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World > Oceania > Tonga > Economy (Facts)

Tonga - Economy (Facts)
Economy - overview: Tonga has a small, open, South Pacific island economy. It 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. 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 - real growth rate: 2.4% (2005 est.)
GDP (purchasing power parity): $178.5 million (2004 est.)
GDP (official exchange rate): $244 million (2005 est.)
GDP - per capita (PPP): $2,200 (2005 est.)
GDP - composition by sector: agriculture: 23%
industry: 27%
services: 50% (FY03/04 est.)
Population below poverty line: 24% (FY03/04)
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 11.1% (2005 est.)
Labor force: 33,910 (2003)
Labor force - by occupation: agriculture: 65%
industry and services: 35% (1997 est.)
Unemployment rate: 13% (FY03/04 est.)
Budget: revenues: $56.97 million
expenditures: $83.88 million; including capital expenditures of $1.9 million (FY04/05)
Industries: tourism, fishing
Industrial production growth rate: 1% (2003 est.)
Electricity - production: 41 million kWh (2004)
Electricity - consumption: 38.13 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 900 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: squash, coconuts, copra, bananas, vanilla beans, cocoa, coffee, ginger, black pepper; fish
Exports: $34 million f.o.b. (2004 est.)
Exports - commodities: squash, fish, vanilla beans, root crops
Exports - partners: US 41.8%, Japan 29.2%, NZ 8.6%, Fiji 4.2% (2006)
Imports: $122 million f.o.b. (2004 est.)
Imports - commodities: foodstuffs, machinery and transport equipment, fuels, chemicals
Imports - partners: Fiji 30%, NZ 27.5%, US 8.2%, Australia 7.5%, France 5.6%, UK 4.6% (2006)
Debt - external: $80.7 million (2004)
Economic aid - recipient: $19.3 million (2004)
Currency: Tongan Pa'anga (TOP)
Currency code: TOP
Exchange rates: pa'anga per US dollar - 2.0277 (2006), 1.96 (2005), 1.9716 (2004), 2.142 (2003), 2.1952 (2002)
Fiscal year: 1 July - 30 June


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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