Cook Islands Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income self-governing New Zealand territorial economy; tourism-based activity but diversifying; severely curtailed by COVID-19 pandemic; copra and tropical fruit exporter; recently received economic recovery support from Asian Development Bank

Real GDP (purchasing power parity)

$299.9 million (2016 est.)

$183.2 million (2015 est.)

Real GDP growth rate

0.1% (2005 est.)

Real GDP per capita

$16,700 (2016 est.)

$9,100 (2005 est.)

GDP (official exchange rate)

$299.9 million (2016 est.)

Inflation rate (consumer prices)

2.2% (2011 est.)

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, cassava, papayas, tomatoes, pork, fruit, sweet potatoes, mangoes/guavas

Industries

fishing, fruit processing, tourism, clothing, handicrafts

Industrial production growth rate

1% (2002)

Labor force

6,820 (2001)

Labor force - by occupation

agriculture: 29%

industry: 15%

services: 56% (1995)

Unemployment rate

13.1% (2005)

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)

Budget surplus (+) or deficit (-)

3% (of GDP) (2010 est.)

Taxes and other revenues

29% (of GDP) (2010 est.)

Fiscal year

1 April - 31 March

Current account balance

$26.67 million (2005)

Exports

$3.125 million (2011 est.)

$5.163 million (2010 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

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

Exports - commodities

fish products, recreational boats, paintings, lobsters, tuna (2021)

Imports

$109.3 million (2011 est.)

$90.62 million (2010 est.)

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.)

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 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Cook Islands 2023 information contained here. All suggestions for corrections of any errors about Cook Islands 2023 should be addressed to the CIA or the source cited on each page.