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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
Inflation rate - consumer price index 2.6% (1994 est.) Labor force
Unemployment rate NA% Budget
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
Imports
Debt - external $160 million (1994) Economic aid
Currency 1 New Zealand dollar (NZ$) = 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. |