Release - June 1st, 2017

Key facts

Gross Domestic Product: December quarter 2016

• GDP for December Quarter 2016 at current market prices was $107.5 million recording a growth rate of 2.7 per cent when compared to December quarter 2015.
• At constant 2006 prices, December quarter 2016 recorded a value of $82.7 million. With a growth rate of 3.2 per cent in economic activity when compared to December quarter 2015.
• Restaurant and Accommodation contributed the most to GDP with a 22.7% share of total GDP.
• Fishing and pearls showed the largest decrease (at constant prices) of 27.1% when compared to December 2015.

• The tertiary sector contributed the most to GDP with a share of 93.1% this is mainly due to the contribution of the two largest industries (Wholesale/Retail and Restaurants and Accommodation).

Graph below shows the quarterly percentage change over previous quarter of GDP at current and constant prices

Downloads:

• Quarterly National Accounts: December quarter 2016
• Quarterly National Accounts: December quarter 2016- Tables

Annual GDP Latest release

Key facts

In the 2016 calendar year:

• Total nominal GDP for the 2016 calendar year was $413.7 million, this recorded a 1.0 percent growth rate from the previous year.

• GDP per capita (at current prices) for 2016 decreased by 3.1 percent when compared to 2015 calendar year. The decrease of GDP per capita was mainly due to the increase in population.

• At constant prices, 2016 total GDP increased by 3.5 percent when compared to 2015 calendar year.

• At real terms, GDP per capita decreased by 0.8 percent when compared to the previous calendar year.

• According to graph 3, GDP per capita (at current and constant prices) peaked in 2011 and has been growing steadily since then. Reasons for sudden increase is due to the rapid decrease in population numbers in 2011, and the continuous decrease of population has influenced the increase of GDP per capita since.

• All sectors produced a positive percentage change/growth over the previous year. The percentage growth in this period were minor except for Financial Intermediation Services Indirectly Measured (FISIM) up by 40.4 percent.

• Corporate enterprises dominated all the sectors contributing 70.7 percent to total GDP for the 2016 calendar year. This is mainly due to the contribution from the two largest industries, Wholesale/Retail and Restaurants and Accommodation.

More Information about National Accounts

The Cook Islands National Accounts are largely based on the United Nations Systems of National Accounts 1993 (SNA93) framework. Data on gross domestic product (GDP) at current and constant prices is compiled using the production approach (one of the three GDP approaches). 2006 prices are used for deriving GDP at real or constant prices and which has been estimated for the years 2000-2011.

GDP data is published on a quartelry and annual basis (both at current and at real prices) and includes:

• Quarterly and annual GDP
• GDP per capita
• Quarterly and annual growth rate
• GDP by institutional sectors
• GDP by industry
• GDP by primary/secondary/tertiary sector

Data on GNI is not available.