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Cuba's Private Sector Surges Amid Economic Decline

7/30/2025

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Summary

Story summary

In 2024, Cuba's private sector represented 55% of retail sales, a notable increase from 44% in 2023.
The state-run economy has shrunk by 11% over five years, resulting in shortages and soaring inflation.
Informal markets in Havana offer more goods, but prices exceed those in state-run stores.
About 1.6 million of Cuba's 4 million workforce are employed in the private sector, which experienced a 34% rise in imports.

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Story summary

In 2024, Cuba's private sector represented 55% of retail sales, a notable increase from 44% in 2023.
The state-run economy has shrunk by 11% over five years, resulting in shortages and soaring inflation.
Informal markets in Havana offer more goods, but prices exceed those in state-run stores.
About 1.6 million of Cuba's 4 million workforce are employed in the private sector, which experienced a 34% rise in imports.