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Cook Islands:
Economy

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Cook Islands Page


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


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