External balance on goods and services as a percent of GDP in Cuba
Cuba: External balance on goods and services as a percent of GDP was -39.9% in 2024. ◆ Volatile
External balance on goods and services as a percent of GDP in Cuba, 1970–2024
Source: National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data. Measured in % of GDP.
Analysis
In 2024, external balance on goods and services as a percent of gdp in Cuba stood at -39.9%. That is the lowest value across all 55 years on record.
The figure is down 36.3% on the previous year and down 915.8% over ten years.
Over the whole period, external balance on goods and services as a percent of gdp in Cuba peaked at 5.2% in 2012 and was at its lowest, -39.9%, in 2024.
Cuba ranks 179th of 191 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services as a percent of GDP in Cuba, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1970 | -11.6% | — |
| 1971 | -11.6% | +0.0% |
| 1972 | -11.6% | -0.0% |
| 1973 | -11.6% | -0.0% |
| 1974 | -11.6% | +0.0% |
| 1975 | -11.6% | -0.0% |
| 1976 | -11.6% | +0.1% |
| 1977 | -11.6% | -0.1% |
| 1978 | -11.5% | -0.2% |
| 1979 | -11.6% | +0.4% |
| 1980 | -11.5% | -0.5% |
| 1981 | -11.6% | +0.8% |
| 1982 | -11.5% | -0.9% |
| 1983 | -11.4% | -0.6% |
| 1984 | -11.8% | +3.1% |
| 1985 | -11.3% | -4.5% |
| 1986 | -12.0% | +6.9% |
| 1987 | -11.0% | -8.6% |
| 1988 | -11.1% | +0.6% |
| 1989 | -13.6% | +22.7% |
| 1990 | -10.6% | -21.8% |
| 1991 | -7.1% | -32.9% |
| 1992 | -1.3% | -81.6% |
| 1993 | -2.5% | +92.9% |
| 1994 | -1.3% | -48.7% |
| 1995 | -2.5% | +93.2% |
| 1996 | -2.0% | -20.2% |
| 1997 | -2.9% | +45.4% |
| 1998 | -4.0% | +37.6% |
| 1999 | -2.8% | -30.1% |
| 2000 | -2.8% | +0.8% |
| 2001 | -2.9% | +2.7% |
| 2002 | -1.7% | -42.1% |
| 2003 | -0.7% | -59.2% |
| 2004 | 0.7% | -207.2% |
| 2005 | 2.7% | +265.3% |
| 2006 | 0.2% | -91.1% |
| 2007 | 2.7% | +1032.3% |
| 2008 | -3.8% | -239.8% |
| 2009 | 2.0% | -153.0% |
| 2010 | 4.8% | +141.8% |
| 2011 | 3.2% | -33.0% |
| 2012 | 5.2% | +58.8% |
| 2013 | 3.9% | -24.8% |
| 2014 | 4.9% | +26.2% |
| 2015 | 2.7% | -45.2% |
| 2016 | 2.7% | +0.6% |
| 2017 | 2.9% | +6.8% |
| 2018 | 2.0% | -31.9% |
| 2019 | 1.6% | -18.1% |
| 2020 | 0.7% | -59.3% |
| 2021 | -10.2% | -1665.4% |
| 2022 | -12.9% | +25.8% |
| 2023 | -29.3% | +127.3% |
| 2024 | -39.9% | +36.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | -11.6% | -11.6% | -11.5% | 10 |
| 1980s | -11.7% | -13.6% | -11.0% | 10 |
| 1990s | -3.7% | -10.6% | -1.3% | 10 |
| 2000s | -0.3% | -3.8% | 2.7% | 10 |
| 2010s | 3.4% | 1.6% | 5.2% | 10 |
| 2020s | -18.3% | -39.9% | 0.7% | 5 |
Countries ranked near Cuba
More economy & growth data for Cuba
- General government final consumption expenditure (current US$) 25.1 % change on previous year (2020)
- General government final consumption expenditure (current US$), per 0.3885 current US$ per US$ of GDP (2020)
- General government final consumption expenditure (current US$), per 3,731 current US$ per person (2020)
- General government final consumption expenditure (current LCU) 21.52 % change on previous year (2024)
- General government final consumption expenditure (current LCU), per 0.3885 current LCU per US$ of GDP (2020)
- General government final consumption expenditure (current LCU), per 24,524 current LCU per person (2024)
- General government final consumption expenditure (constant 2015 US$) -7.43 % change on previous year (2024)
- General government final consumption expenditure (constant 2015 US$) 0.2523 constant 2015 US$ per US$ of GDP (2020)
- General government final consumption expenditure (constant 2015 US$) 2,335 constant 2015 US$ per person (2024)
- Households and NPISHs Final consumption expenditure (current US$) -3.88 % change on previous year (2020)
Frequently asked questions
- What is external balance on goods and services as a percent of gdp in Cuba?
- External balance on goods and services as a percent of gdp in Cuba was -39.9% in 2024, according to National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data.
- What is the highest external balance on goods and services as a percent of gdp recorded in Cuba?
- The highest recorded value was 5.2% in 2012.
- What is the lowest external balance on goods and services as a percent of gdp recorded in Cuba?
- The lowest recorded value was -39.9% in 2024.
- How does Cuba rank for external balance on goods and services as a percent of gdp?
- Cuba ranks 179th out of 191 countries with data for 2024.
- Is external balance on goods and services as a percent of gdp rising or falling in Cuba?
- Over the last ten years it is down 915.8%. The long-run trend across the full record is volatile.
- Where does this Cuba data come from?
- The figures come from National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data, published as part of External balance on goods and services as a percent of GDP. Statizoid updates them automatically from the source API.
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About this data
Exports of goods and services minus imports of goods and services divided by gross domestic product, expressed as a percentage.