Islands
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: 216
GDP (official exchange rate):
$183.2 million (2005 est.)
GDP - real growth rate:
0.1% (2005 est.) country comparison to the world: 189
GDP - per capita (PPP):
$9,100 (2005 est.) country comparison to the world: 116
GDP - composition by sector:
agriculture: 15.1%
industry: 9.6%
services: 75.3% (2004)
Labor force:
6,820 (2001) country comparison to the world: 217
Labor force - by occupation:
agriculture: 29%
industry: 15%
services: 56% (1995)
Unemployment rate:
13.1% (2005) country comparison to the world: 138
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
2.1% (2005 est.) country comparison to the world: 59
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: 145
Electricity - production:
31 million kWh (2007 est.) country comparison to the world: 201
Electricity - consumption:
28.83 million kWh (2007 est.) country comparison to the world: 201
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
0 bbl/day (2009 est.) country comparison to the world: 194
Oil - consumption:
1,000 bbl/day (2009 est.) country comparison to the world: 199
Oil - exports:
0 bbl/day (2007 est.) country comparison to the world: 145
Oil - imports:
495 bbl/day (2007 est.) country comparison to the world: 197
Oil - proved reserves:
0 bbl (1 January 2010 est.) country comparison to the world: 190
Natural gas - production:
0 cu m (2008 est.) country comparison to the world: 182
Natural gas - consumption:
0 cu m (2008 est.) country comparison to the world: 194
Natural gas - exports:
0 cu m (2008 est.) country comparison to the world: 184
Natural gas - imports:
0 cu m (2008 est.) country comparison to the world: 186
Natural gas - proved reserves:
0 cu m (1 January 2010 est.) country comparison to the world: 190
Current account balance:
$26.67 million (2005) country comparison to the world: 57
Exports:
$5.222 million (2005) country comparison to the world: 216
Exports - commodities:
copra, papayas, fresh and canned citrus fruit, coffee; fish; pearls and pearl shells; clothing
Imports:
$81.04 million (2005) country comparison to the world: 211
Imports - commodities:
foodstuffs, textiles, fuels, timber, capital goods
Debt - external:
$141 million (1996 est.) country comparison to the world: 178
Exchange rates:
NZ dollars (NZD) per US dollar - 1.4015 (2009), 1.4151 (2008), 1.3811 (2007), 1.5408 (2006)
Communications ::Cook Islands
Telephones - main lines in use:
6,900 (2009) country comparison to the world: 208
Telephones - mobile cellular:
7,000
