) with the United States, North America (as a whole), Israel, Chile, Costa Rica, and the European Union. Cuba is also in negotiations to create regional trade blocs under the names of the Cuba Central American Free Trade Agreement and the Free Trade Area of the Americas (FTAA), and is in negotiations over future bilateral FTAs with Jordan, South Korea, the Dominican Republic, Singapore, the Andean Community, and the Caribbean Community (CARICOM).
Of the total 11,451,652 population 4.962 million people are in the labor force. 20% work in agriculture, 19% in industry and 60.6% at services. 2008’s unemployment rate was 1.8%
In 2008, the country’s gross fixed investment equals 11.6% of GDP. Revenues were $41.06 billion while expenditures were $43.33 billion. The public debt equaled 32.8% of GDP, and boasted an inflation rate of 4.2%.
Primary agricultural products include sugar, tobacco, citrus, coffee, rice, potatoes, beans and livestock. While their industries produce sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery and pharmaceuticals. Industrial production grew 6% in 2008.
Cuba produces all of its own electricity primarily from fossil fuel: 93.9%, then hydro: 0.6%, nuclear: 0% and other: 5.4%.
This is also true for natural gas, consuming all it produces (1.218 billion cu m in 2007) while keeping reserves of 70.79 billion cu m.
Although the island produces 61,300 bbl/day of oil, it still needs to import 123,200bbl/day and keeps reserves of 124,000,000 bbl. Venezuela has been providing oil on a preferential basis to Cuba since 2000, and is currently supplying about 100,000 barrels per day of petroleum products. Cuba has been paying for the oil, in part, with the services of Cuban personnel in Venezuela, including some 30,000 medical professionals.
In 2008 Cuba exported $3.497 billion (f.o.b.) of sugar, nickel, tobacco, fish, medical products, citrus and coffee to China 27.5%, Cuba 26.9%, Netherlands 11.1% and Spain 4.7%. They imported $11.74 billion (f.o.b.) of petroleum, food, machinery and equipment, and chemicals from: Venezuela 29.6%, China 13.4%, Spain 10.4%, Cuba 6%, US 5.1%. Their current account balance is <$330> million.
Cuba holds reserves of foreign exchange and gold of $4.347 billion, having external debt of $18.25 billion and another $15-20 Billion owed to Russia.
The stock of direct foreign investment at home was $11.24 billion in 2006, while the stock of foreign investment abroad came in at $4.138 billion.
