Cook Islands:
Economy

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Other pages in this profile of the Cook Islands:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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)	Definition - World rank and map $183.2 million (2005 est.)
GDP (official exchange rate)	Definition $183.2 million (2005 est.)
GDP - real growth rate	Definition - World rank and map 0.1% (2005 est.)
GDP - per capita	Definition - World rank and map $9,100 (2005 est.)
GDP - composition by sector	Definition agriculture: 15.1% industry: 9.6% services: 75.3% (2004)
Labor force	Definition 6,820 (2001)
Labor force - by occupation	Definition agriculture: 29% industry: 15% services: 56% (1995)
Unemployment rate	Definition - World rank and map 13.1% (2005)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 2.1% (2005 est.)
Budget	Definition revenues: $70.95 million expenditures: $69.05 million (FY05/06)
Agriculture - products	Definition copra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams, taro, coffee; pigs, poultry
Industries	Definition fruit processing, tourism, fishing, clothing, handicrafts
Industrial production growth rate	Definition - World rank and map 1% (2002)
Electricity - production	Definition - World rank and map 30 million kWh (2005)
Electricity - consumption	Definition - World rank and map 27.9 million kWh (2005 est.)
Electricity - consumption per capita	Definition - World rank and map 1,272.7 kWh (2005 est.)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005)
Oil - consumption	Definition - World rank and map 450 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 20.5 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2004)
Oil - imports	Definition - World rank and map 429.3 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map $26.67 million (2005)
Exports	Definition - World rank and map $5.222 million (2005)
Exports - commodities	Definition copra, papayas, fresh and canned citrus fruit, coffee; fish; pearls and pearl shells; clothing
Exports - partners	Definition Australia 34%, Japan 27%, NZ 25%, US 8% (2006)
Imports	Definition - World rank and map $81.04 million (2005)
Imports - commodities	Definition foodstuffs, textiles, fuels, timber, capital goods
Imports - partners	Definition NZ 61%, Fiji 19%, US 9%, Australia 6% (2006)
Debt - external	Definition - World rank and map $141 million (1996 est.)
Economic aid - recipient	Definition $13.1 million; note - New Zealand continues to furnish the greater part (1995)
Currency (code)	Definition NZ dollar (NZD)
Exchange rates	Definition NZ dollars per US dollar - 1.3811 (2007), 1.5408 (2006), 1.4203 (2005), 1.5087 (2004), 1.7221 (2003)
Fiscal year	Definition 1 April - 31 March

Cook Islands: Economy

Cook Islands:
Economy