Cuba has a GDP of $107B compared to $1.71T for South Korea, ranking 69/197 and 15/197 by economy size, respectively.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Cuba
|
South Korea
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | - | - | $3,958,811,881 | $25,704,085,715 |
| 1961 | - | - | $2,417,628,737 | $27,486,919,212 |
| 1962 | - | - | $2,814,615,385 | $28,557,609,626 |
| 1963 | - | - | $3,988,461,538 | $31,133,668,302 |
| 1964 | - | - | $3,459,019,943 | $34,083,217,465 |
| 1965 | - | - | $3,120,861,499 | $36,577,575,097 |
| 1966 | - | - | $3,929,055,144 | $40,964,673,583 |
| 1967 | - | - | $4,855,892,446 | $44,684,104,770 |
| 1968 | - | - | $6,119,394,892 | $50,567,110,467 |
| 1969 | - | - | $7,678,698,838 | $57,930,372,849 |
| 1970 | $5,693,005,200 | $23,120,654,813 | $9,005,144,969 | $63,753,959,605 |
| 1971 | $6,914,658,400 | $25,105,299,225 | $9,903,571,249 | $70,477,142,055 |
| 1972 | $8,135,150,892 | $26,317,053,149 | $10,862,211,761 | $75,561,617,309 |
| 1973 | $9,987,709,650 | $27,220,909,322 | $13,876,472,208 | $86,819,030,861 |
| 1974 | $11,405,957,317 | $27,488,896,946 | $19,543,973,941 | $95,077,114,202 |
| 1975 | $13,027,415,244 | $30,093,861,943 | $21,784,297,521 | $102,531,096,576 |
| 1976 | $13,789,579,903 | $31,727,344,869 | $29,902,479,339 | $116,087,191,991 |
| 1977 | $14,206,158,675 | $34,490,638,879 | $38,446,487,603 | $130,407,687,326 |
| 1978 | $17,844,705,325 | $36,765,640,924 | $51,972,107,438 | $144,691,222,664 |
| 1979 | $19,584,443,288 | $37,165,718,489 | $66,946,900,826 | $157,237,726,607 |
| 1980 | $19,912,889,861 | $35,363,388,174 | $65,398,377,598 | $154,650,084,774 |
| 1981 | $20,150,254,096 | $42,325,850,269 | $72,933,533,012 | $165,856,302,541 |
| 1982 | $20,953,510,235 | $46,100,569,047 | $78,358,416,171 | $179,685,530,559 |
| 1983 | $22,204,940,512 | $48,595,287,844 | $87,760,553,262 | $203,720,580,661 |
| 1984 | $24,039,383,608 | $52,448,756,410 | $97,510,744,119 | $225,216,443,661 |
| 1985 | $22,920,490,774 | $53,286,192,381 | $101,296,177,099 | $242,870,854,435 |
| 1986 | $24,226,574,634 | $53,336,975,926 | $116,836,246,285 | $270,381,470,486 |
| 1987 | $25,213,935,012 | $52,055,729,738 | $147,948,709,376 | $304,783,976,339 |
| 1988 | $27,458,999,472 | $53,984,675,578 | $199,591,287,825 | $341,320,612,493 |
| 1989 | $27,023,468,666 | $54,351,816,305 | $246,928,837,311 | $365,461,856,267 |
| 1990 | $28,645,436,569 | $52,749,217,703 | $283,365,844,161 | $401,560,542,994 |
| 1991 | $24,316,556,026 | $47,108,903,627 | $330,647,042,837 | $444,840,963,701 |
| 1992 | $22,085,858,243 | $41,653,408,482 | $355,524,903,068 | $472,415,066,062 |
| 1993 | $22,367,254,865 | $35,456,139,102 | $392,665,710,525 | $504,905,290,010 |
| 1994 | $28,448,326,757 | $35,710,334,910 | $463,619,823,515 | $551,703,276,663 |
| 1995 | $30,429,803,651 | $36,587,809,679 | $566,581,003,128 | $604,747,148,974 |
| 1996 | $25,017,368,700 | $39,455,836,485 | $610,167,053,824 | $652,465,952,372 |
| 1997 | $25,365,908,100 | $40,554,060,118 | $569,755,022,973 | $692,726,706,029 |
| 1998 | $25,736,331,200 | $40,618,600,304 | $383,331,833,682 | $657,193,648,716 |
| 1999 | $28,364,615,200 | $43,132,386,084 | $497,514,040,642 | $732,553,666,047 |
| 2000 | $30,565,400,000 | $45,683,563,279 | $576,179,387,820 | $798,929,132,744 |
| 2001 | $31,682,400,000 | $47,138,598,430 | $547,656,279,895 | $837,696,366,558 |
| 2002 | $33,590,500,000 | $47,810,239,203 | $627,246,933,730 | $902,409,606,062 |
| 2003 | $35,901,200,000 | $49,623,557,376 | $702,714,855,194 | $930,811,064,125 |
| 2004 | $38,203,000,000 | $52,487,103,646 | $793,175,561,887 | $979,188,957,980 |
| 2005 | $42,643,836,100 | $58,366,528,663 | $934,901,071,333 | $1,021,377,732,487 |
| 2006 | $48,835,925,926 | $65,408,954,115 | $1,053,216,909,888 | $1,075,146,392,090 |
| 2007 | $54,262,870,370 | $70,159,041,951 | $1,172,614,086,540 | $1,137,500,027,632 |
| 2008 | $56,302,129,630 | $73,047,369,064 | $1,047,339,010,225 | $1,171,772,731,392 |
| 2009 | $57,481,481,481 | $74,107,509,498 | $943,941,876,219 | $1,181,061,361,994 |
| 2010 | $59,562,962,963 | $75,878,940,053 | $1,143,672,241,150 | $1,261,430,519,849 |
| 2011 | $68,990,000,000 | $78,005,296,225 | $1,253,289,537,501 | $1,307,922,658,113 |
| 2012 | $73,141,000,000 | $80,357,078,126 | $1,278,046,536,287 | $1,339,345,905,332 |
| 2013 | $77,148,000,000 | $82,564,971,264 | $1,370,632,955,321 | $1,381,732,300,870 |
| 2014 | $80,656,100,000 | $83,429,902,609 | $1,484,488,526,272 | $1,425,981,639,370 |
| 2015 | $87,132,800,000 | $87,132,800,000 | $1,466,038,936,206 | $1,466,038,936,206 |
| 2016 | $91,370,407,864 | $87,579,654,549 | $1,499,679,823,910 | $1,509,241,369,554 |
| 2017 | $96,850,649,692 | $89,164,663,931 | $1,623,074,183,502 | $1,556,927,899,271 |
| 2018 | $100,050,036,096 | $91,169,039,693 | $1,725,373,496,825 | $1,602,194,079,769 |
| 2019 | $103,427,600,000 | $91,020,354,637 | $1,651,422,932,448 | $1,638,146,960,195 |
| 2020 | $107,351,800,000 | $81,054,459,000 | $1,644,312,831,906 | $1,626,525,694,050 |
| 2021 | - | $82,070,633,423 | $1,818,432,106,880 | $1,696,543,311,943 |
| 2022 | - | $83,527,427,216 | $1,673,916,511,800 | $1,740,868,427,277 |
| 2023 | - | $81,915,873,064 | $1,712,792,854,202 | $1,764,487,367,949 |
Economic indicators
|
Cuba
|
South Korea
|
|
|---|---|---|
| Gross domestic product |
$107B
2020 |
$1.71T
2023 |
| GDP rank |
69/197
2020 |
15/197
2023 |
| GDP growth |
3.79%
2019-2020 |
2.32%
2022-2023 |
| GDP per capita |
$9,605
2020 |
$33,121
2023 |
| GDP per capita rank |
87/197
2020 |
36/197
2023 |
| GDP per capita, PPP |
$12,300
2016 |
$52,204
2023 |
| Government debt | n/a |
$868B
2023 |
| Debt-to-GDP ratio | n/a |
54.5%
2025 |
| Government debt per person | n/a |
$16,791
2023 |
| Government debt per person rank | n/a |
36/185
2023 |
| Average annual personal income after taxes |
$3,584
2025 |
$23,981
2025 |
| Market capitalization of domestic companies | n/a |
$1.56T
2024 |
| Number of millionaires | n/a |
1,295,674
2024 |
| Number of billionaires | n/a |
30
2025 |
| Income share by richest 10% | n/a |
24.6%
2021 |
| Income share by poorest 10% | n/a |
2.9%
2021 |
| Government expenditure, % of GDP |
49%
2025 |
23.3%
2025 |
| Consumer prices inflation |
5.5%
2019-2020 |
2.32%
2023-2024 |
| Central bank interest rate | n/a |
2.5%
2025 |
| Unemployment rate |
1.7%
2018 |
2.78%
2024 |
| Population |
10937204
|
51700480
|
GDP per capita in Cuba vs South Korea
Cuba's GDP per capita is $9,605, ranking 87/197, compared to $33,121 in South Korea, ranking 36/197. Adjusted for purchasing power (GDP per capita PPP), Cuba ranks 122nd at $12,300, while South Korea ranks 39th at $52,204.
| Year | Current $ | |||
|---|---|---|---|---|
|
Cuba
|
South Korea
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | - | - | $158.3 | - |
| 1961 | - | - | $93.8 | - |
| 1962 | - | - | $106.2 | - |
| 1963 | - | - | $146.3 | - |
| 1964 | - | - | $123.6 | - |
| 1965 | - | - | $108.7 | - |
| 1966 | - | - | $133.5 | - |
| 1967 | - | - | $161.2 | - |
| 1968 | - | - | $198.4 | - |
| 1969 | - | - | $243.4 | - |
| 1970 | $645 | - | $279.3 | - |
| 1971 | $770 | - | $301 | - |
| 1972 | $892 | - | $324 | - |
| 1973 | $1,079 | - | $407 | - |
| 1974 | $1,217 | - | $563 | - |
| 1975 | $1,374 | - | $617 | - |
| 1976 | $1,441 | - | $834 | - |
| 1977 | $1,472 | - | $1,056 | - |
| 1978 | $1,837 | - | $1,406 | - |
| 1979 | $2,006 | - | $1,784 | - |
| 1980 | $2,031 | - | $1,715 | - |
| 1981 | $2,046 | - | $1,883 | - |
| 1982 | $2,114 | - | $1,993 | - |
| 1983 | $2,222 | - | $2,199 | - |
| 1984 | $2,386 | - | $2,413 | - |
| 1985 | $2,257 | - | $2,482 | - |
| 1986 | $2,365 | - | $2,835 | - |
| 1987 | $2,440 | - | $3,555 | - |
| 1988 | $2,632 | - | $4,749 | - |
| 1989 | $2,566 | - | $5,817 | - |
| 1990 | $2,694 | - | $6,610 | $8,355 |
| 1991 | $2,269 | - | $7,637 | $9,475 |
| 1992 | $2,048 | - | $8,127 | $10,185 |
| 1993 | $2,063 | - | $8,885 | $11,031 |
| 1994 | $2,613 | - | $10,385 | $12,187 |
| 1995 | $2,785 | - | $12,565 | $13,503 |
| 1996 | $2,282 | - | $13,403 | $14,694 |
| 1997 | $2,306 | - | $12,398 | $15,722 |
| 1998 | $2,332 | - | $8,282 | $14,975 |
| 1999 | $2,562 | $1,700 | $10,672 | $16,807 |
| 2000 | $2,751 | $1,700 | $12,257 | $18,539 |
| 2001 | $2,843 | - | $11,561 | $19,724 |
| 2002 | $3,005 | $2,300 | $13,165 | $21,397 |
| 2003 | $3,203 | $2,900 | $14,673 | $22,096 |
| 2004 | $3,399 | $3,000 | $16,496 | $23,774 |
| 2005 | $3,786 | $3,500 | $19,403 | $25,187 |
| 2006 | $4,330 | $4,000 | $21,743 | $26,884 |
| 2007 | $4,807 | $11,000 | $24,086 | $29,065 |
| 2008 | $4,986 | $9,500 | $21,350 | $29,946 |
| 2009 | $5,089 | $9,700 | $19,144 | $29,508 |
| 2010 | $5,272 | $10,200 | $23,079 | $31,737 |
| 2011 | $6,104 | - | $25,098 | $32,547 |
| 2012 | $6,471 | - | $25,459 | $33,557 |
| 2013 | $6,828 | - | $27,180 | $34,244 |
| 2014 | $7,147 | - | $29,253 | $35,324 |
| 2015 | $7,728 | - | $28,737 | $37,908 |
| 2016 | $8,111 | $12,300 | $29,280 | $39,575 |
| 2017 | $8,611 | - | $31,601 | $40,957 |
| 2018 | $8,911 | - | $33,447 | $43,044 |
| 2019 | $9,232 | - | $31,902 | $43,865 |
| 2020 | $9,605 | - | $31,721 | $45,143 |
| 2021 | - | - | $35,126 | $48,420 |
| 2022 | - | - | $32,395 | $51,231 |
| 2023 | - | - | $33,121 | $52,204 |
Inflation comparison by year
Over the past 22 years, Cuba has recorded an average annual inflation rate of 4.16%, compared with 2.26% in South Korea. In 2020, inflation was 5.5% in Cuba and 2.32% in South Korea.
| Year | Inflation | ||
|---|---|---|---|
|
Cuba
|
South Korea
|
Cuba
|
South Korea
|
| 1996 | - | 4.92% | |
| 1997 | - | 4.44% | |
| 1998 | - | 7.51% | |
| 1999 | 0.3% | 0.81% | |
| 2000 | - | 2.26% | |
| 2001 | - | 4.07% | |
| 2002 | 7.1% | 2.76% | |
| 2003 | 4.1% | 3.51% | |
| 2004 | 3.1% | 3.59% | |
| 2005 | 7% | 2.75% | |
| 2006 | 5% | 2.24% | |
| 2007 | 3.1% | 2.53% | |
| 2008 | 3.4% | 4.67% | |
| 2009 | -0.5% | 2.76% | |
| 2010 | 0.7% | 2.94% | |
| 2011 | 4.7% | 4.03% | |
| 2012 | 5.5% | 2.19% | |
| 2013 | 6% | 1.3% | |
| 2014 | - | 1.27% | |
| 2015 | 4.4% | 0.71% | |
| 2016 | 4.5% | 0.97% | |
| 2017 | - | 1.94% | |
| 2018 | 5.5% | 1.48% | |
| 2019 | 5.5% | 0.38% | |
| 2020 | 5.5% | 0.54% | |
| 2021 | - | 2.5% | |
| 2022 | - | 5.09% | |
| 2023 | - | 3.6% | |
| 2024 | - | 2.32% | |
Top exports between countries
|
Cuba
|
|
|---|---|
| Export category | Export value |
| Metals | $3.67M |
| Processed food, beverages & tobacco | $480K |
| Raw agricultural goods | $38K |
| Wood & paper products | $7K |
| Chemicals & pharma | $2K |
|
South Korea
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $12.8M |
| Metals | $8.59M |
| Textiles & consumer goods | $531K |
| Raw materials & minerals | $200K |
| Chemicals & pharma | $149K |
| Wood & paper products | $67K |
| Processed food, beverages & tobacco | $28K |
Balance of trade
|
Cuba
|
South Korea
|
|
|---|---|---|
Current account balance
|
n/a |
$99B
2024 |
| Current account balance ranking | n/a |
6/189
2024 |
| Current account balance, % of GDP | n/a |
+1.92%
2023 |
| Goods imports | n/a |
$596B
2024 |
| Goods exports | n/a |
$696B
2024 |
| Service imports | n/a |
$163B
2024 |
| Service exports | n/a |
$139B
2024 |
| Imports of goods and services, % of GDP |
64.6%
2023 |
43.9%
2023 |
| Exports of goods and services, % of GDP |
43.5%
2023 |
44%
2023 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Cuba
|
South Korea
|
|
|---|---|---|
| Economic freedom | 25.4 | 74 |
| Economic freedom ranking | 195/197 | 22/197 |
| Property rights | 29.9 | 89.4 |
| Government integrity | 33.4 | 68.8 |
| Judicial effectiveness | 14.3 | 77.3 |
| Tax burden | 51.9 | 59.6 |
| Government spending | 0 | 81.8 |
| Fiscal health | 0 | 93.8 |
| Business freedom | 42.3 | 90 |
| Labor freedom | 20 | 56.4 |
| Monetary freedom | 20 | 77.6 |
| Trade freedom | 72.8 | 73.2 |
| Investment freedom | 10 | 60 |
| Financial freedom | 10 | 60 |
Economic freedom by year comparison
The Economic Freedom Index for Cuba is 25.4, ranking 195/197, compared to 74 for South Korea, ranking 22/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Cuba
|
South Korea
|
|
| 1995 | 27.8 | 72 |
| 1996 | 27.8 | 73 |
| 1997 | 27.8 | 69.8 |
| 1998 | 28.2 | 73.3 |
| 1999 | 29.7 | 69.7 |
| 2000 | 31.3 | 69.7 |
| 2001 | 31.6 | 69.1 |
| 2002 | 32.4 | 69.5 |
| 2003 | 35.1 | 68.3 |
| 2004 | 34.4 | 67.8 |
| 2005 | 35.5 | 66.4 |
| 2006 | 29.3 | 67.5 |
| 2007 | 28.6 | 67.8 |
| 2008 | 27.5 | 68.6 |
| 2009 | 27.9 | 68.1 |
| 2010 | 26.7 | 69.9 |
| 2011 | 27.7 | 69.8 |
| 2012 | 28.3 | 69.9 |
| 2013 | 28.5 | 70.3 |
| 2014 | 28.7 | 71.2 |
| 2015 | 29.6 | 71.5 |
| 2016 | 29.8 | 71.7 |
| 2017 | 33.9 | 74.3 |
| 2018 | 31.9 | 73.8 |
| 2019 | 27.8 | 72.3 |
| 2020 | 26.9 | 74 |
| 2021 | 28.1 | 74 |
| 2022 | 29.5 | 74.6 |
| 2023 | 24.3 | 73.7 |
| 2024 | 25.7 | 73.1 |
| 2025 | 25.4 | 74 |
More economic indicators
|
Cuba
|
South Korea
|
|
|---|---|---|
| Services, % of GDP |
70%
2023 |
58.4%
2023 |
| Industry, % of GDP |
27.5%
2023 |
31.6%
2023 |
| Agriculture, forestry, and fishing, % of GDP |
1.31%
2023 |
1.6%
2023 |
|
GNI, Atlas method
|
$101B
2019 |
$1.84T
2023 |
| GNI per capita, PPP | n/a |
$53,180
2023 |
| Total reserves including gold |
$144M
1960 |
$418B
2024 |
| Total reserves ranking |
173/177
1960 |
8/177
2024 |
|
Net foreign direct investment
|
n/a |
$33.4B
2024 |
|
Net inflows of foreign direct investment
|
n/a |
$15.2B
2024 |
|
Net outflows of foreign direct investment
|
n/a |
$48.6B
2024 |
| Poverty at national poverty lines | n/a |
14.4%
2020 |
|
Gross capital formation, % of GDP
|
9.88%
2020 |
32.1%
2023 |
GDP per capita map
GDP per capita
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Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.