Key Facts

GDP (ppp) per CAPITA

$9,500 (2008 est.)

Inflation Rate

3.4% (2008 est.)

Population

11,451,652 (July 2009 est.)

Country Risk Ratings

D

Ease of Doing Business

-/181

Global Competitiveness

-/134

Country Map

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Cuba : Introduction

The native Amerindian population of Cuba began to decline after the European discovery of the island by Christopher COLUMBUS in 1492 and following its development as a Spanish colony during the next several centuries. Large numbers of African slaves were imported to work the coffee and sugar plantations, and Havana became the launching point for the annual treasure fleets bound for Spain from Mexico and Peru. Spanish rule eventually provoked an independence movement and occasional rebellions that were harshly suppressed. US intervention during the Spanish-American War in 1898 assisted the Cubans in overthrowing Spanish rule. The Treaty of Paris established Cuban independence from the US in 1902 after which the island experienced a string of governments mostly dominated by the military and corrupt politicians. Fidel CASTRO led a rebel army to victory in 1959; his iron rule held the subsequent regime together for nearly five decades. He stepped down as president in February 2008 in favor of his younger brother Raul CASTRO. Cuba's Communist revolution, with Soviet support, was exported throughout Latin America and Africa during the 1960s, 1970s, and 1980s. The country faced a severe economic downturn in 1990 following the withdrawal of former Soviet subsidies worth $4 billion to $6 billion annually. Cuba portrays its difficulties as the result of the US embargo in place since 1961. Illicit migration to the US - using homemade rafts, alien smugglers, air flights, or via the southwest border - is a continuing problem. The US Coast Guard intercepted 2,656 individuals attempting to cross the Straits of Florida in fiscal year 2007.

Cuba: Banco Central de Cuba

Banco Central de Cuba is Cuba's central bank. Banco Central de Cuba was created in 1997 to take over the role of the existing central bank. The website provides information on currency exchanges, contact information, links to commercial banks, and economic news on the Cuba. This website is available both in English and Spanish but is slow to load.

Sources:
CIA World Factbook (September 2009)
U.S. Dept. of State Country Background Notes (August 2008)