Cook Islands Economy

Is Cook Islands a rich country?

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.

Cook Islands Economy Data

What is the GDP of Cook Islands?

Currency Name and Code NZ dollars (NZD)
GDP - Gross Domestic Product (PPP) $299,900,000 (USD)
GDP - official exchange rate $244,100,000 (USD)
GDP - real growth rate 0.1%
GDP Per Capita $12,300.00 (USD)
GDP by Sector- agriculture 5.1%
GDP by Sector- Industry 12.7%
GDP by Sector- services 82.1%
Inflation Rate 2.2%
Labor Force 6,820
Labor Force By Occupation- agriculture 29%
Labor Force By Occupation- industry 15%
Labor Force By Occupation- services 56%
Unemployment Rate 13.1%
Fiscal Year 1 April - 31 March
Annual Budget $86,900,000 (USD)
Budget Surplus or Deficit - percent of GDP 3.7%
Taxes and other revenues - percent of GDP 35.6%
Major Industries fruit processing, tourism, fishing, clothing, handicrafts
Industrial Growth Rate 1%
Agriculture Products copra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams, taro, coffee; pigs, poultry
Exchange Rate per US Dollar 1.4279

Labor Force by Occupation- As reported by Cook Islands

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