Economy of Cuba

The economy of Cuba is a mixed planned economy dominated by state-run enterprises. Most of the labor force is employed by the state. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. In the late 2010s, private property and free-market rights along with foreign direct investment were granted by the 2018 Cuban constitution. Foreign direct investment in various Cuban economic sectors increased before 2018. As of 2021, Cuba's private sector is allowed to operate in most sectors of the economy. , public-sector employment was 65%, and private-sector employment was 35%, compared to the 2000 ratio of 76% to 23% and the 1981 ratio of 91% to 8%. Investment is restricted and requires approval by the government. In 2019, Cuba ranked 70th out of 189 countries on the Human Development Index in the high human development category. , the country's public debt comprised 35.3% of GDP, inflation (CDP) was 5.5%, and GDP growth was 3%. Housing and transportation costs are low. Cubans receive government-subsidized education, healthcare, and food subsidies. At the time of the Cuban Revolution of 1953–1959, during the military dictatorship regime of Fulgencio Batista, Cuba's GDP per capita was ranked 7th in the 47 economies of Latin America. Its income distribution compared favorably with that of other Latin American countries. However, "available data must be viewed cautiously and assumed to portray merely a rough approximation of conditions at the time," according to Susan Eckstein. However, there were profound social inequalities between city and countryside and between whites and blacks, and Cuba had a trade and unemployment problem. According to the American PBS program American Experience, "[o]n the eve of Fidel Castro's 1959 revolution, Cuba was neither the paradise that would later be conjured by the nostalgic imaginations of Cuba's many exiles nor the hellhole painted by many supporters of the revolution.