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Cook Islands (self-governing in free association with New Zealand) Economy 1999
Economyoverview: 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.) GDPreal growth rate: NA% GDPper capita: purchasing power parity$4,000 (1994 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 2.6% (1994 est.) Labor force: 6,601 (1993) Labor forceby occupation: agriculture 29%, government 27%, services 25%, industry 15%, other 4% (1981) Unemployment rate: NA%
Budget:
Industries: fruit processing, tourism Industrial production growth rate: NA% Electricityproduction: 15 million kWh (1996)
Electricityproduction by source:
Electricityconsumption: 15 million kWh (1996) Electricityexports: 0 kWh (1996) Electricityimports: 0 kWh (1996) Agricultureproducts: copra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams, taro, coffee Exports: $4.2 million (f.o.b., 1994 est.) Exportscommodities: copra, fresh and canned citrus fruit, coffee; fish; pearls and pearl shells; clothing Exportspartners: NZ 80%, Japan, Hong Kong (1993) Imports: $85 million (c.i.f., 1994) Importscommodities: foodstuffs, textiles, fuels, timber, capital goods Importspartners: NZ 49%, Italy, Australia (1993) Debtexternal: $160 million (1994) Economic aidrecipient: $13.1 million (1995); noteNew Zealand furnishes the greater part Currency: 1 New Zealand dollar (NZ$) = 100 cents Exchange rates: New Zealand dollars (NZ$) per US$11.8560 (January 1999), 1.8629 (1998), 1.5083 (1997), 1.4543 (1996), 1.5235 (1995), 1.6844 (1994) Fiscal year: 1 April31 March
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