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Economy of the Cook Islands

From Academic Kids

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 - $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 GWh (1998)
Electricity - production by source
  • Fossil fuel: 100%
  • Hydro: 0%
  • Nuclear: 0%
  • Other: 0% (1998)
Electricity - consumption
14 GWh (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 April31 March

See also: Cook Islands

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