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% |
Cuba compared with similar countries
- Cuba's -39.9% is below the median for upper middle income countries, which is -4.0%, 9.9× the median. (52 countries reporting)
- Cuba's -39.9% is below the median for Latin America & Caribbean, which is -2.1%, 18.8× the median. (29 countries reporting)
Biggest year-on-year movements
Years where External balance on goods and services as a percent of GDP in Cuba changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2021 | -1665.4% | 0.7% | -10.2% |
| 2007 | +1032.3% | 0.2% | 2.7% |
| 2005 | +265.3% | 0.7% | 2.7% |
| 2008 | -239.8% | 2.7% | -3.8% |
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
- SDRs holdings, US dollar, per unit of GDP 0 units per US$ of GDP (2016)
- SDRs holdings, US dollar, per capita 0 units per person (2016)
- SDRs holdings, SDR, per unit of GDP 0 units per US$ of GDP (2016)
- SDRs holdings, SDR, per capita 0 units per person (2016)
- IMF holdings of currency, US dollar, annual growth rate -100 % change on previous year (1969)
- IMF holdings of currency, US dollar, per unit of GDP 0 units per US$ of GDP (2016)
- IMF holdings of currency, US dollar, per capita 0 units per person (2016)
- IMF holdings of currency, SDR, annual growth rate -100 % change on previous year (1969)
- IMF holdings of currency, SDR, per unit of GDP 0 units per US$ of GDP (2016)
- IMF holdings of currency, SDR, per capita 0 units per person (2016)
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.
Download this data
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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.