CubaKapitel
Cuba is facing a severe economic crisis, marked by widespread shortages and a deterioration in living standards, leading to ongoing demonstrations since July 2021 and growing emigration, particularly of young people to the US.
Source: Coface
Kennzahlen
- Fläche
- 110,860 km2
- Bevölkerung
- 11,019,931 (2023)
- Regierungsform
- communist state
- Sprachen
- Spanish (official)
- BIP
- $107.35 billion (2020)
- Wachstumsrate
- -1.9% (2023)
- HDI
- 85
- Hauptstadt
- Havana
Makroökonomische Indikatoren
The economic rebound of 2021-2022 failed to restore pre-pandemic activity levels and gave way to a recession in 2023. This took place against a backdrop of high inflation, linked to food and energy shortages, as well as the scarcity of foreign currency. The economic situation was also aggravated by the persistence of US sanctions and the effects of the pandemic. Although tourism recorded a 50% increase over 2022, with 2.4 million visitors, this remains below the pre-pandemic figure of 3.5 million.
A recovery is forecast for 2024. However, fiscal retrenchment, the persistence of US sanctions and energy shortages, and the slow recovery of tourism will prevent a rapid exit from recession. Weak domestic consumption will persist. Even if supported by expatriate remittances, it will continue to be impacted by food and energy inflation. The latter is the result of the currency reform of 2021 (even aborted), followed by the pandemic and the war in Ukraine. The government also increased the price of petrol fivefold in March 2024, hitting household purchasing power hard. In addition, public investment in the maintenance and development of critical infrastructures will remain constrained by budgetary constraints. Private investment will remain restricted, notably due to the US Helms-Burton Act, which sanctions foreign companies investing in the island. Private sector expansion will also be hampered by the lack of international financing. U.S. sanctions will hamper imports of raw materials, intermediate goods and spare parts needed to maintain infrastructure and sustain agricultural (14% of exports) and industrial production. Venezuela's economic difficulties have reduced deliveries of its fuel oil and diesel, which are essential for 95% of the electricity generated on the island. Last, oil prices, which are expected to remain high, will also weigh heavily on the sugar and transport industries.
Source : Coface
Luxemburg und das Land
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
None
Air Services agreement
None
Weitere Informationen
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact Points in Cuba
Luxembourg is represented by Royal Netherlands Embassy in Havana
Competent post for consular affairs Embassy of the Kingdom of Belgium in Havana
Source: Ministry of Foreign Affairs of Luxembourg
Country risk as defined by Office du Ducroire for Cuba
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office – Country Risk for Cuba