Economy Of Tonga
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Economy overview
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Tonga, a small, open, South Pacific island economy, has 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. High unemployment among the young and the continuing upturn in inflation are major issues facing the government.
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GDP
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purchasing power parity - $236 million (2002 est.)
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GDP - real growth rate
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3% (2002 est.)
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GDP - per capita
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purchasing power parity - $2,200 (2002 est.)
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GDP - composition by sector
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agriculture: 26%
industry: 12%
services: 62% (2002 est.)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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10.3% (2002 est.)
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Labor force
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33,910 (1996)
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Labor force by occupation
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agriculture 65% (1997 est.)
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Unemployment rate
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13.3% (1996 est.)
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Budget
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revenues: $39.9 million
expenditures: $52.4 million, including capital expenditures of $1.9 million (FY99/00 est.)
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Public debt
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Agriculture products
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squash, coconuts, copra, bananas, vanilla beans, cocoa, coffee, ginger, black pepper; fish
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Industries
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tourism, fishing
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Industrial production growth rate
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8.6% (FY98/99)
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Electricity production
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27.27 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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25.36 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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1,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$27 million f.o.b. (2002 est.)
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Exports commodities
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squash, fish, vanilla beans, root crops
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Exports partners
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US 50%, Japan 35.7%, Italy 3.6% (2003)
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Imports
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$86 million f.o.b. (2002 est.)
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Imports commodities
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foodstuffs, machinery and transport equipment, fuels, chemicals
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Imports partners
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New Zealand 43.4%, Fiji 22.2%, Australia 11.1%, US 6.1% (2003)
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Reserves of foreign exchange gold
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Debt external
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$63.4 million (2001)
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Economic aid recipient
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Australia $5.5 million, New Zealand $2.3 million (FY01/02)
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Currency
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pa'anga (TOP)
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Currency code
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TOP
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Exchange rates
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pa'anga per US dollar - NA (2003), 2.1952 (2002), 2.1236 (2001), 1.7585 (2000), 1.5991 (1999)
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Fiscal year
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1 July - 30 June
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This information was reproduced in part from the CIA World Fact book.
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