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    Tonga Economy 1997
    https://photius.com/wfb1997/tonga/tonga_economy.html
    SOURCE: 1997 CIA WORLD FACTBOOK

      Economy - overview The economy's base is agriculture, which contributes 36% to GDP. Squash,coconuts, bananas, and vanilla beans are the main crops, and agriculturalexports make up two-thirds of total exports. The country must import a highproportion of its food, mainly from New Zealand. The industrial sector accountsfor only 13% of GDP. Tourism is the primary source of hard currency earnings,but the country also remains dependent on sizable external aid and remittancesto offset its trade deficit. The economy continued to grow in 1993-95 largelybecause of a rise in squash exports, increased aid flows, and several largeconstruction projects, but contracted in 1995-96. The government is now turningits attention to further development of the private sector and the reductionof the budget deficit. Current proposals include selling Tongan citizenshipand passports to foreigners, leasing its seven equatorial satellite spots,and setting up a joint venture gas production facility with South Korea.

      GDP purchasing power parity - $228 million (FY95/96 est.)

      GDP - real growth rate -1.9% (FY95/96 est.)

      GDP - per capita purchasing power parity - $2,140 (FY95/96 est.)

      GDP - composition by sector
      agriculture: 36%
      industry: 13%
      services: 51% (1994)

      Inflation rate - consumer price index 1.4% (1995)

      Labor force
      total: 32,013 (1990 est.)
      by occupation : agriculture 70% (1995 est.)

      Unemployment rate NA%

      Budget
      revenues: $44 million
      expenditures : $86 million, including capital expenditures of $NA (1995 est.)

      Industries tourism, fishing

      Industrial production growth rate NA%

      Electricity - capacity 7,000 kW (1995)

      Electricity - production 30 million kWh (1994)

      Electricity - consumption per capita NA kWh

      Agriculture - products coconuts, copra, bananas, vanilla beans, cocoa, coffee, ginger, blackpepper

      Exports
      total value : $15.25 million (f.o.b., 1995)
      commodities: squash, vanilla, fish, root crops, coconut oil
      partners: Japan 59%, US 14%, Australia 6%, NZ 6% (FY93/94)

      Imports
      total value: $80.3 million (c.i.f., 1995)
      commodities : food products, live animals, machinery and transport equipment, manufactures,fuels, chemicals
      partners: NZ 38%, Australia 28%, US 10%, Fiji 7.5% (1995)

      Debt - external $48.4 million (FY93/94)

      Economic aid
      recipient: ODA, $7.8 million from Australia (FY96/97 est.); $3.9 million from NZ(FY95/96)

      Currency 1 pa'anga (T$) = 100 seniti

      Exchange rates pa'anga (T$) per US$1 - 1.2127 (December 1996), 1.2323 (1996), 1.2709(1995), 1.3202 (1994), 1.3841 (1993), 1.3471 (1992)

      Fiscal year 1 July - 30 June

      NOTE: The information regarding Tonga on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Tonga Economy 1997 information contained here. All suggestions for corrections of any errors about Tonga Economy 1997 should be addressed to the CIA.

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    https://photius.com/wfb1997/tonga/tonga_economy.html

    Revised 06-Mar-02
    Copyright © 2002 Photius Coutsoukis (all rights reserved)


    ctr03/06/02