Cook Islands Economy - 2021


SOURCE: 2021 CIA WORLD FACTBOOK

GEOGRAPHICAL NAMES  Spanish Simplified Chinese French German Russian Hindi Arabic Portuguese

Economic 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.

Real GDP growth rate

0.1% (2005 est.)

country comparison to the world: 190

Inflation rate (consumer prices)

2.2% (2011 est.)

country comparison to the world: 118

Real GDP (purchasing power parity)

$299.9 million (2016 est.)

$183.2 million (2015 est.)

country comparison to the world: 217

GDP (official exchange rate)

$299.9 million (2016 est.)

Real GDP per capita

$16,700 (2016 est.)

$9,100 (2005 est.)

country comparison to the world: 103

GDP - composition, by sector of origin

agriculture: 5.1% (2010 est.)

industry: 12.7% (2010 est.)

services: 82.1% (2010 est.)

Agricultural 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)

country comparison to the world: 155

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: 169

Population below poverty line

N/A

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.)

country comparison to the world: 86

Budget surplus (+) or deficit (-)

3% (of GDP) (2010 est.)

country comparison to the world: 13

Fiscal year

1 April - 31 March

Current account balance

$26.67 million (2005)

country comparison to the world: 58

Exports

$3.125 million (2011 est.)

$5.163 million (2010 est.)

country comparison to the world: 219

Exports - partners

Japan 37%, Thailand 21%, France 17% (2019)

Exports - commodities

fish products, recreational boats, precious metal scraps, fruit juice, chemical analysis instruments (2019)

Imports

$109.3 million (2011 est.)

$90.62 million (2010 est.)

country comparison to the world: 214

Imports - partners

New Zealand 41%, China 21%, Italy 12%, Fiji 10% (2019)

Imports - commodities

ships, refined petroleum, recreational boats, cars, flavored water (2019)

Debt - external

$141 million (1996 est.)

country comparison to the world: 191

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.)

NOTE: The information regarding Cook Islands on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Cook Islands 2021 information contained here. All suggestions for corrections of any errors about Cook Islands 2021 should be addressed to the CIA or the source cited on each page.

This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.