| People | 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 (official exchange rate):
|
$183.2 million (2005 est.) |
GDP - real growth rate:
|
0.1% (2005 est.) |
GDP - per capita (PPP):
|
$9,100 (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:
|
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.) |
Labor force:
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6,820 (2001) |
Labor force participation rate:
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31.11 % 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:
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3,237 USD per capita |
Public debt:
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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 (2005) |
Electricity - production per capita:
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1,369 kWh per capita |
Electricity - consumption:
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27.9 million kWh (2005 est.) |
Electricity - consumption - per capita:
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1,273 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
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0 kWh (2005) |
Oil - production:
|
0 bbl/day (2005) |
Oil - production per capita:
|
void |
Oil - consumption:
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450 bbl/day (2005 est.) |
Oil - consumption - per capita:
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7.49 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2004) |
Oil - imports:
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429.3 bbl/day (2004) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2005 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2005 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
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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1,217 USD per capita |
Exports:
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$5.222 million (2005) |
Exports per capita:
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239 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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Australia 34%, Japan 27%, NZ 25%, US 8% (2006) |
Imports:
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$81.04 million (2005) |
Imports per capita:
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3,697 USD per capita |
Imports - commodities:
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foodstuffs, textiles, fuels, timber, capital goods |
Imports - partners:
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NZ 61%, Fiji 19%, US 9%, Australia 6% (2006) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$141 million (1996 est.) |
Debt - external - per capita:
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6,432 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - abroad:
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void |
Market value of publicly traded shares:
|
void |
Economic aid - donor:
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void |
Economic aid - recipient:
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$13.1 million; note - New Zealand continues to furnish the greater part (1995) |
Economic aid - recipient per capita:
|
598 USD per capita |
Currency (code):
|
NZ dollar (NZD) |
Exchange rates:
|
NZ dollars per US dollar - 1.3811 (2007), 1.5408 (2006), 1.4203 (2005), 1.5087 (2004), 1.7221 (2003) |
Fiscal year:
|
1 April - 31 March |
|
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