Concepts & Terms

Balance of Payments

Data is compiled in accordance with BPM5. Merchandise goods are measured through customs as described in the Merchandise Trade GDDS entry. Other goods included in this component are the jet fuel and the numismatic. Our Jet fuel is brought into the country as import goods and re-sold to a foreign owned company (Air NZ) and this is considered as re-exports. Revenue from numismatic coins is extracted from the Govt accts. The export and import of Services are measured in the following components, Transportation, Travel, Communication, Insurance, Financial and Government Services. Income and Current transfers are also estimated to arrive at a current account balance. The Current Account Balance is published along with Merchandise Trade tables. The Capital or Financial Account is not published.

Banking

Aggregates are compiled from the Banking Survey which covers the 4 Commercial banks in the Cook Islands from September 2013 onwards, ANZ, Westpac, Bank of the Cook Islands (BCI) and Capital Security Bank (CSB). The Cook islands does not have a Central Bank and uses the NZ Dollar as its currency. ·Narrow Money M1 consist of Notes and Coins in circulation and Demand Deposits · M2 consist of narrow money (M1) and quasi money (savings, demand and term deposits)· Net foreign position of the banks· Net domestic credits. Transactions are valued in accordance to international standards.

Public Sector Accounts

Accounts are broadly based on GFS Manual 1986. Interest payments are not shown separately in publication. Data on Government Finance Statistics is published in the Annual Statistical Bulletin under the following headings;· Government Overall Total Revenue and Expenditure· Government Current Revenue by Type· Government Total Expenditure by Type· Government Crown Expenditure by function.

Gross Domestic Product

Gross domestic product is an aggregate measure of production equal to the sum of the gross values added of all resident institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs). The sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices, less the value of imports of goods and services, or the sum of primary incomes distributed by resident producer units.

Overseas Trade

The two main data items used in the concept of international merchandise trade (IMT) are imports and exports. Imports of goods measures the value of goods that enter the domestic territory of a country irrespective of their final destination. Exports of goods similarly measures the value of goods which leave the domestic territory of a country, irrespective of whether they have been processed in the domestic territory or not. Imports (and exports) of services reflect the value of services provided to residents of other countries (or received by residents of the domestic territory).

National Accounts

The Cook Islands National Accounts are largely based on the United Nations Systems of National Accounts 1968 (SNA68). Data on National Accounts is compiled by the Cook Islands Statistics Office and is published for the years 1982-2001 at the 1990 price (i.e 1990 base year) in the Annual Statistical Bulletin under the following headings:

  • GDP at Current Market Prices and Average 1990 Prices - GDP per capita, Annual growth rate
  • GDP at Current Prices by Sector- Unincorporated, Corporate, Public Enterprises, Subsistence, Public Admin, Ownership of Dwelling, less imputed Bank Charges
  • GDP at Current Prices by Industry according to the ISCI
  • GDP at Average Prices by Industry.  The series is published from the year 1982-2001 at the 1990 price (i.e 1990 base year).GDP is estimated using the production approach. Data on GNI is not available.

Price Indices

The Consumer Price Index covers price changes of the basket of goods and services consumed by all households on Rarotonga (the main island). The base year is 2005. Prices are collected for 205 items and from selected outlets around Rarotonga. Individual prices are combined using weights from the Household Income and Expenditure Survey conducted in 2005. The HIES information is used to select the basket of goods and services. The inclusion of an underlying measure is a recent improvement and it is published at the same time as the CPI. The underlying measure excludes items of a highly volatile nature, items that are subject to policy changes. This measure excludes all locally produced fruit, vegetables, meat and fish; international airfares; mortgage interest, government rent, postal and telecommunication charges, electricity charges; tobacco and alcohol; petrol and diesel. The CPI is computed using the Laspeyres price index formula.