| Economy | Cook Islands |
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Economy - overview:
|
Like many other South Pacific island nations, the Cook Islands' economic development is hindered by the isolation of the country from foreign markets, the limited size of domestic markets, lack of natural resources, periodic devastation from natural disasters, and inadequate infrastructure. Agriculture, employing about one-third of the working population, provides the economic base with major exports made up of copra and citrus fruit. Black pearls are the Cook Islands' leading export. Manufacturing activities are limited to fruit processing, clothing, and handicrafts. Trade deficits are offset by remittances from emigrants and by foreign aid overwhelmingly from New Zealand. In the 1980s and 1990s, the country lived beyond its means, maintaining a bloated public service and accumulating a large foreign debt. Subsequent reforms, including the sale of state assets, the strengthening of economic management, the encouragement of tourism, and a debt restructuring agreement, have rekindled investment and growth. |
GDP (purchasing power parity):
|
$183.2 million (2005 est.) |
GDP - per capita (PPP):
|
$9,100 (2005 est.) |
GDP (official exchange rate):
|
$183.2 million (2005 est.) |
GDP - real growth rate:
|
0.1% (2005 est.) |
GDP - composition by sector:
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agriculture: 15.1%
industry: 9.6%
services: 75.3% (2004) |
Investment (gross fixed):
|
void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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2.1% (2005 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Labor force:
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6,820 (2001) |
Labor force participation rate:
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57.46 % of population |
Labor force - by occupation:
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agriculture: 29%
industry: 15%
services: 56% (1995) |
Unemployment rate:
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13.1% (2005) |
Budget:
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revenues: $70.95 million
expenditures: $69.05 million (FY05/06) |
Budget revenues per capita:
|
5,978 USD per capita |
Public debt:
|
void |
Industries:
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fruit processing, tourism, fishing, clothing, handicrafts |
Industrial production growth rate:
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1% (2002) |
Electricity - production:
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30 million kWh (2006 est.) |
Electricity - production per capita:
|
2,528 kWh per capita |
Electricity - consumption:
|
27.9 million kWh (2006 est.) |
Electricity - consumption - per capita:
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2,351 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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463.7 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
14.26 bbl/year per capita |
Oil - exports:
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0 bbl/day (2005) |
Oil - imports:
|
475.5 bbl/day (2005) |
Oil - proved reserves:
|
0 bbl (1 January 2006 est.) |
Natural gas - production:
|
0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
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copra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams, taro, coffee; pigs, poultry |
Current account balance:
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$26.67 million (2005) |
Current account balance - per capita:
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2,247 USD per capita |
Exports:
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$5.222 million (2005) |
Exports per capita:
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440 USD per capita |
Exports - commodities:
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copra, papayas, fresh and canned citrus fruit, coffee; fish; pearls and pearl shells; clothing |
Exports - partners:
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void |
Imports:
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$81.04 million f.o.b. (2005) |
Imports per capita:
|
6,828 USD per capita |
Imports - commodities:
|
foodstuffs, textiles, fuels, timber, capital goods |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$141 million (1996 est.) |
Debt - external - per capita:
|
11,879 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$13.1 million; note - New Zealand continues to furnish the greater part (1995) |
Economic aid - recipient per capita:
|
1,104 USD per capita |
Currency (code):
|
NZ dollar (NZD) |
Exchange rates:
|
NZ dollars (NZD) per US dollar - 1.4151 (2008 est.), 1.3811 (2007), 1.5408 (2006), 1.4203 (2005), 1.5087 (2004) |
Fiscal year:
|
1 April - 31 March |
|
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