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(FRQRPLF6XUYH\RI/DWLQ$PHULFDDQGWKH&DULEEHDQƒ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²PDQ\RIWKHP IURPWKH0LQLVWU\RI'RPHVWLF7UDGH²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¶VKRSVDQGFDIpVIURPWKH6WDWHWRLQGLYLGXDOV 7KHFKDQJHVLQ&XED¶VHPSOR\PHQWODQGVFDSHZLWKDOLJKWHUSXEOLFVHFWRUFDOOIRUWZHDNLQJWKH/DERXU &RGHDSURSRVHGXSGDWHZLOOWKHUHIRUHEHVXEPLWWHGLQWKHVHFRQGKDOIRIWKH\HDU (FRQRPLF&RPPLVVLRQIRU/DWLQ$PHULFDDQGWKH&DULEEHDQ(&/$& 7DEOH &8%$0$,1(&2120,&,1',&$7256 2004 Gross domestic product Per capita gross domestic product 2006 2007 2008 2009 2010 2011 Annual growth rates b/ 5.8 11.2 12.1 5.5 11.0 12.0 7.3 7.2 4.1 4.1 1.5 1.5 2.4 2.4 2.8 2.8 3.0 3.0 Gross domestic product, by sector Agriculture, livestock, hunting, forestry and fishing Mining and quarrying Manufacturing Electricity, gas and water Construction Wholesale and retail commerce, restaurants and hotels Transport, storage and communications Financial institutions, insurance, real estate and business services Community, social and personal services Gross domestic product, by type of expenditure Final consumption expenditure Government consumption Private consumption Gross capital formation Exports (goods and services) Imports (goods and services) Investment and saving c/ Gross capital formation National saving External saving Balance of payments Current account balance Goods balance Exports, f.o.b. Imports, f.o.b. Services trade balance Income balance Net current transfers Other external-sector indicators Real effective exchange rate (index: 2005=100) d/ Terms of trade for goods (index: 2005=100) Net resource transfer (millions of dollars) Gross external public debt (millions of dollars)e/ 2005 2012 a/ 0.2 -11.8 3.0 -2.5 10.0 -11.6 0.3 1.3 -1.6 18.9 -6.0 6.5 4.7 3.4 37.7 18.0 4.0 9.6 7.9 -8.6 0.6 3.2 5.2 0.6 2.4 -0.2 -3.3 0.9 0.8 0.6 -6.0 7.4 1.1 -1.7 -7.5 4.4 1.4 3.9 2.7 -7.3 -1.1 2.0 2.3 4.0 18.0 0.8 4.5 4.7 8.2 22.7 9.1 0.6 6.4 -0.8 6.6 2.2 2.5 3.1 2.6 6.3 3.6 4.9 2.8 4.9 14.3 1.0 30.2 2.8 8.0 8.1 14.6 3.5 7.5 0.9 3.2 3.4 4.9 2.4 0.6 3.7 0.4 3.7 8.6 1.5 13.5 19.0 13.0 3.6 10.4 0.4 33.0 47.5 25.8 15.0 7.9 18.7 26.0 1.3 20.4 4.4 10.5 1.5 2.4 13.8 -1.1 -0.3 2.6 -1.8 21.9 11.6 7.4 1.2 1.7 0.9 -19.0 3.1 -14.9 5.9 2.2 7.9 -0.7 13.8 35.7 0.5 -1.2 1.4 7.1 3.9 -1.9 … … … … … … Percentajes of GDP 8.8 10.8 9.1 11.1 -0.3 -0.3 11.7 11.3 0.4 10.2 11.0 -0.8 14.8 … … 10.9 … … 10.6 … … 8.3 … … … … … Millions of dollars 116 140 -2 918 -5 235 2 180 2 369 5 098 7 604 2 710 6 375 -650 -633 974 -367 -215 -6 331 3 167 9 498 6 456 -618 278 488 -6 253 3 830 10 083 7 900 -960 -199 … … ... ... ... … … … … ... ... ... … … … … ... ... ... … … … … ... ... ... … … … … ... ... ... … … 101.4 100.0 101.1 104.9 120.1 113.5 112.6 121.1 119.6 102.7 150 5 806 100.0 -633 5 898 126.3 -618 7 794 132.9 -960 8 908 … … … … … … … … … … … … … … … (FRQRPLF6XUYH\RI/DWLQ$PHULFDDQGWKH&DULEEHDQƒ 7DEOHFRQFOXGHG 2004 2005 Employment Labour force participation rate f/ Open unemployment rate f/ Average annual rates 71.0 72.1 1.9 1.9 Prices Variation in consumer prices (December-December) g/ Nominal exchange rate (cuban convertible pesos per dollar) Implicit nominal exchange rate (cuban pesos per dollar) Variation in average real wage Annual percentages Central government Total revenue Tax revenue Current expenditure Interest Capital expenditure Primary balance Overall balance Money and credit Monetary base M2 2006 2007 2008 2009 2010 2011 2012 a/ 72.1 1.9 73.7 1.8 74.7 1.6 75.4 1.7 74.9 2.5 76.1 3.2 … 3.8 2.9 3.7 5.7 10.6 -0.1 -0.1 1.5 1.3 2.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 ... 26.0 6.3 26.0 13.0 24.0 11.6 24.0 -1.5 24.0 0.1 24.0 4.6 24.0 3.0 24.0 0.2 ... 0.3 Percentajes of GDP 33.8 44.0 23.3 28.7 37.6 48.6 30.2 38.9 0.7 1.2 6.0 7.2 -3.0 -3.3 -3.7 -4.6 43.2 30.0 46.4 33.6 1.2 9.1 -2.0 -3.2 46.0 27.7 49.2 38.3 1.4 8.3 -1.8 -3.2 49.1 23.3 56.0 45.1 1.4 8.1 -5.5 -6.9 49.1 21.4 53.9 43.0 1.1 8.2 -3.8 -4.9 45.4 17.8 49.0 40.0 1.3 6.1 -2.2 -3.6 46.7 24.0 48.4 40.2 ... 5.7 ... -1.7 39.0 ... 43.2 34.5 ... 5.8 ... -3.8 Percentages of GDP, end-of-year stocks 31.6 31.6 26.0 24.6 38.0 45.9 38.1 36.8 31.1 41.5 24.5 41.3 23.0 40.6 ... … ... …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