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Tonga:
Economy

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Tonga Page


Economy - overview
Definition
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. 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)
Definition - World rank and map
$526 million (2007 est.)
GDP (official exchange rate)
Definition
$219 million (2007 est.)
GDP - real growth rate
Definition - World rank and map
-3.5% (2007 est.)
GDP - per capita
Definition - World rank and map
$5,100 (2007 est.)
GDP - composition by sector
Definition
agriculture: 25%
industry: 17%
services: 57% (FY05/06 est.)
Labor force
Definition
33,910 (2003)
Labor force - by occupation
Definition
agriculture: 65%
industry and services: 35% (1997 est.)
Unemployment rate
Definition - World rank and map
13% (FY03/04 est.)
Population below poverty line
Definition
24% (FY03/04)
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
5.9% (2007 est.)
Budget
Definition
revenues: $80.48 million
expenditures: $109.8 million (FY07/08)
Agriculture - products
Definition
squash, coconuts, copra, bananas, vanilla beans, cocoa, coffee, ginger, black pepper; fish
Industries
Definition
tourism, construction, fishing
Industrial production growth rate
Definition - World rank and map
1% (2003 est.)
Electricity - production
Definition - World rank and map
54 million kWh (2006)
Electricity - consumption
Definition - World rank and map
47 million kWh (2006)
Electricity - consumption per capita
Definition - World rank and map
395 kWh (2006)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2007 est.)
Oil - consumption
Definition - World rank and map
880 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
7.4 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2007 est.)
Oil - imports
Definition - World rank and map
842.3 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2007 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2007 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2007 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2007 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2007 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2007)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2007 est.)
Current account balance
Definition - World rank and map
-$23 million (FY06/07)
Exports
Definition - World rank and map
$22 million f.o.b. (2006)
Exports - commodities
Definition
squash, fish, vanilla beans, root crops
Exports - partners
Definition
US 34.4%, Japan 20.3%, South Korea 10.5%, NZ 9.5%, Fiji 5.5%, Samoa 4.6% (2006)
Imports
Definition - World rank and map
$139 million f.o.b. (2006)
Imports - commodities
Definition
foodstuffs, machinery and transport equipment, fuels, chemicals
Imports - partners
Definition
Fiji 33.1%, NZ 28%, US 9.2%, Australia 7.8%, China 4.8% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$40.83 million (yearend)
Debt - external
Definition - World rank and map
$80.7 million (2004)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$31.75 million (2005)
Currency (code)
Definition
pa'anga (TOP)
Exchange rates
Definition
pa'anga per US dollar - NA (2007), 2.0277 (2006), 1.96 (2005), 1.9716 (2004), 2.142 (2003)
Fiscal year
Definition
1 July - 30 June


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