in imports
is reflected in the deterioration of food supplies, shortages of
electricity, inability to get spare parts, and the replacement of
motor-driven vehicles by bicycles and draft animals. Higher world
market prices for sugar and nickel in 1994, however, resulted in a
slight increase in export earnings for the first time in six years,
despite lower production of both commodities. The growth of tourism
slowed in late 1994 as a result of negative publicity surrounding the
exodus of Cubans from the island and other international factors. The
government continued its aggressive search for foreign investment and
announced preliminary agreements to form large joint ventures with
Mexican investors in telecommunications and oil refining. In mid-1994,
the National Assembly began introducing several new taxes and price
increases to stem growing excess liquidity and restore some of the
peso's value as a monetary instrument. In October the government
attempted to stimulate food production by permitting the sale of any
surplus production (over state quotas) at unrestricted prices at
designated markets. Similar but much smaller markets were also
introduced for the sale of manufactured goods in December. The various
government measures have influenced a remarkable appreciation of the
black market value of the peso, from more than 100 pesos to the dollar
in September 1994 to 40 pesos to the dollar in early 1995. Policy
discussions continue in the bureaucracy over the proper pace and scope
of economic reform.

National product: GDP - purchasing power parity - $14 billion (1994
est.)

National product real growth rate: 0.4% (1994 est.)

National product per capita: $1,260 (1994 est.)

Inflation rate (consumer prices): NA%

Unemployment rate: NA%

Budget:
revenues: $9.3 billion
expenditures: $12.5 billion, including capital expenditures of $NA
(1994 est.)

Exports: $1.6 billion (f.o.b., 1994 est.)
commodities: sugar, nickel, shellfish, tobacco, medical products,
citrus, coffee
partners: Russia 15%, Canada 9%, China 8%, Egypt 6%, Spain 5%, Japan
4%, Morocco 4% (1994 est.)

Imports: $1.7 billion (c.i.f., 1994 est.)
commodities: petroleum, food, machinery, chemicals
partners: Spain 17%, Mexico 10%, France 8%, China 8%, Venezuela 7%,
Italy 4%, Canada 3%, (1994 est.)

External debt: $10.8 billion (convertible currency, December 1993)

Industrial production: growth rate NA%