Cub A Long Time - 952 Words

INTERNAL LOGICAL For a long time, Cuba faces the facts that the basic industries in Cuba lags, that 80% of food relies on imports, and that implements long-term rationing, the pillar industries and important economic sources of finance in Cuba are tourism and the exports of sugar and nickel. With the advancement of economic reforms, while maintaining macroeconomic stability, Cuba tried to expand domestic growth sources within its capacity. For instance, as of 2013, the total number of tourists reached 2.83 million, which arrived at a peak. In terms of adjusting industrial structure, Castro launched energy revolution aiming at energy efficiency and renewable generation. However, to help deeper economic reforms and development, active†¦show more content†¦Based on report by the Cuba National Office of Statistics, the GDP annual growth rate increased to 4.7% in the first quarter this year. From 2006 to 2014, the unemployment rate of Cuba remains relatively low with a range from 1.6% to 3.5%. As of 2014, the unemployment rate was 2.7%. Besides, from 2006 to 2014, the average inflation rate of Cuba was 3.98%, while in 2014 the inflation rate was recorded as 5.30%. Cuba’s GDP heavily relies on export. As of 2011, exports of goods and services added 25.1% to its GDP. Cuba exports goods such as sugar, medical products, nickel, tobacco and coffee, while imports petroleum, food, machinery and chemicals. However, in 2014 Cuba faced a trade deficit of 7976.60 million CUC. It’s also worth mentioning that tourism became a new strong segment in Cuba. According to a report by World Travel and Tourism Council, the direct contribution of travel and tourism to GDP in 2013 was 2.5, while the total contribution was 9.8% with estimated rise by 4.7% per year. Monetary policy. Currently Cuba operates a dual currency system. The two official currencies include the Cuban peso (MN or CUP) and the Cuban convertible peso (CUC). The convertible peso was originally designed to replace the U.S. dollar at a 1:1 rate. The Cuban peso was created in 1915, at which time the U.S. dollar was also legal tender