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. 1996 Index
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Tonga Economy 1996
The economy's base is agriculture, which employs about 70% of the labor
force and contributes 40% to GDP. 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. The manufacturing sector accounts for only 11% of GDP.
Tourism is the primary source of hard currency earnings, but the country
also remains dependent on sizable external aid and remittances to offset its
trade deficit. The economy continued to grow in 1993-94 largely because of a
rise in squash exports, increased aid flows, and several large construction
projects. The government is now turning its attention to further development
of the private sector and the reduction of the budget deficit.
GDP - purchasing power parity - $214 million (1994 est.)
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National product real growth rate:
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National product per capita:
-
Inflation rate (consumer prices):
$68.1 million, including capital expenditures of $33.2 million (1991 est.)
$11.3 million (f.o.b., FY92/93)
squash, vanilla, fish, root crops, coconut oil
Japan 34%, US 17%, Australia 13%, NZ 13% (FY90/91)
$56 million (c.i.f., FY92/93)
food products, machinery and transport equipment, manufactures, fuels,
chemicals
NZ 33%, Australia 22%, US 8%, Japan 8% (FY90/91)
growth rate 1.5% (FY91/92); accounts for 11% of GDP
accounts for 40% of GDP; dominated by coconut, copra, and banana production;
vanilla beans, cocoa, coffee, ginger, black pepper
US commitments, including Ex-Im (FY70-89), $16 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $258 million
1 pa'anga (T$) = 100 seniti
pa'anga (T$) per US$1 - 1.2653 (January 1995), 1.3202 (1994), 1.3841 (1993),
1.3471 (1992), 1.2961 (1991), 1.2800 (1990)
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