Presentaci

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CUBA 2002
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CUBA 2002
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Economy and Trade
CUBA 2002
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Last year, the Cuban economy and its foreign
trade were adversely affected by the following
factors
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Adverse Weather Conditions
(HURRICANES)
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Impact on the Tourist Industry
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High Oil Prices in the World Market. ( WTI)
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MACROECONOMIC INDICATORS PERFORMANCE
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Gross Domestic Product
2001
3.0
2002
1.1
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Performance of the GDP and the per capita GDP.
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The calculation procedure of Cubas GDP does not
consider the actual contribution by the public
health and education services, as well as other
services that are underestimated because they are
free. It is estimated that a proper inclusion of
this services would double the value of Cubas
GDP.
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Fiscal Deficit
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Unemployment Rate
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Exchange Rate
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Infant Mortality Rate
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Life Expectancy at Birth
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Foreign Trade
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Trade
Number of Countries
2002
170
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Trade
2002
5.575 billion
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Trade by Geographic Regions
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Main Trading Partners
Countries
Spain 13
Venezuela 13
China 11
Canada 8
Netherlands 6
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Sectoral Evolution of our Economy
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Oil and gas Extraction
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Nickel Production
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Gross Power Generation
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Cuba - US Bilateral Trade
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Sales of Agricultural Products 2001 - 2002
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Main Limitations
US exports of non-agricultural products to Cuba
are still subject to sanctions.
The sale of agricultural products is subject to
important restrictions.
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Main Limitations
Export credits are not authorized for Cuba.
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Main Limitations
US citizens are not allowed to travel to Cuba
freely.
Cuban exports are not allowed into the United
States.
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Main Limitations
US dollars cannot be used as a means of payment.
Cuban boats cannot call on American ports.
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Main Limitations
Cuba and US banks are not authorized to transact
directly.
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Potential Growth of Cuba-US Bilateral Trade in
Goods and Services
3 billion.
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• Scenario
• Elimination of all economic sanctions against
  Cuba.
• Authorization of a two-way trade.
• Possibility for US investment in Cuba.

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• The development of a Cuba-US bilateral trade
  would also lead to
• US sales of agricultural products amounting to no
  less than 1 billion.
• The creation of additional jobs in both countries.

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• A further growth of both the Cuban economy and
  the States that trade with Cuba.
• The possibility for US investors to invest in
  Cuba.

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Conclusions
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The lifting of the sanctions imposed on Cuba
would be beneficial for both countries.
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• Geographical proximity and Cubas availability
  of natural resources and highly qualified labor
  force are advantages for the US investments in
  Cuba.

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• The Cuban purchases over the last 15 months have
  shown that Cuban is willing and ready to
  normalize relations with the US.

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Thank you very much