Economy Of Tonga - Tonga Information

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Economy Of Tonga
Tonga Information - Country Guides

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 and the continuing upturn in inflation are major issues facing the government.
GDP	purchasing power parity - $236 million (2002 est.)
GDP - real growth rate	3% (2002 est.)
GDP - per capita	purchasing power parity - $2,200 (2002 est.)
GDP - composition by sector	agriculture: 26% industry: 12% services: 62% (2002 est.)
Investment gross fixed
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	10.3% (2002 est.)
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.)
Public debt
Agriculture products	squash, coconuts, copra, bananas, vanilla beans, cocoa, coffee, ginger, black pepper; fish
Industries	tourism, fishing
Industrial production growth rate	8.6% (FY98/99)
Electricity production	27.27 million kWh (2001)
Electricity production by source	fossil fuel: 100% hydro: 0% other: 0% (2001) nuclear: 0%
Electricity consumption	25.36 million kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	1,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance
Exports	$27 million f.o.b. (2002 est.)
Exports commodities	squash, fish, vanilla beans, root crops
Exports partners	US 50%, Japan 35.7%, Italy 3.6% (2003)
Imports	$86 million f.o.b. (2002 est.)
Imports commodities	foodstuffs, machinery and transport equipment, fuels, chemicals
Imports partners	New Zealand 43.4%, Fiji 22.2%, Australia 11.1%, US 6.1% (2003)
Reserves of foreign exchange gold
Debt external	$63.4 million (2001)
Economic aid recipient	Australia $5.5 million, New Zealand $2.3 million (FY01/02)
Currency	pa'anga (TOP)
Currency code	TOP
Exchange rates	pa'anga per US dollar - NA (2003), 2.1952 (2002), 2.1236 (2001), 1.7585 (2000), 1.5991 (1999)
Fiscal year	1 July - 30 June

Tongan Flag Map Of Tonga

Economy Of TongaTonga Information - Country Guides

Economy Of Tonga
Tonga Information - Country Guides