Tonga Economy - 2024

Economic overview

upper middle-income Pacific island economy; enormous diaspora and remittance reliance; key tourism and agricultural sectors; major fish exporter; rapidly growing Chinese infrastructure investments; rising methamphetamine hub

Real GDP (purchasing power parity)

$651.247 million (2021 est.)
$669.095 million (2020 est.)
$665.842 million (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-2.67% (2021 est.)
0.49% (2020 est.)
0.71% (2019 est.)

Real GDP per capita

$6,100 (2021 est.) note: data are in 2017 dollars
$6,400 (2020 est.) note: data are in 2017 dollars
$6,300 (2019 est.)

GDP (official exchange rate)

$455 million (2017 est.)

Inflation rate (consumer prices)

5.64% (2021 est.)
-0.35% (2020 est.)
1.18% (2019 est.)

GDP - composition, by sector of origin

agriculture: 19.9% (2017 est.)

industry: 20.3% (2017 est.)

services: 59.8% (2017 est.)

GDP - composition, by end use

household consumption: 99.4% (2017 est.)

government consumption: 21.9% (2017 est.)

investment in fixed capital: 24.1% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 22.8% (2017 est.)

imports of goods and services: -68.5% (2017 est.)

Agricultural products

coconuts, gourds, cassava, sweet potatoes, vegetables, yams, taro, roots/tubers, plantains, lemons/limes

Industries

tourism, construction, fishing

Industrial production growth rate

1.23% (2021 est.)

Labor force

32,000 (2021 est.)

Unemployment rate

3.97% (2021 est.)
3.63% (2020 est.)
3.06% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 11.1% (2021 est.)

male: 7.5%

female: 16.3%

Population below poverty line

22.5% (2010 est.)

Gini Index coefficient - distribution of family income

37.6 (2015 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

45.5% of GDP (2021 est.)
39.3% of GDP (2020 est.)
37.18% of GDP (2019 est.)

Budget

revenues: $212 million (2019 est.)

expenditures: $196 million (2019 est.)

Budget surplus (+) or deficit (-)

0% (of GDP) (2017 est.)

Public debt

49.41% of GDP (2016 est.)
51.8% of GDP (FY2016 est.)

Taxes and other revenues

39.8% (of GDP) (2017 est.)

Fiscal year

1 July - 30 June

Current account balance

-$19.188 million (2021 est.)
-$25.78 million (2020 est.)
-$4.214 million (2019 est.)

Exports

$58.745 million (2021 est.) note: data are in current year dollars
$99.78 million (2020 est.) note: data are in current year dollars
$112.482 million (2019 est.) note: data are in current year dollars

Exports - partners

United States 22%, South Africa 18%, New Zealand 15%, Australia 13%, South Korea 11% (2021)

Exports - commodities

natural gas, shellfish, various fruits and nuts, vegetables, cassava, coral and shells (2021)

Imports

$285.675 million (2021 est.) note: data are in current year dollars
$309.685 million (2020 est.) note: data are in current year dollars
$327.395 million (2019 est.) note: data are in current year dollars

Imports - partners

New Zealand 36%, China 20%, Fiji 18%, Australia 6%, United States 6% (2021)

Imports - commodities

refined petroleum, poultry meats, cars, mutton, goat meat, lumber, x-ray equipment, broadcasting equipment (2021)

Reserves of foreign exchange and gold

$361.812 million (31 December 2021 est.)
$298.948 million (31 December 2020 est.)
$218.448 million (31 December 2019 est.)

Debt - external

$189.9 million (31 December 2017 est.)
$198.2 million (31 December 2016 est.)

Exchange rates

pa'anga (TOP) per US dollar -

Exchange rates:
2.265 (2021 est.)
2.3 (2020 est.)
2.289 (2019 est.)
2.237 (2018 est.)
2.206 (2017 est.)