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Country vs country: Australia and Cook Islands compared: Economy

Definitions

  • Current account balance: This entry records a country's net trade in goods and services, plus net earnings from rents, interest, profits, and dividends, and net transfer payments (such as pension funds and worker remittances) to and from the rest of the world during the period specified. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Debt > External: Total public and private debt owed to non-residents repayable in foreign currency, goods, or services.
  • Exchange rates: The official value of a country's monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar and as determined by international market forces or official fiat.
  • Exports > Commodities: This entry provides a listing of the highest-valued exported products; it sometimes includes the percent of total dollar value.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP > Composition by sector > Services: The gross domestic product (GDP) or value of all final services produced within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Composition, by sector of origin > Agriculture: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller.
  • GDP > Real growth rate: GDP growth on an annual basis adjusted for inflation and expressed as a percent.
  • Imports: This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Imports > Commodities: This entry provides a listing of the highest-valued imported products; it sometimes includes the percent of total dollar value.
  • Labor force > By occupation > Services: This entry is derived from Economy > Labor force > By occupation, which lists the percentage distribution of the labor force by sector of occupation. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other economic activities that do not produce material goods. The distribution will total less than 100 percent if the data are incomplete and may range from 99-101 percent due to rounding.
  • Taxes and other revenues: This entry records total taxes and other revenues received by the national government during the time period indicated, expressed as a percent of GDP. Taxes include personal and corporate income taxes, value added taxes, excise taxes, and tariffs. Other revenues include social contributions - such as payments for social security and hospital insurance - grants, and net revenues from public enterprises. Normalizing the data, by dividing total revenues by GDP, enables easy comparisons across countries, and provides an average rate at which all income (GDP) is paid to the national level government for the supply of public goods and services.
  • GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Composition, by sector of origin > Industry: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget > Expenditures: Expenditures calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Labor force > By occupation > Industry: This entry is derived from Economy > Labor force > By occupation, which lists the percentage distribution of the labor force by sector of occupation. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other economic activities that do not produce material goods. The distribution will total less than 100 percent if the data are incomplete and may range from 99-101 percent due to rounding.
  • Overview: This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.
  • Labor force > By occupation > Agriculture: This entry is derived from Economy > Labor force > By occupation, which lists the percentage distribution of the labor force by sector of occupation. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other economic activities that do not produce material goods. The distribution will total less than 100 percent if the data are incomplete and may range from 99-101 percent due to rounding.
    Additional details:
    • Gibraltar: negligible (2013)
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Industrial production growth rate: This entry gives the annual percentage increase in industrial production (includes manufacturing, mining, and construction).
  • Industries: A rank ordering of industries starting with the largest by value of annual output.
  • Labor force: This entry contains the total labor force figure.
  • GDP > Composition by sector > Agriculture: The gross domestic product (GDP) or value of all final goods produced by the agricultural sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Official exchange rate: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at offical exchange rates (OER) is the home-currency-denominated annual GDP figure divided by the bilateral average US exchange rate with that country in that year. The measure is simple to compute and gives a precise measure of the value of output. Many economists prefer this measure when gauging the economic power an economy maintains vis-a-vis its neighbors, judging that an exchange rate captures the purchasing power a nation enjoys in the international marketplace. Official exchange rates, however, can be artifically fixed and/or subject to manipulation - resulting in claims of the country having an under- or over-valued currency - and are not necessarily the equivalent of a market-determined exchange rate. Moreover, even if the official exchange rate is market-determined, market exchange rates are frequently established by a relatively small set of goods and services (the ones the country trades) and may not capture the value of the larger set of goods the country produces. Furthermore, OER-converted GDP is not well suited to comparing domestic GDP over time, since appreciation/depreciation from one year to the next will make the OER GDP value rise/fall regardless of whether home-currency-denominated GDP changed.
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • Industrial > Production growth rate: The annual percentage increase in industrial production (includes manufacturing, mining, and construction).
  • Trade balance with US: In US dollars. Jan 2003 - March 2003
  • Currency: The national medium of exchange and its basic sub-unit.
  • Exchange rates > Recent years: The official value of a country's monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar and as determined by international market forces or official fiat."
  • Currency code: The International Organization for Standardization (ISO) 4217 alphabetic currency code for each country.
  • GDP > Purchasing power parity > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Official exchange rate > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at offical exchange rates (OER) is the home-currency-denominated annual GDP figure divided by the bilateral average US exchange rate with that country in that year. The measure is simple to compute and gives a precise measure of the value of output. Many economists prefer this measure when gauging the economic power an economy maintains vis-a-vis its neighbors, judging that an exchange rate captures the purchasing power a nation enjoys in the international marketplace. Official exchange rates, however, can be artifically fixed and/or subject to manipulation - resulting in claims of the country having an under- or over-valued currency - and are not necessarily the equivalent of a market-determined exchange rate. Moreover, even if the official exchange rate is market-determined, market exchange rates are frequently established by a relatively small set of goods and services (the ones the country trades) and may not capture the value of the larger set of goods the country produces. Furthermore, OER-converted GDP is not well suited to comparing domestic GDP over time, since appreciation/depreciation from one year to the next will make the OER GDP value rise/fall regardless of whether home-currency-denominated GDP changed. Per capita figures expressed per 1 population.
  • Trade > Imports: This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Trade > Imports > Per capita: This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Per capita figures expressed per 1 population.
  • Tourism receipts > International > Per capita: Per capita figures expressed per 1 population.
STAT Australia Cook Islands HISTORY
Current account balance $-57,140,000,000
Ranked 175th.
$26.67 million
Ranked 59th.

Debt > External $1.5 trillion
Ranked 12th. 10617 times more than Cook Islands
$141 million
Ranked 1st.

Exchange rates Australian dollars (AUD) per US dollar -<br />0.97 (2012 est.)<br />0.97 (2011 est.)<br />1.09 (2010)<br />1.28 (2009)<br />1.21 (2008) NZ dollars (NZD) per US dollar -<br />1.23 (2012)<br />1.27 (2011 est.)<br />1.39 (2010)<br />1.6 (2009)<br />1.42 (2008)
Exports > Commodities coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment copra, papayas, fresh and canned citrus fruit, coffee; fish; pearls and pearl shells; clothing
Fiscal year 1 1
GDP > Composition by sector > Services 69.4%
Ranked 48th.
82.1%
Ranked 9th. 18% more than Australia

GDP > Composition, by sector of origin > Agriculture 3.9%
Ranked 137th.
5.1%
Ranked 124th. 31% more than Australia
GDP > Per capita > PPP $42,000
Ranked 10th. 5 times more than Cook Islands
$9,100
Ranked 8th.

GDP > Purchasing power parity $961 billion
Ranked 18th. 5246 times more than Cook Islands
$183.2 million
Ranked 10th.

GDP > Real growth rate 3.7%
Ranked 87th. 37 times more than Cook Islands
0.1%
Ranked 189th.

Imports $263 billion
Ranked 20th. 3150 times more than Cook Islands
$83.49 million
Ranked 201st.

Imports > Commodities machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products foodstuffs, textiles, fuels, timber, capital goods
Labor force > By occupation > Services 75%
Ranked 2nd. 34% more than Cook Islands
56%
Ranked 1st.
Stock of narrow money None None
Taxes and other revenues 33.2% of GDP
Ranked 67th.
38.7% of GDP
Ranked 1st. 17% more than Australia
GDP > Composition, by sector of origin > Services 68.9%
Ranked 55th.
82.1%
Ranked 3rd. 19% more than Australia
GDP > Composition, by sector of origin > Industry 27.2%
Ranked 103th. 2 times more than Cook Islands
12.7%
Ranked 199th.
Budget > Revenues $504.7 billion
Ranked 10th. 7113 times more than Cook Islands
$70.95 million
Ranked 210th.

Budget > Expenditures $556.1 billion
Ranked 11th. 8054 times more than Cook Islands
$69.05 million
Ranked 2nd.

Labor force > By occupation > Industry 21.1%
Ranked 66th. 41% more than Cook Islands
15%
Ranked 114th.

Overview The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam. 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 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.
Labor force > By occupation > Agriculture 3.6%
Ranked 155th.
29%
Ranked 75th. 8 times more than Australia

Budget surplus > + or deficit > - -3.4% of GDP
Ranked 109th.
1% of GDP
Ranked 1st.
Industrial production growth rate 3.5%
Ranked 77th. 4 times more than Cook Islands
1%
Ranked 2nd.
Industries mining, industrial and transportation equipment, food processing, chemicals, steel fruit processing, tourism, fishing, clothing, handicrafts
Labor force 12
Ranked 115th. Twice as much as Cook Islands
6
Ranked 142nd.

Agriculture > Products wheat, barley, sugarcane, fruits; cattle, sheep, poultry copra, citrus, pineapples, tomatoes, beans, pawpaws, bananas, yams, taro, coffee; pigs, poultry
GDP > Composition by sector > Agriculture 4%
Ranked 139th.
5.1%
Ranked 128th. 28% more than Australia

Stock of broad money None None
GDP > Official exchange rate $1.52 trillion
Ranked 12th. 8302 times more than Cook Islands
$183.2 million
Ranked 7th.

Inflation rate > Consumer prices 1.8%
Ranked 168th.
2.2%
Ranked 181st. 22% more than Australia

Exports $257.9 billion
Ranked 22nd. 51580000 times more than Cook Islands
$5,000
Ranked 198th.

Unemployment rate 5.2%
Ranked 88th.
13.1%
Ranked 6th. 3 times more than Australia
GDP > Composition by sector > Industry 26.6%
Ranked 108th. 2 times more than Cook Islands
12.7%
Ranked 195th.

Industrial > Production growth rate 3%
Ranked 105th. 3 times more than Cook Islands
1%
Ranked 57th.
Trade balance with US $1.43 billion
Ranked 2nd.
$-600,000
Ranked 116th.
GDP > CIA Factbook $571.4 billion
Ranked 16th. 5442 times more than Cook Islands
$105 million
Ranked 12th.
Currency Australian dollar NZ dollar
Exchange rates > Recent years Australian dollars per US dollar - 1.3095 (2005), 1.3598 (2004), 1.5419 (2003), 1.8406 (2002), 1.9334 (2001) New Zealand dollars per US dollar - 1.4203 (2005), 1.5087 (2004), 1.7221 (2003), 2.1622 (2002), 2.3788 (2001)
Tourism receipts > International $20.64 billion
Ranked 8th. 224 times more than Cook Islands
$92 million
Ranked 142nd.

Currency code AUD NZD
Exchange rates to USD 1.2137 1.3811
Tourist arrivals by region of origin > Total 5.5 million
Ranked 36th. 62 times more than Cook Islands
88,397
Ranked 154th.

Tourist arrivals by region of origin > Americas 584,194
Ranked 39th. 90 times more than Cook Islands
6,475
Ranked 148th.

GDP > Purchasing power parity > Per capita $37,828.78 per capita
Ranked 15th. 4 times more than Cook Islands
$8,565.55 per capita
Ranked 71st.
GDP > Per capita $37,828.78 per capita
Ranked 15th. 4 times more than Cook Islands
$8,565.55 per capita
Ranked 71st.
GDP > Official exchange rate > Per capita $44,474.51 per capita
Ranked 15th. 5 times more than Cook Islands
$8,565.55 per capita
Ranked 55th.
Trade > Imports $200.4 billion
Ranked 20th. 2473 times more than Cook Islands
$81.04 million
Ranked 166th.

Trade > Imports > Per capita $7,830.02 per capita
Ranked 33th. 2 times more than Cook Islands
$3,789.04 per capita
Ranked 53th.
Tourism receipts > International > Per capita $1,015.15 per capita
Ranked 32nd.
$4,301.48 per capita
Ranked 9th. 4 times more than Australia

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; All CIA World Factbooks 18 December 2003 to 18 December 2008; CIA World Factbook 2010, 2011, 2012, 2013; US Census Bureau; CIA World Factbook, 22 August 2006; Source: World Tourism Organization Statistics Database and Yearbook | United Nations World Tourism Organization

Citation

"Economy: Australia and Cook Islands compared", NationMaster. Retrieved from http://www.nationmaster.com/country-info/compare/Australia/Cook-Islands/Economy

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