In 2024, Cuba's private sector reached 55% of retail sales, surpassing the state sector, amid a crisis-hit economy.
Raluca Ioana Draghici
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According to data from the National Statistics Office, Cuba's private sector overtook the state sector in retail sales for the first time, reaching 55% of the total in 2024. This historic shift comes after an 11% contraction in the state economy over the past five years, marked by shortages and inflation. While state-run shops offer a limited range of products, informal markets are thriving. Economic reforms begun after 1991 and a more pragmatic approach by Cuban leaders have facilitated the growth of the private sector, which now employs some 1.6 million people.
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