But the government faces high unemployment among the young, moderate inflation, pressures for democratic reform, and rising civil service expenditures. Tonga's economy is characterised by a large non-monetary sector and a heavy dependence on remittances from the half of the country's population who live abroad (chiefly in Australia, New Zealand and the United States). However, the formal money economy has been growing as farmers have moved towards production of cash crops, … Drought in 1995 led to further falls in exports. Home > Factbook > Countries > Tonga. The royal family and the nobles dominate and largely own the monetary sector of the economy – particularly the telecommunications and satellite services.
Tonga has a small, open island economy and is the last constitutional monarchy among the Pacific Island countries. The economy is dominated by subsistence agriculture, and economic performance is heavily dependent on weather conditions and world commodity prices. Tonga economic growth for 2018 was $0.45B, a 4.69% increase from 2017. COVID-19 crisis further scales down global growth. Tonga, officially Kingdom of Tonga, Tongan Fakatuʿi ʿo Tonga, also called Friendly Islands, country in the southwestern Pacific Ocean.It consists of some 170 islands divided into three main island groups: Tongatapu in the south, Haʿapai in the centre, and Vavaʿu in the north. Growth of about three per cent p.a. China’s economic success has allowed it to build new embassies around the world and too much shouldn’t be read into the size of its new embassy in Tonga, Wang said. 2009–13. Economy. Tourism is the second-largest source of hard currency earnings following remittances. The IMF in its June 2020 World Economic Outlook has further revised global growth downwards to a -4.9% growth projected for 2020 (compared to a -3.0% growth forecasted in April 2020). Agricultural exports, including fish, make up two-thirds of total exports. Data Source: World Bank MLA Citation: Similar Country Ranking; … 27-28 March, 2019 House of Tonga. resumed in 2009–11, moderating to 0.8 per cent in 2012, 0.5 per cent in 2013 and an estimated 2.4 per cent in 2014. Tonga's English-speaking and educated workforce offers a viable labor market, and the tropical climate provides fertile soil.

Tonga is the 208th largest export economy in the world.

Tonga economic growth for 2015 was $0.44B, a 1.91% decline from 2014. 2009–13 The economy is dominated by subsistence agriculture, and economic performance is heavily dependent on weather conditions and world commodity prices. Economy - overview: Tonga has a small, open island economy and is the last constitutional monarchy among the Pacific Island countries. It has a narrow export base in agricultural goods.

Agricultural exports, including fish, make up two-thirds of total exports. Disability Survey Main training 24 Sept. – 05 October, 2018 (9am – 5pm) Free Church of Tonga, Kapeta Disability Pilot Survey 27 August – 08 Sept., 2018. The government has recognised the need for economic reforms to expand the private sector and diversify the economy and has worked to gain public – and especially civil service – acceptance of the need.From the late 1990s the economy continued to grow steadily (2.2 per cent p.a., 1997–2006), but slowed from the mid-2000s, facing the challenges of high debt, low private investment and the world economic downturn of 2008–09, when remittances fell and tourism was subdued. GNI PC: US$4,490.

Tonga economic growth for 2017 was $0.43B, a 7.25% increase from 2016. Renewable energy and deep-sea mining also offer opportunities for investment.Tonga has a reasonably sound basic infrastructure and well developed social services. In 2017 the GDP of Tonga was $427M and its GDP per capita was $5.96k. Download Historical Data Save as Image. Squash, vanilla beans, and yams are the main crops. Inflation: 2.6% p.a. Squash, vanilla beans, and yams are the main crops. In 2017, Tonga exported $15M and imported $103M, resulting in a negative trade balance of $88.5M. GNI: US$479m. This is particularly true of the telecommunications and satellite services.

The website of the National Reserve Bank of Tonga. GDP Growth: 2.2% p.a. Disability Survey Field work 08 October – 08 December, 2018. 2018– 2019 Financial Year Activities. Squash and, increasingly, fish products are, nonetheless, the most important exports, and squash remains more profitable than traditional crops such as copra and bananas.The main source of foreign currency is the remittances of Tongans living abroad, followed by tourism. The country must import a high proportion of its food, mainly from New Zealand.The country remains dependent on external aid and remittances from overseas Tongans to offset its trade deficit. Tonga had 53,800 visitors in 2015. Tonga Economy Profile 2019. However, the formal money economy has been growing as farmers have moved towards production of cash crops, some of which are exported, for example squash, which from the early 1990s was exported to Japan.This very success, though, illustrates the vulnerability of small agricultural economies such as Tonga. In the early 1990s farmers rapidly switched to the new crop. squash, coconuts, copra, bananas, vanilla beans, cocoa, coffee, sweet potatoes, cassava, taro, and kava tourism, construction, fishing squash, fish, vanilla beans, root crops, kava Hong Kong 25.1%, NZ 22.6%, US 14.3%, Japan 12.8%, Australia 10.5% foodstuffs, machinery and transport equipment, fuels, chemicals NZ 33.3%, Fiji 11.7%, US 9.8%, Singapore 9%, Australia 8.9%, China 7.9%, Japan 5.9% pa'anga (TOP) per US dollar -

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