Cook Islands Economy 2001

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 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. 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 - $100 million (1999 est.)

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $5,000 (1999 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): 1.6% (1999 est.)

Labor force: 6,601 (1993)

Labor force - by occupation: agriculture 29%, industry 15%, services 56% (1995) note - shortage of skilled labor

Unemployment rate: NA%

Budget:
revenues: $25 million
expenditures: $23 million, including capital expenditures of $NA (FY 99/00)

Industries: fruit processing, tourism, fishing

Industrial production growth rate: NA%

Electricity - production: 21 million kWh (1999)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 19.5 million kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

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

Exports: $3 million (f.o.b., 1999 est.)

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

Exports - partners: Japan 42%, New Zealand 25%, US 9%, Australia 9% (1999)

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

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

Imports - partners: NZ 70%, Australia 8% (1999)

Debt - external: $141 million (1996 est.)

Economic aid - recipient: $13.1 million (1995); note - New Zealand continues to furnish the greater part

Currency: New Zealand dollar (NZD)

Currency code: NZD

Exchange rates: New Zealand dollars per US dollar - 2.2502 (January 2001), 2.1863 (2000), 1.8886 (1999), 1.8632 (1998), 1.5083 (1997), 1.4543 (1996)

Fiscal year: 1 April - 31 March

NOTE: The information regarding Cook Islands on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cook Islands Economy 2001 information contained here. All suggestions for corrections of any errors about Cook Islands Economy 2001 should be addressed to the CIA.