Economy of the Cook Islands

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This article describes the economy of the Cook Islands. Like many other South Pacific island nations, the Cook Islands' economic development is hindered by the isolation of the country from foreign markets, lack of natural resources, periodic devastation from natural disasters, and inadequate infrastructure. Agriculture provides the economic base with major exports made up of copra and citrus fruit. Manufacturing activities are limited to fruit-processing, clothing, and handicrafts. Trade deficits are made up for by remittances from emigrants and by foreign aid, overwhelmingly from New Zealand. Efforts to exploit tourism potential, encourage offshore banking, and expand the mining and fishing industries have been partially successful in stimulating investment and growth.

GDP
Purchasing power parity - $183.2 million (2005 est.)
GDP - real growth rate
0.1% (2005 estimate)
GDP - per capita
$9 100 (2005 estimate)
GDP - composition by sector
  • Agriculture: 15.1%
  • Industry: 9.6%
  • Services: 75.3% (2000)
Population below poverty line
NA%
Household income or consumption by percentage share
  • Lowest 10%: NA%
  • Highest 10%: NA%
Inflation rate (consumer prices)
2.1% (2005 est.)
Labor force
6,820 (2001)
Labor force - by occupation
Agriculture 29%, industry 15%, services 56% (1995)
Unemployment rate
13.1% (2005)
Budget
  • Revenues: $70.95 million
  • Expenditures: $69.05 million; including capital expenditures of $5.744 million (FY00/01 est.)
Industries
Fruit processing, tourism, fishing, clothing, handicrafts
Industrial production growth rate
1% (2002)
Electricity - production
28 GW·h (2003)
Electricity - production by source
  • Fossil fuel: 100%
  • Hydro: 0%
  • Nuclear: 0%
  • Other: 0% (2001)
Electricity - consumption
34.46 GW·h (2005 est)
Electricity - exports
0 kW·h (2003)
Electricity - imports
0 kW·h (2003)
Oil consumption
400 bbl/day (2003)
Agriculture - products
Copra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams, taro, coffee, pigs, poultry
Exports
$5.222 million (2005)
Exports - commodities
Copra, papayas, fresh and canned citrus fruit, coffee; fish; pearls and pearl shells; clothing
Exports - partners
Australia 34%, Japan 27%, New Zealand 25%, US 8% (2004)
Imports
$81.04 million (2005)
Imports - commodities
Foodstuffs, textiles, fuels, timber, capital goods
Imports - partners
New Zealand 61%, Fiji 19%, US 9%, Australia 6%, Japan 2% (2004)
Debt - external
$141 million (1996 est.)
Economic aid - recipient
$13.1 million (1995); note - New Zealand furnishes the greater part
Currency
1 New Zealand dollar (NZ$) = 100 cents
Exchange rates
New Zealand dollars (NZ$) per US$1 - 1.4203 (2005), 1.9451 (January 2000), 1.8886 (1999), 1.8632 (1998), 1.5083 (1997), 1.4543 (1996), 1.5235 (1995)
Fiscal year
1 April–31 March


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See also: Cook Islands