The economy of Cuba is a largely state-controlled, planned economy overseen by the Cuban government, though there remains significant foreign investment and enterprise in Cuba. Most of the means of production are owned and run by the government and most of the labor force is employed by the state. There is a trend towards more private sector employment. In the year 2000, the public sector employment was 76% and the private sector at 23% compared to the 1981 ratio of 91% to 8%.^[1] Capital investment is restricted and requires approval by the government. The Cuban government sets most prices and rations goods to citizens. The present Cuban Minister of Economy and Planning is José Luis Rodríguez García. PPP The purchasing power parity (PPP) theory was developed by Gustav Cassel in 1920. ... There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... This article does not cite any references or sources. ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... USD redirects here. ... For other uses, see State (disambiguation). ... This article refers to an economy controlled by the state. ... José Luis Rodríguez García is the current Cuban Minister of Economy and Planning. ...

Government planning

Further information: Rationing in Cuba

Central control is complicated by the existence of the informal economy. A street vendor in Havana Rationing in Cuba refers to the system of food distribution known in Cuba as the Libreta de Abastecimiento (Supplies booklet). The system establishes the rations each person is allowed to buy and the frequency of supplies. ...

Special Period

Main article: Special Period

The Cuban economy is still recovering from a decline in gross domestic product of at least 35 percent between 1989 and 1993 due to the loss of 80 percent of its trading partners and Soviet subsidies. This era was referred to as the "Special Period in Peacetime" later shortened to "Special Period". The government has undertaken several reforms in recent years to stem excess liquidity, increase labour incentives, and alleviate serious shortages of food, consumer goods, and services. To alleviate the economic crisis, the government introduced a few market-oriented reforms including opening to tourism, allowing foreign investment, legalizing the U.S. dollar (although later partially reverted so that the US dollar is no longer accepted in businesses, it remains legal for Cubans to hold the currency), and authorizing self-employment for some 150 occupations. These measures resulted in modest economic growth. The liberalized agricultural markets introduced in October 1994, at which state and private farmers sell above-quota production at free market prices, have broadened legal consumption alternatives and reduced black market prices. A decrepit street in Trinidad, Cuba showing signs of the economic decline in Cuba since the collapse of the Soviet Union The Special Period in Peacetime (Spanish: Período especial en tiempo de paz ) in Cuba was an extended period of economic crisis that began in 1991 after the collapse... This article is about GDP in the context of economics. ... CCCP redirects here. ... In economics, a subsidy is generally a monetary grant given by a government to lower the price faced by producers or consumers of a good, generally because it is considered to be in the public interest. ... A decrepit street in Trinidad, Cuba showing signs of the economic decline in Cuba since the collapse of the Soviet Union The Special Period in Peacetime (Spanish: Período especial en tiempo de paz ) in Cuba was an extended period of economic crisis that began in 1991 after the collapse... Market liquidity is a business or economics term that refers to the ability to quickly buy or sell a particular item without causing a significant movement in the price. ... Definitions of consumer goods by Ben Murray New goods acquired by households for their own consumption. ... A market economy (also called a free market economy or a free enterprise economy) is an economic system in which the production and distribution of goods and services take place through the mechanism of free markets guided by a free price system. ... Tourist redirects here. ... The United States dollar is the official currency of the United States. ... Belligerent military occupation occurs when the control and authority over a territory belonging to a state passes to a hostile army. ... World GDP/capita changed very little for most of human history before the industrial revolution. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... It has been suggested that this article or section be merged into underground economy. ...

Government efforts to lower subsidies to unprofitable enterprises and to shrink the money supply caused the semi-official exchange rate for the Cuban peso to move from a peak of 120 to the dollar in the summer of 1994 to 21 to the dollar by yearend 1999. Living conditions in 1999 remained well below the 1989 level. New taxes introduced in 1996 have helped drive down the number of self-employed workers from 208,000 in January 1996. ISO 4217 Code CUP User(s) Cuba Inflation 5% Source The World Factbook, 2006 est. ... {| class=wikitable |- ! header 1 ! header 2 ! header 3 |- | row 1, cell 1 | row 1, cell 2 | row 1, cell 3 |- | row 2, cell 1 | row 2, cell 2 | row 2, cell 3 |} Living Conditions is the second episode of season 4 of the television show Buffy the Vampire Slayer. ... A tax is an involuntary fee paid by individuals or businesses to a state, or to functional equivalents of a state, including tribes, secessionist movements or revolutionary movements. ... The examples and perspective in this article or section may not represent a worldwide view. ...

Havana announced in 1995 that GDP declined by 35% during 1989-93, the result of lost Soviet aid and domestic inefficiencies. The drop in GDP apparently halted in 1994, when Cuba reported 0.7% growth, followed by increases of 2.5% in 1995 and 7.8% in 1996. Growth slowed again in 1997 and 1998 to 2.5% and 1.2% respectively. One of the key reasons given was the failure to notice that sugar production had become dramatically uneconomic. Reflecting on the Special period Cuban president Fidel Castro later admitted that many mistakes had been made, “The country had many economists and it is not my intention to criticise them, but I would like to ask why we hadn’t discovered earlier that maintaining our levels of sugar production would be impossible. The Soviet Union had collapsed, oil was costing $40 a barrel, sugar prices were at basement levels, so why did we not rationalize the industry.’’ [2]’’ Fidel Alejandro Castro Ruz (born on August 13, 1926) is the current President of Cuba but on indefinite medical hiatus. ...

Recovery

Historical evolution of GDP per capita of Cuba and some other Caribbean countries, from World Population, GDP and Per Capita GDP, 1-2003 AD.

Due to the continued growth of tourism, growth began in 1999 with a 6.2% increase in GDP ^{[citation needed]}. Growth in recent years has picked up significantly, with a growth in GDP of 11.8% in 2005 according to official Cuban information ^{[citation needed]}. Image File history File links Size of this preview: 800 × 559 pixelsFull resolution (883 × 617 pixels, file size: 18 KB, MIME type: image/png) File historyClick on a date/time to view the file as it appeared at that time. ... Image File history File links Size of this preview: 800 × 559 pixelsFull resolution (883 × 617 pixels, file size: 18 KB, MIME type: image/png) File historyClick on a date/time to view the file as it appeared at that time. ...

Energy production

Due to the reliance on declining Soviet era electricity generators, many areas of Cuba suffered frequent blackouts and brownouts for extended periods, creating additional pressure on society. To counter these problems, the government has put Cuba through "Energy Revolution", which has placed increased emphasis on the efficient use of electrical energy and more efficient, ^{[citation needed]} small-power generators linked in a synchronized network. The country has increased the number of solar- and wind-powered generators. ^{[citation needed]} Though development was hampered by large-scale damage created by Hurricane Dennis and Hurricane Wilma, which cut Cuba's electricity generation capacity by half in the areas most affected, Cuba now exceeds the government set demand in electricity production. [3] Raul Castro reminded Cubans, in his July 26 speech in 2007, that the Special Period is not yet over. [4] Electricity (from New Latin Ä“lectricus, amberlike) is a general term for a variety of phenomena resulting from the presence and flow of electric charge. ... Tree limbs create a short circuit in electrical lines during a storm that spawned two tornados. ... Power Outage is an episode of The WB drama series, Charmed. ... This article is about the Atlantic hurricane of 2005. ... Lowest pressure 882 mbar (hPa; 26. ... is the 207th day of the year (208th in leap years) in the Gregorian calendar. ...

Government fiscal policies

After the 1959 Cuban Revolution, citizens were not required to pay a personal income tax (their salaries being regarded as net of any taxes). However, from 1996, the State started to impose income taxes on Cubans earning hard currency, primarily the self-employed.^[2]

Tourism

Main article: Tourism in Cuba

In the mid 1990s tourism surpassed sugar, long the mainstay of the Cuban economy, as the primary source of foreign exchange. Tourism figures prominently in the Cuban Government's plans for development, and a top official cast it as the "heart of the economy". Havana devotes significant resources to building new tourist facilities and renovating historic structures for use in the tourism sector. Cuban officials estimate roughly 1.6 million tourists visited Cuba in 1999 with about $1.9 billion in gross revenues. Palm tree at a Cuban beach resort Tourism in Cuba attracts over 2 million visitors a year, and is one of the main sources of revenue for the island. ... This article is about sugar as food and as an important and widely traded commodity. ... One thousand million (1,000,000,000) is the natural number following 999,999,999 and preceding 1,000,000,001. ...

The rapid growth of tourism has had widespread social and economic repercussions in Cuba. This has led to speculation of the emergence of a two-tier economy^[3] and the fostering of a state of tourist apartheid on the island. This situation was exacerbated by the influx of dollars into the Cuban economy during the 1990s, potentially creating a dual economy based on the dollar (the currency of tourists) on the one hand, and the peso on the other. Scarce imported goods - and even some of local manufacture, such as rum and coffee- could be had at dollars-only stores, but were hard to find or unavailable at peso prices. As a result, Cubans who earned only in the peso economy, outside the tourist sector, were at an economic disadvantage. Those with dollar incomes based upon the service industry began to live more comfortably. This widened the gulf between Cubans' material standards of living, in conflict with the Cuban Government's long term socialist policies.^[4] The term tourist apartheid was coined in the early 1990s after Cuba first opened up to foreign tourists. ... This article is about the beverage. ... For other uses, see Coffee (disambiguation). ... Socialism is a social and economic system (or the political philosophy advocating such a system) in which the economic means of production are owned and controlled collectively by the people. ...

Agriculture

Main article: Agriculture of Cuba

Sugar remains an important part of the Cuban economy with large amounts of land, labour, and other resources dedicated to the industry. At one time, Cuba was the world’s most important sugar producer and exporter. Sugar production in 1989 was over 8 million tons, but fell to about 3.5 million tons in the 1994-95 harvest, one of the lowest on record. As a result of chronic underinvestment and natural disasters, however, Cuba's sugar production has seen a drastic decline. In 2002, more than half of Cuba's sugar mills were shut down. Cuba's most recent sugar harvest of 1.1 million metric tons was its worst in nearly one hundred years, comparable only to those of 1903 and 1904. Prospects for regaining that level of output are poor unless the Cuban Government undertakes substantial reform of the sugar industry, something it has been reluctant to do, since it has become government policy to substantially and deliberately phase out the sugar industry. Agriculture has played an important part in Cubas economy for several hundred years. ... Land in economics comprises all naturally occurring resources whose supply is inherently fixed (i. ...

Industry

Oil pumps in Cuba

More recently Cuba's world-class biotechnology and pharmaceutical industry is gaining in its importance to the economy. It has been claimed that soon it will become Cuba's main source of foreign exchange. Among the products sold internationally are vaccines against various viral and bacterial pathogens, and promising anti-cancer vaccines are undergoing exhaustive clinical trials. Some Cuban scientists, like V. Verez-Bencomo, have been awarded international prizes for their contributions in biotechnology and Sugar Cane. Cuban vaccines are sold, among other countries,in Russia,China,India,Pakistan,and several Latin American countries. Image File history File linksMetadata Download high-resolution version (1280x960, 502 KB) Summary Licensing File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Economy of Cuba Metadata This file contains additional information, probably added from the digital camera or... Image File history File linksMetadata Download high-resolution version (1280x960, 502 KB) Summary Licensing File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Economy of Cuba Metadata This file contains additional information, probably added from the digital camera or...

International trade

The Netherlands receive the largest share of Cuban exports (22.8%)^{[citation needed]}, 70 to 80% of which through Fondel Finance, a company owned by the Van 't Wout family who have close personal ties with Fidel Castro. Business, however, goes through the ministers and the family expect that after Castro's death little will change - possibly a change in the form of government that will give the ministers more influence. Van t Wout is the last name of a Dutch family that, through their firm Fondel Finance, represents 70 to 80 percent of Dutch trade with Cuba. ...

Foreign investment

Since the Special Period, Cuba has actively courted foreign investment. All would be foreign investors are required to form joint ventures with the Cuban government. The sole exception to this rule are Venezuelans, who are allowed to hold 100% ownership in businesses due to an economic agreement between Cuba and Venezuela. Cuban officials said in early 1998 that there were a total of 332 joint ventures. Many of these are loans or contracts for management, supplies, or services normally not considered equity investment in Western economies. Investors are constrained by the U.S.-Cuban Liberty and Democratic Solidarity Act which provides sanctions for those who "traffic" in property expropriated from U.S. citizens. As of March 1998, 15 executives of three foreign companies have been excluded from entry into the United States. ^{[citation needed]} Over a dozen companies have pulled out of Cuba or altered their plans to invest there due to the threat of action under the Libertad Act.^{[citation needed]} A joint venture (often abbreviated JV) is an entity formed between two or more parties to undertake economic activity together. ...

Tobacco plantation, Pinar del Rio

US Dollar Image File history File linksMetadata No higher resolution available. ... Image File history File linksMetadata No higher resolution available. ... Shredded tobacco leaf for pipe smoking Tobacco can also be pressed into plugs and sliced into flakes Tobacco is an agricultural product processed from the fresh leaves of plants in the genus Nicotiana. ... Pinar del Río is a city in Cuba. ...

In 1993 the Cuban Government made it legal for its people to possess and use the U.S. dollar, nicknamed fulas. From then until 2004, the dollar became a major currency. To capture the hard currency flowing into the island through tourism and remittances - estimated at $500-800 million annually - the government set up state-run "dollar stores" throughout Cuba that sold 'luxury' food, household, and clothing items, compared with basic necessities, which were bought using the Cuban peso. As such, a gap in the standard of living developed between those with access to dollars and those without. Jobs that could earn dollar salaries or tips from foreign businesses and tourists became highly desirable. It was common to meet doctors, engineers, scientists, and other professionals working in restaurants or as taxi drivers. Remittance advertising in Oxford Street, London with Russian slogans. ... ISO 4217 Code CUP User(s) Cuba Inflation 5% Source The World Factbook, 2006 est. ... Look up engineer in Wiktionary, the free dictionary. ... This article is about the profession. ... This article is about people called professionals. ... For other uses, see Restaurant (disambiguation). ... This article is about the 1976 American film. ...

However, in response to stricter economic sanctions by the US, and because the authorities were pleased with Cuba's economic recovery, the Cuban government decided in October 2004 to remove the American dollar from circulation. In its place, the Cuban convertible peso is now used, which although not internationally traded, has a value pegged to that of the dollar. As a source of additional revenue, a 10% surcharge is levied for conversions from US dollars to the convertible peso; this surcharge does not apply to other currencies, so it acts as an encouragement to tourists to bring currencies like Euros, pounds sterling or Canadian dollars into Cuba. Indeed, an increasing number of areas rich in tourism now also accept Euros directly for many transactions. The United States embargo against Cuba (described in Cuba as el bloqueo, Spanish for the blockade) is an economic, commercial and financial embargo imposed on Cuba by the United States on February 7, 1962. ... The Cuban convertible peso (ISO 4217 code: CUC) is one of two official currencies in Cuba. ... For other uses, see Euro (disambiguation). ... GBP redirects here. ... “C$” redirects here. ...

Biotechnology and informatics

Since the very beginning of revolution, the idea of a more diversified and more sophisticated production of wealth in the island was present. In an early speech Fidel Castro announced that "the future of Cuba ought necessarily to be a future of men doing science". In the mid 1980s and during all the '90s this dream grew as a set of Biotechnology I+D institutions at the west of Havana. The so called polo cientifico del oeste is a biotechnological park, located at the west of Havana, and with some tens of institutions devoted to the development of human, animal and agricultural biotechnology. This park is claimed to be a successful experiment of Cuba’s economy, as it was able to create first world standard biotechnology institutions, with several patented drugs and a net annual income of some hundred million US dollars. Although most of the small institutions have a negative net balance and rely on government subsides, successful vaccines and drugs from bigger institutions, like CIGB and CIM greatly overcome the deficit, and put this sector as one of the most important in Cuban economy. The United States dollar is the official currency of the United States. ... CIGB-FM is a French-language Canadian radio station located in Trois-Rivières, Quebec. ... There are very few or no other articles that link to this one. ...

In recent years, the Cuban government decided to make a big investment in a similar experiment, this time creating a technological park and a nearby Computer Science University intended to be an Informatics analogue of the successful Biotechnology adventure. Although in both cases market is a big issue, Cuba is relying in its world recognized high educational level for the fast developing of these new knowledge based economy. Politics of Cuba take place within a framework of a socialist republic. ...

Self-employment

To provide jobs for workers laid off due to the economic crisis, the government was having difficulty providing, and to try to bring some forms of black market activity into legal - and therefore controllable - channels, Havana in 1993 legalized self-employment for some 150 occupations. The government tightly controls the small private sector, which has fluctuated in size from 150,000 to 209,000, by regulating and taxing it. For example, owners of small private restaurants (paladares) can seat no more than 12 people^[5] and can only employ family members to help with the work. Set monthly fees must be paid regardless of income earned and frequent inspections yield stiff fines when any of the many self-employment regulations are violated. Rather than expanding private sector opportunities, in recent years, the government has been attempting to squeeze more of these private sector entrepreneurs out of business and back to the public sector. Many have opted to enter the informal economy or black market. In recent years there has developed what is called "urban agriculture", production which takes place on small parcels of land in the cities. Growing organopónicos (organic gardens) in the private sector has been attractive to city dwelling small producers who get to sell their products in the same place where they produce them, avoiding taxes and enjoying a measure of government help from the Ministry of Agriculture (MINAGRI) in the form of seed houses and advisors. Paladar is the colloquial Spanish name in Cuba for a home-based restaurant, especially in Havana. ... Organopónicos (organic gardens) are integral to Cuban urban agriculture and are basically long cement planting troughs for growing market garden crops. ...

Connection with Venezuela

The relationship cultivated between Cuba and Venezuela in recent years has resulted in agreements that Venezuela provide cheap oil in exchange for Cuban "missions" of doctors which aid and help to improve the Venezuelan health care system. Cuba, with the second-highest per capita number of physicians in the world (behind Italy), sends tens of thousands of doctors to other countries as aid, as well as for obtaining favorable economic terms of trade.

While Venezuela says that Cuba is paying part of the bill with the professionals, medicines, books and other items that Cuba sends, some independent analysts say the numbers don't add up. Havana would have to be collecting about $80,000 per year per Cuban worker in Venezuela to cover the costs of its oil imports, the analysts say. Instead, Cuban doctors in Venezuela receive about $3,000 per year, according to three Cuban doctors who defected from the program. The White House's point man on plans for a post-Castro transition, Caleb McCarry, recently told The Miami Herald that U.S. estimates of total Venezuelan subsidies to Cuba per year "are up to the $2 billion figure." This can be compared to the $4 billion to $6 billion that Moscow once pumped into Cuba per year. [5]

Economic freedom

The 2006 Index of Economic Freedom Report ranks Cuba 150 out of 157 nation surveyed. The report states typical imports are food, fuel, clothing, and machinery. Exports include nickel, cigars, and state-sponsored labor, for which the government charges many times what it pays in state salaries. Lacking investment, Cuba's sugar industry is no longer viable: The island has become a net importer. Venezuela now supplies up to 80,000 barrels of oil per day on generous credit terms, although Cuba produces small amounts of poor-quality sulfurous crude on its own. Venezuelan assistance has also enabled Cuba to retreat on limited liberal reforms such as allowing self-employment in careers like snack vending and bicycle repair. [6] Map of Economic Freedom released by the Heritage Foundation. ...

Other statistics

Electricity - production: 15,650 GWh (2004)

Electricity - production by source:
fossil fuel: 89.52%
hydro: 0.65%
nuclear: 0%
other: 9.83% (1998)

Electricity - consumption: 14.62 TWh (2003)

Electricity - exports: 0 kWh (2003)

Electricity - imports: 0 kWh (2003)

Agriculture - products: sugarcane, tobacco, citrus, coffee, rice, potatoes, beans; livestock

Exports - commodities: sugar, medical products, nickel, tobacco, shellfish, citrus, coffee

Imports: $6.916 billion f.o.b. (2005 est.)

Imports - commodities: petroleum, food, machinery, chemicals

Imports - partners: Spain 14.7%, Venezuela 13.5%, US 11%, China 8.9%, Canada 6.4%, Italy 6.2%, Mexico 4.9% (2004)

Current account balance: $-14748 million (2005 est.)

Debt - external: $13.1 billion (convertible currency); another $15-20 billion owed to Russia (2005 est.)

Economic aid - recipient: $68.2 million (1997 est.)

Exchange rates: Cuban pesos (CUP) per US$1 - 25 (2005) (nonconvertible, official rate, linked to the US dollar)

Notes

Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 29th day of the year in the Gregorian calendar. ... P.J. ORourke speaks at a January 2007 event at the Cato Institute about his latest book. ...

See also

Cuba Portal

• Agriculture of Cuba
• Banking in Cuba
• United States embargo against Cuba
• Dollar store (Cuba)
• Sociolismo
• Rationing in Cuba
• Ubre Blanca the Cuban cow used by Fidel Castro in the 1980s to symbolise Cuba's economy

Image File history File links Flag_of_Cuba. ... Agriculture has played an important part in Cubas economy for several hundred years. ... This article is about the banking in Cuba, including an overview of the recent past. ... The United States embargo against Cuba (described in Cuba as el bloqueo, Spanish for the blockade) is an economic, commercial, and financial embargo imposed on Cuba on February 7, 1962. ... For other uses, see Dollar store (disambiguation). ... Many Cubans rely upon connections and barter, or Sociolismo, to obtain the items they need. ... A street vendor in Havana Rationing in Cuba refers to the system of food distribution known in Cuba as the Libreta de Abastecimiento (Supplies booklet). The system establishes the rations each person is allowed to buy and the frequency of supplies. ... Ubre Blanca was the name given to a cow in Cuba which has come to symbolize Fidel Castro’s “battle of ideas” during the era of the Cold war. ...

External links

• Economic Illegalities and the Underground Economy in Cuba by Archibald Ritter, Professor of Economics, Carleton University
• Association for the Study of the Cuban Economy (ASCE)
• What Castro wants- Time Story about the U.S. embargo.
• Cuba Comes in from the Cold- Council on Hemispheric Affairs
• Cuba: An economic tiger in the Caribbean?
• Russia negotiating Cuba debt and fresh credit
• Cuba's debt to Spain
• Cuba Books: Current, Out of Print, and Old & Rare Collectibles books on the history of Cuba, it's people, culture, economy...

v • d • e Members of the World Trade Organization (WTO)

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Image File history File links Size of this preview: 800 × 370 pixelsFull resolution (1357 × 628 pixel, file size: 19 KB, MIME type: image/png)World map of World Trade Organization (WTO) members/non-members, 2005; based on Image:BlankMap-World-v2. ... Economy - overview: Antigua and Barbudas economy is service-based, with tourism and government services representing the key sources of employment and income. ... The Asian financial crisis in 1997 and 1998, coupled with fluctuations in the price of oil have created uncertainty and instability in Bruneis economy. ... Burkina Faso is one of the poorest countries in the world with an average income per capita of €250 (US$300). ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... The economies of the special administrative regions of Hong Kong and Macau are separate from the rest of the Peoples Republic of China. ... Sparsely populated in relation to its area, the Democratic Republic of the Congo is home to a vast potential of natural resources and mineral wealth, yet the economy of the DROC has declined drastically since the mid-1980s. ... This article or section does not cite its references or sources. ... The economy of Costa Rica heavily depends on tourism, agriculture, and electronics exports. ... The Ivorian economy is largely market based and depends heavily on the agricultural sector. ... The Dominican Republic is a middle-income developing country primarily dependent on agriculture, trade, and services, especially tourism. ... This article does not cite its references or sources. ... If it is considered as a single state, the economy of the European Unions twenty-seven member states is the worlds largest economy. ... Economy - overview: The breakup of Yugoslavia in 1991 deprived F.Y.R.O.M. (Former Yugoslav Republic of Macedonia), then its poorest republic (only 5% of the total federal output of goods and services), of its key protected markets and large transfer payments from the center. ... Economy - overview: The Gambia has no important mineral or other natural resources and has a limited agricultural base. ... The Economy of Hong Kong is widely believed, and some argue incorrectly, to be the most economically free in the world. ... Currency 1 South Korean Won (W) = 100 Jeon(Chŏn) (theoretical) Fiscal year Calendar year Trade organizations APEC, WTO and OECD Statistics [1] GDP ranking 10th by volume (at nominal) (2006); 11th by volume (at PPP) (2006); GDP (Nominal) $897. ... The Economy of New Zealand is a small but prosperous free market economy, which is greatly dependent on international trade, mainly with Australia, the United States of America and Japan. ... Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by the rugged terrain and the high cost of developing infrastructure. ... The economy of Saint Kitts and Nevis has traditionally depended on the growing and processing of sugar cane; decreasing world prices have hurt the industry in recent years. ... Saint Lucias economy depends primarily on revenue from banana production and tourism with some input from small-scale manufacturing. ... The St. ... Economy - overview: Saudi Arabia has an oil-based economy with strong government controls over major economic activities. ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... A per capita GDP of $340 ranks Solomon Islands as a lesser developed nation. ... South Africa has a two-tiered economy; one rivaling other developed countries and the other with only the most basic infrastructure. ... With an economy of $27. ... Republic of China (ROC) has a dynamiccapitalist economy with gradually decreasing guidance of investment and foreign trade by the government. ... Trinidad and Tobago experienced a real growth rate of 3. ... // The United Arab Emirates has a highly industrialized economy that makes the country one the most developed in the world, based on various socioeconomic indicators such as GDP per capita, energy consumption per capita, and the HDI. At $168 billion in 2006, the GDP of the UAE ranks second in... The United States economy has the worlds largest gross domestic product (GDP), $13. ... All twenty-seven member states of the European Union are also members of the WTO in their own right: Austria • Belgium • Bulgaria • Cyprus • Czech Republic • Denmark • Estonia • Finland • France • Germany • Greece • Hungary • Ireland • Italy • Latvia • Lithuania • Luxembourg • Malta • Netherlands and Netherlands Antilles • Poland • Portugal • Romania • Slovakia • Slovenia • Spain • Sweden • United Kingdom. Special Administrative Region of the People's Republic of China. Designated name for the Republic of China.