Cook Islands (NZ): Economy

The World Factbook 1993: Cook Islands Economy

Overview: Agriculture provides the economic base. The major export earners are fruit, copra, and clothing. Manufacturing activities are limited to a fruit-processing plant and several clothing factories. Economic development is hindered by the isolation of the islands from foreign markets and a lack of natural resources and good transportation links. A large trade deficit is annually made up for by remittances from emigrants and from foreign aid. Current economic development plans call for exploiting the tourism potential and expanding the fishing industry.

National product: GDP - exchange rate conversion - $40 million (1988 est.)

National product real growth rate: 5.3% (1986-88 est.)

National product per capita: $2,200 (1988 est.)

Inflation rate (consumer prices): 8% (1988)

Unemployment rate: NA%

Budget: revenues $33.8 million; expenditures $34.4 million, including capital expenditures of $NA (1990 est.)

Exports: $4.0 million (f.o.b., 1988) commodities: copra, fresh and canned fruit, clothing partners: NZ 80%, Japan Imports: $38.7 million (c.i.f., 1988) commodities: foodstuffs, textiles, fuels, timber partners: NZ 49%, Japan, Australia, US

External debt: $NA

Industrial production: growth rate NA%

Electricity: 14,000 kW capacity; 21 million kWh produced, 1,170 kWh per capita (1990)

Industries: fruit processing, tourism

Agriculture: export crops - copra, citrus fruits, pineapples, tomatoes, bananas; subsistence crops - yams, taro

Economic aid: Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $128 million

Currency: 1 New Zealand dollar (NZ$)=100 cents

Exchange rates: New Zealand dollars (NZ$) per US$1 - 1.9490 (January 1993), 1.8584 (1992), 1.7266 (1991), 1.6750 (1990), 1.6711 (1989), 1.5244 (1988)

Fiscal year: 1 April-31 March