Is Tonga a wealthy country?
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. Squash, vanilla beans, and yams are the main crops. Agricultural exports, including fish, make up two-thirds of total exports. Tourism is the second-largest source of hard currency earnings following remittances. Tonga had 53,800 visitors in 2015. 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. The government is emphasizing the development of the private sector, encouraging investment, and is committing increased funds for health care and education. Tonga's English-speaking and educated workforce offers a viable labor market, and the tropical climate provides fertile soil. Renewable energy and deep-sea mining also offer opportunities for investment.
Tonga has a reasonably sound basic infrastructure and well developed social services. But the government faces high unemployment among the young, moderate inflation, pressures for democratic reform, and rising civil service expenditures.
What is the GDP of Tonga?
|Currency Name and Code||Pa'anga (TOP)|
|GDP - Gross Domestic Product (PPP)||$670,000,000 (USD)|
|GDP - official exchange rate||$443,000,000 (USD)|
|GDP - real growth rate||2.7%|
|GDP Per Capita||$5,100.00 (USD)|
|GDP by Sector- agriculture||18.3%|
|GDP by Sector- Industry||18.8%|
|GDP by Sector- services||62.9%|
|GDP - composition, by end use||
household consumption: 79.9%
government consumption: 21.6%
investment in fixed capital: 40.2%
investment in inventories: 0%
exports of goods and services: 18.7%
imports of goods and services: -60.4%
|Population Below Poverty Line||24%|
|Labor Force By Occupation- agriculture||31.8%|
|Labor Force By Occupation- industry||30.6%|
|Labor Force By Occupation- services||37.6%|
|Fiscal Year||1 July - 30 June|
|Annual Budget||$80,480,000 (USD)|
|Taxes and other revenues - percent of GDP||23.6%|
|Major Industries||tourism, fishing|
|Industrial Growth Rate||1%|
|Agriculture Products||squash, coconuts, copra, bananas, vanilla beans, cocoa, coffee, ginger, black pepper; fish|
|Exchange Rate per US Dollar||pa'anga (TOP)|
|Commercial Bank Prime Lending Rate||10.9%|