| Economy | Tonga |
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Economy - overview:
|
Tonga has a small, open, South Pacific island economy. It has a narrow export base in agricultural goods. Squash, vanilla beans, and yams are the main crops, and agricultural exports, including fish, make up two-thirds of total exports. The country must import a high proportion of its food, mainly from New Zealand. The country remains dependent on external aid and remittances from Tongan communities overseas to offset its trade deficit. Tourism is the second-largest source of hard currency earnings following remittances. Tonga had 41,000 visitors in 2004. The government is emphasizing the development of the private sector, especially the encouragement of investment, and is committing increased funds for health and education. Tonga has a reasonably sound basic infrastructure and well-developed social services. High unemployment among the young, a continuing upturn in inflation, pressures for democratic reform, and rising civil service expenditures are major issues facing the government. |
GDP (purchasing power parity):
|
$549.1 million (2008 est.)
$542.6 million (2007)
$544.2 million (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$4,600 (2008 est.)
$4,600 (2007 est.)
$4,700 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$258 million (2008 est.) |
GDP - real growth rate:
|
1.2% (2008 est.)
-0.3% (2007 est.)
3.2% (2006 est.) |
GDP - composition by sector:
|
agriculture: 25%
industry: 17%
services: 57% (FY05/06 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
24% (FY03/04) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
5.9% (2007 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
12.16% (31 December 2007) |
Stock of money:
|
$46.38 million (31 December 2007) |
Stock of money - per capita:
|
384 USD per capita |
Stock of quasi money:
|
$106.8 million (31 December 2007) |
Stock of quasi money - per capita:
|
884 USD per capita |
Stock of domestic credit:
|
$163.1 million (31 December 2007) |
Stock of domestic credit - per capita:
|
1,350 USD per capita |
Labor force:
|
33,910 (2003) |
Labor force participation rate:
|
28.05 % of population |
Labor force - by occupation:
|
agriculture: 31.8%
industry: 30.6%
services: 2,003% (2003 est.) |
Unemployment rate:
|
13% (FY03/04 est.) |
Budget:
|
revenues: $80.48 million
expenditures: $109.8 million (FY07/08) |
Budget revenues per capita:
|
666 USD per capita |
Public debt:
|
void |
Industries:
|
tourism, construction, fishing |
Industrial production growth rate:
|
1% (2003 est.) |
Electricity - production:
|
43 million kWh (2007 est.) |
Electricity - production per capita:
|
356 kWh per capita |
Electricity - consumption:
|
39.99 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
331 kWh per capita |
Electricity - exports:
|
0 kWh (2007) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
870 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
2.63 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2007 est.) |
Oil - imports:
|
1,035 bbl/day (2005) |
Oil - proved reserves:
|
0 bbl (1 January 2007 est.) |
Natural gas - production:
|
0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2007 est.) |
Agriculture - products:
|
squash, coconuts, copra, bananas, vanilla beans, cocoa, coffee, ginger, black pepper; fish |
Current account balance:
|
-$23 million (2007 est.) |
Current account balance - per capita:
|
-190 USD per capita |
Exports:
|
$22 million f.o.b. (2006) |
Exports per capita:
|
182 USD per capita |
Exports - commodities:
|
squash, fish, vanilla beans, root crops |
Exports - partners:
|
US 36.7%, Japan 21.6%, NZ 10.1%, Fiji 5.8%, Samoa 4.9% (2007) |
Imports:
|
$139 million f.o.b. (2006) |
Imports per capita:
|
1,150 USD per capita |
Imports - commodities:
|
foodstuffs, machinery and transport equipment, fuels, chemicals |
Imports - partners:
|
Fiji 32.5%, NZ 27.5%, US 9%, Australia 7.4%, China 5% (2007) |
Reserves of foreign exchange and gold:
|
$40.83 million (yearend, FY04/05) |
Reserves of foreign exchange and gold - per capita:
|
338 USD per capita |
Debt - external:
|
$80.7 million (2004) |
Debt - external - per capita:
|
668 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$31.75 million (2005) |
Economic aid - recipient per capita:
|
263 USD per capita |
Currency (code):
|
pa'anga (TOP) |
Exchange rates:
|
pa'anga (TOP) per US dollar - NA (2007), 2.0277 (2006), 1.96 (2005), 1.9716 (2004), 2.142 (2003) |
Fiscal year:
|
1 July - 30 June |
|
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