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Tonga: Economy

Economy Tonga
Economy - overview:
Tonga has a small, open economy with 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.
GDP:
purchasing power parity - $236 million (2001 est.)
GDP - real growth rate:
3% (2001 est.)
GDP - per capita:
purchasing power parity - $2,200 (2001 est.)
GDP - composition by sector:
agriculture: 26%
industry: 12%
services: 62% (2001 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
8.4% (2001 est.)
Labor force:
33,908 (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 (FY 99/00 est.)
Industries:
tourism, fishing
Industrial production growth rate:
8.6% (FY 98/99)
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)
Agriculture - products:
squash, coconuts, copra, bananas, vanilla beans, cocoa, coffee, ginger, black pepper; fish
Exports:
$8.9 million f.o.b. (2001 est.)
Exports - commodities:
squash, fish, vanilla beans, root crops
Exports - partners:
Japan 43.2%, US 41.2%, Greece 4% (2002)
Imports:
$70 million f.o.b. (2001 est.)
Imports - commodities:
foodstuffs, machinery and transport equipment, fuels, chemicals
Imports - partners:
New Zealand 30.8%, Fiji 20.7%, US 14.2%, Australia 13.2%, China 6.1% (2002)
Debt - external:
$57.5 million (June 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 (2002), 2.12 (2001), 1.76 (2000), 1.6 (1999), 1.49 (1998)
Fiscal year:
1 July - 30 June

Also See:

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Government
Economy
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Transportation
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Source: The CIA World Fact Book 2003

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