Cuba Industry Sectors

The Cuban economy has transformed from a single product backward economy to a country that is largely driven by its services segment. The contribution of the Cuban industry to the country’s GDP has declined from around 37% in 1996 to only 20% in 2009. Cuba’s dominant sugar cane industry has given way to tourism as the main foreign exchange earner. Sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery and pharmaceuticals are the main Cuban industry segments.[br] 

The Cuban economy has transformed from a single product backward economy to a country that is largely driven by its services segment. The contribution of the Cuban industry to the country’s GDP has declined from around 37% in 1996 to only 20% in 2009. Cuba’s dominant sugar cane industry has given way to tourism as the main foreign exchange earner. Sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery and pharmaceuticals are the main Cuban industry segments.[br] 

Cuba Industry Sectors: Cuba Industries

Cuba’s industrial growth rate, which measures the annual percentage increase in the country’s manufacturing, mining and construction segments, declined by 2.8% in 2009. The decline in the growth rate is largely attributed to rampant corruption, systemic inefficiencies, energy related issues and low output and productivity levels.

 

The country’s once dominant sugar industry is in the doldrums, with several plants closed down and others operating at very low capacities. However, sugar and its derivatives still form an important part of Cuba’s exports. Other products exported by the island nation are nickel, cigars, fish and shellfish, medical products, citrus fruits and coffee. Cuba’s nickel industry is again a significant contributor of foreign exchange through exports to the Netherlands and Canada. Cuba boasts the second largest reserves of nickel in the world and is expected to have produced 76,000 tons of nickel and cobalt in 2009.

 

Cuba’s manufacturing industry largely comprises of processing of agricultural products and tobacco products. Oil refining, some consumer goods, construction materials, steel, agricultural machinery and pharmaceuticals are the other major manufacturing industries in the island nation.

 

The tourism services industry has emerged as the main contributor of foreign exchange, following significant infrastructural investments by the government. Health tourism has become very popular, with visitors from Europe arriving in Cuba to receive medical treatment. This sector generates over $40 million in annual revenues. The nation has one of the highest number of qualified doctors and health professionals in the world, with treatments for neurological disorders, night blindness, orthopedics and eye surgery being very popular.[br]

 

Cuba Industry Sectors: Some Employment Facts

 

Most of the industries in Cuba are owned and controlled by the state, which employs nearly 78% of the country’s population. Only 22% of Cuba’s population works in the private sector or is self employed in the retail and other segments.