National Accounts – June Quarter 2022

Jul 7, 2023 | National Accounts

Gross Domestic Product: June Quarter 2022

  • Current GDP for June Quarter 2022 totaled $122.3 million
  • At constant 2016 prices, the June quarter of 2022 recorded a value of $126.6 million

After two long years of being isolated from the world, due to the pandemic, the Cook islands finally opened its borders again in January 2022. With the proper COVID-19 health measures in place, businesses were finally able to operate and start running again.

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Graph 1 shows shows total quarterly GDP at both current and constant 2016 price

GDP Statistics June Qtr 2022 Graph

More information on National Accounts – (Gross Domestic Product)

Gross Domestic Product (GDP) is the measure of economic growth in the Cook Islands.

GDP Compilation Approaches
There are three different approaches taken to calculate GDP – the production approach, the expenditure approach, and the income approach. The production approach (GDP (P)) is being used to calculate the Cook Islands GDP on a quarterly basis. This approach measures the total value of goods produced in the Cook Islands, after deducting the cost of goods and services used in the production process. Generally, the GDP in this approach is calculated as, the total Gross Output (GO) less Intermediate Consumption (IC).

Scope and Coverage of the GDP
GDP is calculated for all economic activities in the Cook Islands. These activities include Agriculture and Fishing; Mining and Manufacturing; Electricity, Gas and Water; Construction; Retail and Wholesale Trade; Restaurants and Accommodation; Transport, Storage and Communication; Financial Intermediation; Real Estate, Renting and Business Services; Education, Health and Public Administration; Other Services; and Owner-Occupied Dwellings.

International Standard Industrial Classifications (ISIC Rev 4) – is used to classify the principal economic activity (industry) of establishments and enterprises. At the broader industry groupings:
• Primary industries include agriculture, fishing and pearl
• Secondary industries include mining and manufacturing; electricity and water supply; and construction.
• Tertiary or service industries include wholesale and retail trade; restaurants and accommodation; transport, storage, cartage and communication services; Finance and Business Services; Community and Personal Services; Public Administration; Education and Health Services; Ownership of Owner-Occupied Dwellings.

Data Source
VAT data is the main data source in the compilation of GDP. Other data sources and methods are found in the table for the methodology of compiling the Cook Islands quarterly GDP on request.

System of National Accounts
The conceptual framework used to compile the Cook Islands GDP is based on the System of National Accounts 2008.

GDP Implicit Price Deflators
Implicit price deflators (IPDs) for expenditure on GDP provide a broad measure of price change for total economic activity. They provide an estimate of price change between the base period and any other period, using the quantity weights in the latter period. Because weights change from period to period, a change in an IPD between any two periods reflects changes in both actual prices and weights or compositional changes. It is calculated as GDP at current prices divided by GDP at constant prices and multiply by 100.

Per capita measures
A per capita measure is the annual GDP (at current or average prices) divided by the corresponding projected population of the Cook Islands. We use the average estimated resident population of the Cook Islands.

Base period for the GDP
The base period is the calendar year ending 31 December 2016.

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