Tongan Economy, Tonga Economy

Economy - overview: Tonga, a small, open, South Pacific island economy, has a narrow export base in agricultural goods. Squash, coconuts, bananas, and vanilla beans are the main crops, and agricultural exports make up two-thirds of total exports. The country must import a high proportion of its food, mainly from New Zealand. Tourism is the second largest source of hard currency earnings following remittances. The country remains dependent on external aid and remittances from Tongan communities overseas to offset its trade deficit. 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, and rising civil service expenditures are major issues facing the government.

GDP: NA

GDP - real growth rate: 1.5% (2002 est.)

GDP - per capita: Purchasing power parity - $2,300 (2002 est.)

GDP - composition by sector: Agriculture: 23% industry: 13% services: 64% (2002 est.)

Population below poverty line: NA

Household income or consumption by percentage share: Lowest 10%: NA highest 10%: NA

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 33,910 (1996)

Labor force - by occupation: Agriculture 65% (1997 est.)

Unemployment rate: 13.3% (1996 est.)

Budget: Revenues: $39.9 million expenditures: $52.4 million, including capital expenditures of $1.9 million (FY99/00 est.)

Industries: Tourism, fishing

Industrial production growth rate: 8.6% (FY98/99)

Electricity - production: 24.79 million kWh (2002)

Electricity - production by source:

Electricity - consumption: 23.06 million kWh (2002)

Electricity - exports: 0 kWh (2002)

Electricity - imports: 0 kWh (2002)

Oil - production: 0 bbl/day (2001 est.)

Oil - consumption: 1,000 bbl/day (2001 est.)

Oil - exports: NA

Oil - imports: NA

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

Agriculture - products: Squash, coconuts, copra, bananas, vanilla beans, cocoa, coffee, ginger, black pepper; fish

Exports: $27 million f.o.b. (2002 est.)

Exports - commodities: Squash, fish, vanilla beans, root crops

Exports - partners: Japan 37.1%, China 18.7%, US 17.7%, Taiwan 8.7%, New Zealand 7.4% (2004)

Imports: $86 million f.o.b. (2002 est.)

Imports - commodities: Foodstuffs, machinery and transport equipment, fuels, chemicals

Imports - partners: New Zealand 37.1%, Fiji 24.3%, Australia 9.1%, China 8.9%, US 6.3% (2004)

Debt - external: $63.4 million (2001)

Economic aid - recipient: Australia $5.5 million, New Zealand $2.3 million (FY01/02)

Currency:

Currency code:

Exchange rates: Pa'anga per US dollar - 1.9716 (2004), 2.142 (2003), 2.1952 (2002), 2.1236 (2001), 1.7585 (2000)

Fiscal year: 1 July - 30 June

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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.

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