Economy of Cook Islands
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 about one-third 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
Real Growth Rate
0%
Per Capita
USD 9,100
From Agriculture
15%
From Industry
10%
From Services
75%
Labour Force
Available for Work
6,820
Working in Agriculture
29%
Working in Industry
15%
Working in Services
56%
Unemployment Rate
13%
Population Below Poverty Line
0%
Inflation Rate
2%
Investment as Percent of GDP
0%
Budget
Revenues
USD 71 (m)
Expenditures
USD 69 (m)
Public Debt
US$ 141.00 (m)
Agricultural Products
Copra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams, taro, coffee; pigs, poultry.
Core Industries
Fruit processing, tourism, fishing, clothing, handicrafts
Exports
Value
USD 5 (m)
Commodities
Copra, papayas, fresh and canned citrus fruit, coffee, fish, pearls and pearl shells, clothing
Partners
Australia 34%, Japan 27%, NZ 25%, US 8% (2006)
Imports
Value
USD 81 (m)
Commodities
Foodstuffs, textiles, fuels, timber, capital goods
Partners
NZ 61%, Fiji 19%, US 9%, Australia 6%, Japan 2% (2006)
External Debt
USD 141 (m)
Fiscal Year
01 April - 31 March
