Cocos (Keeling) Islands - Economy
Geography - People - Economy - Government - Communications - Transportation - Military - Transnational IssuesCocos (Keeling) Islands is located Southeastern Asia, group of islands in the Indian Ocean, southwest of Indonesia, about halfway from Australia to Sri Lanka. The climate is tropical with high humidity, moderated by the southeast trade winds for about nine months of the year. The terrain is flat, low-lying coral atolls.
Economy - 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.Economy - overview : Grown throughout the islands, coconuts are the sole cash crop. Small local gardens and fishing contribute to the food supply, but additional food and most other necessities must be imported from Australia. There is a small tourist industry.
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 wealthy industrialized countries are generally much smaller.GDP (purchasing power parity) : $NA
Labor force
This entry contains the total labor force figure.Labor force : NA
Labor force - by occupation - note : the Cocos Islands Cooperative Society Ltd. employs construction workers, stevedores, and lighterage workers; tourism employs others
Unemployment rate
This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.Unemployment rate : 60% (2000 est.)
Budget
This entry includes revenues, expenditures, and capital expenditures. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.Budget - revenues : $NA
Budget - expenditures : $NA
Fiscal year
Fiscal year : 1 July - 30 June
Agriculture - products
This entry is an ordered listing of major crops and products starting with the most important.Agriculture - products : vegetables, bananas, pawpaws, coconuts
Industries
This entry provides a rank ordering of industries starting with the largest by value of annual output.Industries : copra products and tourism
Electricity
Electricity - production by source - fossil fuel : NA
Electricity - production by source - hydro : NA
Electricity - production by source - nuclear : NA
Electricity - production by source - other : NA
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.Exports : $NA
Exports - commodities
This entry provides a listing of the highest- valued exported products; it sometimes includes the percent of total dollar value.Exports - commodities : copra
Exports - partners
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.Exports - partners : Australia (2006)
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 : $NA
Imports - commodities
This entry provides a listing of the highest- valued imported products; it sometimes includes the percent of total dollar value.Imports - commodities : foodstuffs
Imports - partners
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.Imports - partners : Australia (2006)
Economic aid
Economic aid - recipient : $NA
Currency (code)
Currency (code) : Australian dollar (AUD)
Currency code
Currency code : AUD
Exchange rates
This entry provides 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. The International Organization for Standardization (ISO) 4217 alphabetic currency code for the national medium of exchange is presented in parenthesis.Exchange rates : Australian dollars (AUD) per US dollar - 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003)
More Information about the country