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Tonga Economy 2010
http://www.workmall.com/wfb2010/tonga/tonga_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

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, a continuing upturn in inflation, pressures for democratic reform, and rising civil service expenditures are major issues facing the government.

GDP (purchasing power parity):
$551.9 million (2009 est.)

$554.6 million (2008 est.)
$550.2 million (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$259 million (2009 est.)

GDP - real growth rate:
-0.5% (2009 est.)

0.8% (2008 est.)
-0.3% (2007 est.)

GDP - per capita (PPP):
$4,600 (2009 est.)

$4,700 (2008 est.)
$4,700 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 25%
industry: 17%
services: 57% (FY05/06 est.)

Labor force:
39,960 (2007)

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

Unemployment rate:
13% (FY03/04 est.)

Population below poverty line:
24% (FY03/04)

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

Budget:
revenues: $80.48 million
expenditures: $109.8 million (FY07/08)

Inflation rate (consumer prices):
5.9% (2007 est.)

Commercial bank prime lending rate:
12.46% (31 December 2008)

12.16% (31 December 2007)

Stock of money:
$36.16 million (31 December 2008)

$46.38 million (31 December 2007)

Stock of quasi money:
$100.7 million (31 December 2008)

$106.8 million (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$163.1 million (31 December 2007)

Market value of publicly traded shares:
$NA

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

Industries:
tourism, construction, fishing

Industrial production growth rate:
1% (2003 est.)

Electricity - production:
43 million kWh (2007 est.)

Electricity - consumption:
39.99 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
1,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
1,173 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-23 million (2007 est.)

Exports:
$22 million (2006 est.)

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

Exports - partners:
US 29.6%, Japan 12%, NZ 12%, Fiji 7.1%, Samoa 6%, Australia 4.8%, South Korea 4.4%, Hong Kong 4.3% (2008)

Imports:
$139 million (2006 est.)

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

Imports - partners:
Fiji 36.8%, NZ 23.9%, US 9.3%, Australia 8.8%, China 4.9% (2008)

Reserves of foreign exchange and gold:
$40.83 million (yearend est.)

Debt - external:
$80.7 million (2004 est.)

Exchange rates:
pa'anga (TOP) per US dollar - NA (2007), 2.0277 (2006), 1.96 (2005), 1.9716 (2004), 2.142 (2003)


NOTE: The information regarding Tonga on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Tonga Economy 2010 information contained here. All suggestions for corrections of any errors about Tonga Economy 2010 should be addressed to the CIA.



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