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 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 - $105 million (2001 est.)
GDP - real growth rate:
7.1% (2001 est.)
GDP - per capita:
purchasing power parity - $5,000 (2001 est.)
GDP - composition by sector:
agriculture: 17%
industry: 7.8%
services: 75.2% (2000 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
3.2% (2000 est.)
Labor force:
8,000 (1996)
Labor force - by occupation:
agriculture 29%, industry 15%, services 56%
note: shortage of skilled labor (1995)
Unemployment rate:
13% (1996)
Budget:
revenues: $28 million
expenditures: $27 million, including capital expenditures of $3.3
million (FY 00/01 est.)
Industries:
fruit processing, tourism, fishing, clothing, handicrafts
Industrial production growth rate:
1% (2002)
Electricity - production:
27.43 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
25.51 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
450 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
copra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams,
taro, coffee; pigs, poultry
Exports:
$9.1 million (2000)
Exports - commodities:
copra, papayas, fresh and canned citrus fruit, coffee; fish; pearls
and pearl shells; clothing
Exports - partners:
Australia 34%, Japan 27%, New Zealand 25%, US 8% (2000)
Imports:
$50.7 million (2000)
Imports - commodities:
foodstuffs, textiles, fuels, timber, capital goods
Imports - partners:
NZ 61%, Fiji 19%, US 9%, Australia 6%, Japan 2% (2000)
Debt - external:
$141 million (1996 est.)
Economic aid - recipient:
$13.1 million; note - New Zealand continues to furnish the greater
part (1995)
Currency:
New Zealand dollar (NZD)
Currency code:
NZD
Exchange rates:
New Zealand dollars per US dollar - 2.3535 (January 2002), 2.3776
(2001), 2.1863 (2000), 1.8886 (1999), 1.8632 (1998), 1.5083 (1997)
Fiscal year:
1 April - 31 March