f the UK in the upper hoist-side quadrant and a
large circle of 15 white five-pointed stars (one for every island)
centered in the outer half of the flag

Economy
Cook Islands

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, 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 (purchasing power parity):

$183.2 million (2005 est.)

GDP (official exchange rate):

$183.2 million (2005 est.)

GDP - real growth rate:

0.1% (2005 est.)

GDP - per capita (PPP):

$9,100 (2005 est.)

GDP - composition by sector:

agriculture: 15.1%
industry: 9.6%
services: 75.3% (2004)

Labor force:

6,820 (2001)

Labor force - by occupation:

agriculture: 29%
industry: 15%
services: 56% (1995)

Unemployment rate:

13.1% (2005)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%: NA%
highest 10%: NA%

Budget:

revenues: $70.95 million
expenditures: $69.05 million (FY05/06)

Fiscal year:

1 April - 31 March

Inflation rate (consumer prices):

2.1% (2005 est.)

Agriculture - products:

copra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams,
taro, coffee; pigs, poultry

Industries:

fruit processing, tourism, fishing, clothing, handicrafts

Industrial production growth rate:

1% (2002)

Electricity - production:

30 million kWh (2006 est.)

Electricity - consumption:

27.9 million kWh (2006 est.)

Electricity - exports:

0 kWh (2007 est.)

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