Economy of the Cook Islands

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, 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 - $112 million (1998 est.)

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $5,600 (1998 est.)

GDP - composition by sector:
agriculture: 18%
industry: 9%
services: 73% (1995)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 2.6% (1994 est.)

Labor force: 6,601 (1993)

Labor force - by occupation: agriculture 29%, industry 15%, services 56% (1995)

Unemployment rate: NA%

Budget:
revenues: $NA
expenditures: $NA, including capital expenditures of $NA

Industries: fruit processing, tourism

Industrial production growth rate: NA%

Electricity - production: 15 million kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 14 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: copra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams, taro, coffee

Exports: $4.2 million (f.o.b., 1994 est.)

Exports - commodities: copra, papayas, fresh and canned citrus fruit, coffee; fish; pearls and pearl shells; clothing

Exports - partners: NZ 80%, Japan, Hong Kong (1993)

Imports: $85 million (c.i.f., 1994)

Imports - commodities: foodstuffs, textiles, fuels, timber, capital goods

Imports - partners: NZ 49%, Italy, Australia (1993)

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 - 1.9451 (January 2000), 1.8886 (1999), 1.8632 (1998), 1.5083 (1997), 1.4543 (1996), 1.5235 (1995)

Fiscal year: 1 April - 31 March

See also: Cook Islands