Page last updated on February 5, 2013
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, employing more than one-quarter 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):
$183.2 million (2005 est.)
country comparison to the world: 217
[see also: GDP country ranks ]
GDP (official exchange rate):
$183.2 million (2005 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
0.1% (2005 est.)
country comparison to the world: 183
[see also: GDP - real growth rate country ranks ]
GDP - per capita:
$9,100 (2005 est.)
country comparison to the world: 120
[see also: GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 5.1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
12.7%
services:
82.1% (2010 est.)
Labor force:
6,820 (2001)
country comparison to the world: 218
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 29%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
15%
services:
56% (1995)
Unemployment rate:
13.1% (2005)
country comparison to the world: 136
[see also: Unemployment rate country ranks ]
Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
NA%
Budget:
revenues: $70.95 million
[see also: Budget revenues country ranks ]
expenditures:
$69.05 million (FY05/06)
Taxes and other revenues:
38.7% of GDP (FY05/06)
country comparison to the world: 55
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
1% of GDP (FY05/06)
country comparison to the world: 28
[see also: Budget surplus (+) or deficit (-) country ranks ]
Inflation rate (consumer prices):
2.2% (2011 est.)
country comparison to the world: 34
2.1% (2007 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Stock of narrow money:
$38.99 million (31 December 2011 est.)
country comparison to the world: 186
$38.99 million (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$148.2 million (31 December 2011 est.)
country comparison to the world: 188
$170.9 million (31 December 2010 est.)
[see also:
Stock of broad money country ranks ]
Agriculture - products:
copra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams, taro, coffee; pigs, poultry
Industries:
fruit processing, tourism, fishing, clothing, handicrafts
Industrial production growth rate:
1% (2002)
country comparison to the world: 140
[see also: Industrial production growth rate country ranks ]
Current account balance:
$26.67 million (2005)
country comparison to the world: 56
[see also: Current account balance country ranks ]
Exports:
$5.222 million (2005 est.)
country comparison to the world: 217
$5,000 (2010 est.)
[see also:
Exports country ranks ]
Exports - commodities:
copra, papayas, fresh and canned citrus fruit, coffee; fish; pearls and pearl shells; clothing
Imports:
$83.49 million (2011 est.)
country comparison to the world: 213
$80.55 million (2010 est.)
[see also:
Imports country ranks ]
Imports - commodities:
foodstuffs, textiles, fuels, timber, capital goods
Debt - external:
$141 million (1996 est.)
country comparison to the world: 188
[see also: Debt - external country ranks ]
Exchange rates:
NZ dollars (NZD) per US dollar -
1.289 (2012)
1.2659 (2011 est.)
1.3874 (2010)
1.6002 (2009)
1.4151 (2008)
Fiscal year:
1 April - 31 March
NOTE: The information regarding Cook Islands on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cook Islands Economy 2013 information contained here. All suggestions for corrections of any errors about Cook Islands Economy 2013 should be addressed to the CIA.
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This page was last modified 11-Mar-13
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