In 2024, Cuba's private sector reached 55% of retail sales, surpassing the state sector, amid a crisis-hit economy.
Raluca Ioana Draghici
International
www.shutterstock.com
Always see our news on Google
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.
Sources
Latest News
16:38
USR has submitted a new Integrity Law, removing provisions that could leave mayors without a mandate.
16:34
A former ROMATSA employee received 532,000 euros as a retirement bonus.
16:29
China warns the USA that it will respond if Chinese companies are included in the expansion of secondary sanctions related to Iran.
16:21
AUR requests Ilie Bolojan to dismiss Cristina Trăilă from the position of deputy general secretary, after she was indicted by the DNA.
16:09
STB submits a new insolvency request, announces the mayor of the Capital, Ciprian Ciucu
See more news
NEWS ON THE SAME TOPICS
International
Cuba approves new economic and social reforms to attract private investments and foreign capital
.webp)
International
Cuba: The UNE Company has announced the restoration of the national electric system, but many areas remain without power.
International
Cuba will suspend transactions with Visa and Mastercard cards due to sanctions imposed by the USA.
Personalized news feed, AI-powered search, and notifications in a more interactive experience.
.webp)
