Cook Islands: Economy#

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 more than one-quarter of the working population, provides the economic base with major exports 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.

Economic Facts#

GDP (purchasing power parity)$244.1 million (2010 est.)
$183.2 million (2005 est.)
GDP (official exchange rate)$244.1 million (2010 est.)
GDP - real growth rate0.1% (2005 est.)
GDP - per capita (PPP)$12,300 (2010 est.)
$9,100 (2005 est.)
GDP - composition, by sector of originagriculture: 5.1%
industry: 12.7%
services: 82.1% (2010 est.)
Agriculture - productscopra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams, taro, coffee; pigs, poultry
Industriesfruit processing, tourism, fishing, clothing, handicrafts
Industrial production growth rate1% (2002)
Labor force6,820 (2001)
Labor force - by occupationagriculture: 29%
industry: 15%
services: 56% (1995)
Unemployment rate13.1% (2005)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $86.9 million
expenditures: $77.9 million (2010)
Taxes and other revenues35.6% of GDP (2010 est.)
Budget surplus (+) or deficit (-)3.7% of GDP (2010 est.)
Fiscal year1 April - 31 March
Inflation rate (consumer prices)2.2% (2011 est.)
Stock of narrow money$38.99 million (31 December 2011 est.)
$38.99 million (31 December 2011 est.)
Stock of broad money$148.2 million (31 December 2011 est.)
$170.9 million (31 December 2010 est.)
Current account balance$26.67 million (2005)
Exports$3.125 million (2011 est.)
$5.163 million (2010 est.)
Exports - commoditiescopra, papayas, fresh and canned citrus fruit, coffee; fish; pearls and pearl shells; clothing
Imports$109.3 million (2011 est.)
$90.62 million (2010 est.)
Imports - commoditiesfoodstuffs, textiles, fuels, timber, capital goods
Debt - external$141 million (1996 est.)
Exchange ratesNZ dollars (NZD) per US dollar -
1.4279 (2015 est.)
1.441 (2014 est.)
1.4279 (2013 est.)
1.2187 (2013 est.)
1.23 (2012 est.)