Chemistry - Economy of the Cook Islands

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 April - 31 March