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Cook Islands Economy 1996

Overview:

Agriculture provides the economic base. The major export earners are fruit, copra, and clothing. Manufacturing activities are limited to a fruit-processing plant and several clothing factories. Economic development is hindered by the isolation of the islands from foreign markets and a lack of natural resources and good transportation links. A large trade deficit is annually made up for by remittances from emigrants and from foreign aid, largely from New Zealand. Current economic development plans call for exploiting the tourism potential and expanding the fishing industry.

National product:

GDP - purchasing power parity - $57 million (1993 est.)

National product real growth rate:

NA%

National product per capita:

$3,000 (1993 est.)

Inflation rate (consumer prices):

6.2% (1990)

Unemployment rate:

NA%

Budget:

revenues:

$38 million

expenditures:

$34.4 million, including capital expenditures of $NA (1993 est.)

Exports:

$3.4 million (f.o.b., 1990)

commodities:

copra, fresh and canned fruit, clothing

partners:

NZ 80%, Japan

Imports:

$50 million (c.i.f., 1990)

commodities:

foodstuffs, textiles, fuels, timber

partners:

NZ 49%, Japan, Australia, US

External debt:

$124 million (1994)

Industrial production:

growth rate NA%; accounts for 5% of GDP

Electricity:

capacity:

14,000 kW

production:

21 million kWh

consumption per capita:

741 kWh (1993)

Industries:

fruit processing, tourism

Agriculture:

accounts for 12% of GDP, export crops - copra, citrus fruits, pineapples, tomatoes, bananas; subsistence crops - yams, taro

Economic aid:

recipient:

Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $128 million; in 1994, Cook Islands received $4.3 million in budget support and $2.7 million in project aid from New Zealand, the country's largest source of aid

Currency:

1 New Zealand dollar (NZ$) = 100 cents

Exchange rates:

New Zealand dollars (NZ$) per US$1 - 1.5601 (January 1995), 1.6844 (1994), 1.8495 (1993), 1.8584 (1992), 1.7265 (1991), 1.6750 (1990)

Fiscal year:

1 April - 31 March

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