Cook Islands Economy - 2024

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; Asian Development Bank aid recipient

Real GDP (purchasing power parity)

$266 million (2022 est.)
$257 million (2021 est.)
$287 million (2020 est.)

note: data are in 2015 dollars

Real GDP growth rate

10.5% (2022 est.)
-24.5% (2021 est.)
-5.2% (2020 est.)

Real GDP per capita

$15,600 (2022 est.)
$15,100 (2021 est.)
$16,800 (2020 est.)

note: data are in 2015 dollars

GDP (official exchange rate)

$336 million (2022 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)

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

$31.4 million (2021 est.)
$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 41%, France 18%, Thailand 16%, Greece 7%, China 6% (2021)

Exports - commodities

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

Imports

$215 million (2021 est.)
$109.3 million (2011 est.)
$90.62 million (2010 est.)

Imports - partners

New Zealand 57%, Turkey 12%, Italy 11%, Israel 5%, Fiji 4% (2021)

Imports - commodities

motorboats, refined petroleum, integrated circuits, lumber, cars, edible preparations, flavored water, beer (2021)

Debt - external

$141 million (1996 est.)

Exchange rates

NZ dollars (NZD) per US dollar -

Exchange rates:
1.416 (2017 est.)
1.4341 (2016 est.)
1.4341 (2015 est.)
1.441 (2014 est.)
1.4279 (2013 est.)