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Tonga Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Tonga Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

Economy - overview:
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. 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. Tonga had 39,000 visitors in 2006. 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, moderate inflation, pressures for democratic reform, and rising civil service expenditures are major issues facing the government.

GDP (purchasing power parity):
$846 million (2013 est.)
country comparison to the world: 208

$837.3 million (2012 est.)
$831.3 million (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$477 million (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1% (2013 est.)
country comparison to the world: 175

0.7% (2012 est.)
1.9% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,200 (2013 est.)
country comparison to the world: 133

$8,100 (2012 est.)
$8,100 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 95.9%
government consumption: 17.2%
investment in fixed capital: 29.9%
investment in inventories: 0%
exports of goods and services: 18.8%
imports of goods and services: -61.8%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 20.9%
industry: 21.9%
services: 57.2% (2013 est.)

Agriculture - products:
squash, coconuts, copra, bananas, vanilla beans, cocoa, coffee, ginger, black pepper; fish

Industries:
tourism, construction, fishing

Industrial production growth rate:
1% (2013 est.)
country comparison to the world: 144
[see also: Industrial production growth rate country ranks ]

Labor force:
39,960 (2007)
country comparison to the world: 196
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 31.8%
industry: 30.6%
services: 2,003% (2003 est.)

Unemployment rate:
13% (FY03/04 est.)
country comparison to the world: 128
[see also: Unemployment rate country ranks ]

Population below poverty line:
24% (FY03/04)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $112.4 million
expenditures: $112.4 million (2013 est.)

Taxes and other revenues:
23.6% of GDP (2012 est.)
country comparison to the world: 140
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0% of GDP (2012 est.)
country comparison to the world: 46
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
2% (2013 est.)
country comparison to the world: 69

1.2% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
10.9% (31 December 2013 est.)
country comparison to the world: 79

10.36% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$85.97 million (31 December 2013 est.)
country comparison to the world: 184

$81.03 million (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$178.8 million (31 December 2013 est.)
country comparison to the world: 188

$186.6 million (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$110 million (31 December 2013 est.)
country comparison to the world: 175

$125.5 million (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$43.3 million (2013 est.)
country comparison to the world: 67

-$48.5 million (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$9.1 million (2013 est.)
country comparison to the world: 214

$8.4 million (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
squash, fish, vanilla beans, root crops

Exports - partners:
South Korea 18.5%, US 17%, NZ 15.6%, Fiji 10.2%, Japan 9.5%, Samoa 8.6%, American Samoa 5.4%, Australia 5.1% (2012)

Imports:
$122.5 million (2013 est.)
country comparison to the world: 209

$121.9 million (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, machinery and transport equipment, fuels, chemicals

Imports - partners:
Fiji 35.7%, NZ 24.4%, US 10.5%, China 10.2% (2012)

Reserves of foreign exchange and gold:
$147.1 million (31 December 2013 est.)
country comparison to the world: 164

$152.4 million (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$215.8 million (31 December 2013 est.)
country comparison to the world: 186

$198.6 million (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$61.39 million (31 December 2013 est.)
country comparison to the world: 109

$61.43 million (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
pa'anga (TOP) per US dollar -

1.78 (2013 est.)
1.72 (2012 est.)
1.906 (2010 est.)


NOTE: 1) The information regarding Tonga on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Tonga Economy 2015 information contained here. All suggestions for corrections of any errors about Tonga Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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