Capital City: Havana
	It is %T:%M %A in Havana It is %T:%M %A in Santiago de Cuba

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Economic trends

The Cuban economy has been suffering severely right from the collapse of Soviet bloc in 1990, followed by the U.S. trade boycott and the internal structural economic problems. However this highly state-controlled economy has recovered somewhat in recent past due to better economic planning, limited private enterprise, and an increase in productivity. During 2005 there was a surge in foreign funds due to fresh financing from China, trade agreements with Venezuela, and growth in international tourism resulting in increased public spending. Cuba's huge external debt reduction is one of its major challenges.

Main branches of industry

Agriculture is one of Cuba's main activities, with sugarcane and tobacco as two main pillars of the sector. 10% of the country's active population works in the sugar sector which is undergoing through a restructuring process. Agricultural productivity highly depends on climatic conditions, especially cyclones. Agriculture and fisheries together account for around 5% of the GDP. Mining accounts for nearly 1.5% of the GDP. Cuba is the world’s 5th largest producer of nickel and cobalt. The manufacturing sector contributes around 15% to GDP and is mainly focused on food-processing, textile, chemicals and pharmaceuticals. The construction sector contributes nearly 7% to GDP. Tourism is growing; accounts for 12% of GDP and generates 40% of the country's foreign exchange revenue. The services sector (includes tourism) contributes nearly 67% to the GDP.

International trade

The embargo upheld by the U.S.A has hampered Cuba's external trade. However, foreign investments, though subject to very strict rules, are enormous in tourism, energy and telecommunications sectors. EU accounts for about half of Cuba’s external trade. Cuba’s top three export partners are: the Netherlands, Canada, and Venezuela. It mainly exports sugar, nickel, tobacco, medicines and fishing products. The country's top three import partners are: Venezuela, Spain and China. Cuba mainly imports mineral fuels & oils, machinery, electric & electronic equipment, cereals, and vehicles.