| 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 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 became overextended, 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. The government is targeting fisheries and seabed mining as sectors for future economic growth. |
| GDP (purchasing power parity) | $299.9 million (2016 est.) $183.2 million (2015 est.) |
| GDP (official exchange rate) | $299.9 million (2016 est.) |
| GDP - real growth rate | 0.1% (2005 est.) |
| GDP - per capita (PPP) | $16,700 (2016 est.) $9,100 (2005 est.) |
| GDP - composition by sector | agriculture: 5.1% (2010 est.) industry: 12.7% (2010 est.) services: 82.1% (2010 est.) |
| Population below poverty line | NA |
| Labor force | 6,820 (2001) |
| Labor force - by occupation | agriculture: 29% industry: 15% services: 56% (1995) |
| Unemployment rate | 13.1% (2005) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 86.9 million (2010) expenditures: 77.9 million (2010) |
| Taxes and other revenues | 29% (of GDP) (2010 est.) |
| Budget surplus (+) or deficit (-) | 3% (of GDP) (2010 est.) |
| Inflation rate (consumer prices) | 2.2% (2011 est.) |
| Agriculture - products | vegetables, coconuts, roots/tubers nes, cassava, papayas, tomatoes, pork, fruit, sweet potatoes, mangoes/guavas |
| Industries | fishing, fruit processing, tourism, clothing, handicrafts |
| Industrial production growth rate | 1% (2002) |
| Current Account Balance | $26.67 million (2005) |
| Exports | $3.125 million (2011 est.) $5.163 million (2010 est.) |
| Exports - commodities | fish products, recreational boats, precious metal scraps, fruit juice, chemical analysis instruments (2019) |
| Exports - partners | Japan 37%, Thailand 21%, France 17% (2019) |
| Imports | $109.3 million (2011 est.) $90.62 million (2010 est.) |
| Imports - commodities | ships, refined petroleum, recreational boats, cars, flavored water (2019) |
| Imports - partners | New Zealand 41%, China 21%, Italy 12%, Fiji 10% (2019) |
| Debt - external | $141 million (1996 est.) |
| Exchange rates | NZ dollars (NZD) per US dollar - 1.416 (2017 est.) 1.4341 (2016 est.) 1.4341 (2015 est.) 1.441 (2014 est.) 1.4279 (2013 est.) |
| Fiscal year | 1 April - 31 March |
Source: CIA World Factbook
This page was last updated on September 18, 2021
