Cuba's economy is mostly controlled by the government. It is a socialist and communist country which means that the government controls everything. Free education and free health is provided to the residents of the country. Their climate helps the economy of the country very much. as well known the best cigars in the world are made in Cuba, and of course the tobacco is grown there. Also the sugar canes are a resource of income. Crops like sweet potatoes, beans, potatoes, rice, corn etc are exported to many countries from Cuba. Coffee grown in Cuba is also a major export and a great income resource. The fishing in Cuba since its located in the Caribbean its very good and is also used as an income resource. The fishing industry in Cuba is one of the largest in Latin America exporting fish to almost all the countries America. The country's most important income comes from the tourists that visit the island from Canada, Europe, and south America. Holland, Canada, China, Spain, Italy, and Venezuela are the country's most important trading partners.
Cuba suffered its biggest economy down in the 1990s when the Soviet Union fell, since they were their biggest importers of goods. Ever since then, they have been slowly building their economy up by upgrading the facilities to the tourists in the island, the manufacture of cigars and exports of crops , and fish. The Cuban economy has suffered some down ever since the fall of the Soviet Union by big hurricanes in the early 2000s but has managed maintain its economy level.Cuba has stopped in the last few years it imports from its top trading partners by almost 50%. The global crisis has affected Cuba in a major way because the country has very low money reserve.
The unemployment in Cuba is as we could say "steady" since the jobs are controlled by the state. Cuba has obtain a large amount of financial help from Venezuela which has helped the economy of the country to raise a bit. Cuba's annual growth rate since 2001 is from 3% to 8% up to date. Cuba's major imports are petroleum, food, machinery, and chemicals.
5 comments:
I didn’t realize all the different types of goods that Cuba produces. Your blog is very informative in explaining the different sources of agriculture and natural resources Cuba uses to produce revenue. I feel it’s a shame the United States still can’t trade with Cuba because of the trade embargo. The United States could definitely benefit from Cuba’s specialty goods, in my opinion.
-Mustonen J.
http://jordansblogeco.blogspot.com/
Cuba should be brought back into the fold with the U.S. and we should buy some cigars from them. I can buy Cuban tobacco but you have to buy Domincan Republic wrappers in Ybor. That is stupid, but so is the Trade Embargo we still impose on them. We should forgive them for trying to kill us and sneak Russian missiles into their country. Then they could recovery economicly and they could trade with the largest economy which is also their closest neighbor.
This was very informative! I'm a mix of all the the Hispanic islands of the Caribbean but I only have a portion of Cuba heritage in me so unfortunately, I do not know alot. I knew about the communism and the popular cigars but I did not know about the fishing industry and how large it really is. I'm sure rice and beans are major crops grown but I did not know about the others that you mentioned. I left your page knowing a little more about a part of my heritage!
I too did not realize how big the fishing industry was in Cuba. I knew about the obvious ones like cigars and coffee but I was very surprised to read about many of the others. I also was unaware that Venezuela was such a large financial aid to Cuba. I found some interesting information from a BBC News report online concerning the embargo when hurricane Ike and Gustav devastated Cuba in 2008.
"On Monday, the US government said it had raised its initial offer of $100,000 aid for Cuban hurricane victims to up to $5m, but Cuba had rejected it.
Cuban state television, quoting a diplomatic cable, said that the government had responded that Cuba "could not accept a gift" while under a US embargo.
The Cuban government had asked the US to consider lifting its 46-year-old trade embargo for at least six months to allow it to buy materials needed for reconstruction, state TV reported.
Washington has said it will not change its policy on the embargo, imposed on Cuba since 1962, but will give some aid to non-governmental organisations that are helping Cubans".
I didn't realize that Cuba was still a global exporter and importer or even a tourists hot spot for other countries. I believe many Americans have a bad depictions of Cuba that you have changed. I only thought Cuba was a major fruit and cigar exporter to SOME countries. I do see in the future if relations are opened, Cuba will become a larger hot spot than the Bahamas once relations are mended in the end for Americans since its a closed country for us.
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