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![]() ![]() Tonga Economy 1999
Economyoverview: The economy's base is agriculture, which contributes 32% to GDP. 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 industrial sector accounts for only 10% of GDP. Tourism is the primary source of hard currency earnings. The country remains dependent on sizable external aid and remittances to offset its trade deficit. The government is emphasizing the development of the private sector, especially the encouragement of investment. GDP: purchasing power parity$232 million (FY97/98 est.) GDPreal growth rate: -1.5% (FY97/98 est.) GDPper capita: purchasing power parity$2,100 (FY97/98 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 2% (1997 est.) Labor force: 36,665 (1994) Labor forceby occupation: agriculture 65% (1997 est.) Unemployment rate: 11.8% (FY93/94)
Budget:
Industries: tourism, fishing Industrial production growth rate: 1.9% (FY95/96) Electricityproduction: 30 million kWh (1996)
Electricityproduction by source:
Electricityconsumption: 30 million kWh (1996) Electricityexports: 0 kWh (1996) Electricityimports: 0 kWh (1996) Agricultureproducts: squash, coconuts, copra, bananas, vanilla beans, cocoa, coffee, ginger, black pepper; fish Exports: $11.9 million (f.o.b., FY97/98) Exportscommodities: squash, fish, vanilla, root crops, coconut oil Exportspartners: Japan 43%, US 19%, Canada 14%, NZ 5%, Australia 5% (1996 est.) Imports: $78.9 million (f.o.b., FY97/98) Importscommodities: food products, live animals, machinery and transport equipment, manufactures, fuels, chemicals Importspartners: NZ 34%, Australia 16%, US 10%, UK 8%, Japan 6% (1996 est.) Debtexternal: $62 million (1998) Economic aidrecipient: $38.8 million (1995) Currency: 1 pa'anga (T$) = 100 seniti Exchange rates: pa'anga (T$) per US$11.6171 (December 1998), 1.4921 (1998), 1.2635 (1997), 1.2323 (1996), 1.2709 (1995), 1.3202 (1994) Fiscal year: 1 July30 June
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