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    Cook Islands Economy 1998
    https://greekorthodoxchurch.org/wfb1998/cook_islands/cook_islands_economy.html
    SOURCE: 1998 CIA WORLD FACTBOOK

      Economy - overview Like many other South Pacific island nations, the Cook Islands' economic development is hindered by the isolation of the country from foreign markets, lack of natural resources, periodic devastation from natural disasters, and inadequate infrastructure. Agriculture provides the economic base with major exports made up of copra and citrus fruit. Manufacturing activities are limited to fruit-processing, clothing, and handicrafts. Trade deficits are made up for by remittances from emigrants and by foreign aid, overwhelmingly from New Zealand. In 1996, the government declared bankruptcy, citing a $120 million public debt. Efforts to exploit tourism potential and expanding the mining and fishing industries have not been enough to adequately deal with the financial crisis. In an effort to stem further erosion of the economy, the government slashed public service salaries by 50%, condensed the number of government ministries from 52 to 22, reduced the number of civil servants by more than half, began selling government assets, and closed all overseas diplomatic posts except for the one in New Zealand.

      GDP purchasing power parity - $79 million (1994 est.)

      GDP - real growth rate NA%

      GDP - per capita purchasing power parity - $4,000 (1994 est.)

      GDP - composition by sector
      agriculture: 17%
      industry: 6%
      services: 77% (FY90/91)

      Inflation rate - consumer price index 2.6% (1994 est.)

      Labor force
      total: 6,601 (1993)
      by occupation: agriculture 29%, government 27%, services 25%, industry 15%, other 4% (1981)

      Unemployment rate NA%

      Budget
      revenues: $NA
      expenditures: $NA, including capital expenditures of $NA

      Industries fruit processing, tourism

      Industrial production growth rate NA%

      Electricity - capacity 6,000 kW (1995)

      Electricity - production 15 million kWh (1995)

      Electricity - consumption per capita 775 kWh (1995)

      Agriculture - products copra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams, taro, coffee

      Exports
      total value: $4.2 million (f.o.b., 1994 est.)
      commodities: copra, fresh and canned citrus fruit, coffee; fish; pearls and pearl shells; clothing
      partners: NZ 80%, Japan, Hong Kong (1993)

      Imports
      total value: $85 million (c.i.f., 1994)
      commodities: foodstuffs, textiles, fuels, timber, capital goods
      partners: NZ 49%, Italy, Australia (1993)

      Debt - external $160 million (1994)

      Economic aid
      recipient: roughly $16 million annually, 1985-95, with New Zealand furnishing 88% of the total

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

      Exchange rates New Zealand dollars (NZ$) per US$1 - 1.7283 (January 1998), 1.5083 (1997), 1.4543 (1996), 1.5235 (1995), 1.6844 (1994), 1.8495 (1993)

      Fiscal year 1 April - 31 March

      NOTE: The information regarding Cook Islands on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cook Islands Economy 1998 information contained here. All suggestions for corrections of any errors about Cook Islands Economy 1998 should be addressed to the CIA.

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    https://greekorthodoxchurch.org/wfb1998/cook_islands/cook_islands_economy.html
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    Revised 21-Dec-01
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