Last year, the Cuban economy and its foreign trade were adversely affected by the following factors:

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Presentation transcript:

Last year, the Cuban economy and its foreign trade were adversely affected by the following factors:

Adverse Weather Conditions (H URRICANES )

Impact on the Tourist Industry HavanaVaradero Jardines del Rey N. Camagüey N. Holguín Santiago de Cuba Central Southern Coast Canarreos

High Oil Prices in the World Market. ( WTI)

% 1.1%

Performance of the GDP and the per capita GDP. Performance of the GDP and the per capita GDP.

The calculation procedure of Cuba’s GDP does not consider the actual contribution by the public health and education services, as well as other services that are underestimated because they are free. It is estimated that a proper inclusion of this services would double the value of Cuba’s GDP.

Fiscal Deficit

Unemployment Rate

Exchange Rate

Infant Mortality Rate

Life Expectancy at Birth

2002 $5.575 billion

Countries% Spain13 Venezuela13 China11 Canada8 Netherlands6

US exports of non-agricultural products to Cuba are still subject to sanctions. The sale of agricultural products is subject to important restrictions.

Export credits are not authorized for Cuba.

US citizens are not allowed to travel to Cuba freely. Cuban exports are not allowed into the United States.

US dollars cannot be used as a means of payment. Cuban boats cannot call on American ports.

Cuba and US banks are not authorized to transact directly.

$3 billion.

Scenario:  Elimination of all economic sanctions against Cuba.  Authorization of a two-way trade.  Possibility for US investment in Cuba.

The development of a Cuba-US bilateral trade would also lead to:  US sales of agricultural products amounting to no less than $1 billion.  The creation of additional jobs in both countries.

 A further growth of both the Cuban economy and the States that trade with Cuba.  The possibility for US investors to invest in Cuba.

The lifting of the sanctions imposed on Cuba would be beneficial for both countries.

 Geographical proximity and Cuba’s availability of natural resources and highly qualified labor force are advantages for the US investments in Cuba.

 The Cuban purchases over the last 15 months have shown that Cuban is willing and ready to normalize relations with the US.