What Do You Know About The Economy Of Cuba?

Havana is the capital city of Cuba. The country suffered with fall in the economic sector in the early past. But due to their efforts and good economic policies the economy started to rise since 2003. The growth of Gross Domestic Product was 203 percent in the year 2003, which was 4 percent in 2004 and it rises up 5.5 percent in 2006. so there is continuous improvement in the economy of the Cuba. The worst weather condition has also impacted the Cuban economy due to its slow growth of agriculture sector.

The decrease in the sugar prices which is one of the exports of the country and the increase in the oil price deeply impacted on the economy of the country. The Cuban economy is heavily based on the Sugar Cane and Tobacco industry.  Sugar Cane employs 10 percent of the population of the country. Cuba holds rich natural resources but these resources are not being utilized properly and these resources are exploited by the people. The natural resource includes nickel, cobalt and crude oil. The manufacturing sector is composed of food processing, textiles, pharmaceuticals and chemicals. The country is earning good foreign exchange by attracting large number of tourists.