Tonga - Economy
How is the economy of Tonga? Based on the information we have, Tonga has a 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. Key agricultural products in this country include: coconuts, pumpkins/squash, cassava, sweet potatoes, vegetables, yams, taro, root vegetables, plantains, lemons/limes (2023).
More about the economy of Tonga
| Labor force | 34,800 (2024 est.) |
|---|---|
| Industrial production growth rate | -11.1% (2023 est.) |
| Industries | tourism, construction, fishing |
| Population below poverty line | 20.6% (2021 est.) |
| Taxes and other revenues | 23.8% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | pa'anga (TOP) per US dollar - |
| Exchange rates 2024 | 2.373 (2024 est.) |
| Exchange rates 2023 | 2.364 (2023 est.) |
| Exchange rates 2022 | 2.328 (2022 est.) |
| Exchange rates 2021 | 2.265 (2021 est.) |
| Exchange rates 2020 | 2.3 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $159.276 million (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $377.299 million (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $396.53 million (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $375.564 million (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$21.165 million (2024 est.) |
| Current account balance 2023 | -$30.087 million (2023 est.) |
| Current account balance 2022 | -$27.749 million (2022 est.) |
| Public debt | |
| Public debt 2020 | 43.9% of GDP (2020 est.) |
| Budget | |
| Revenues | $276.025 million (2023 est.) |
| Expenditures | $244.97 million (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 50% of GDP (2023 est.) |
| Remittances 2022 | 41.9% of GDP (2022 est.) |
| Remittances 2021 | 42% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 4% (2021 est.) |
| Highest 10% | 22% (2021 est.) |
| Imports | |
| Imports 2024 | $392.888 million (2024 est.) |
| Imports 2023 | $383.475 million (2023 est.) |
| Imports 2022 | $330.306 million (2022 est.) |
| Imports (partners) | Fiji 27%, NZ 24%, China 21%, Australia 8%, USA 5% (2023) |
| Comodities Imports force | refined petroleum, plastic products, poultry, cars, sheep and goat meat (2023) |
| Exports | |
| Imports 2024 | $392.888 million (2024 est.) |
| Imports 2023 | $383.475 million (2023 est.) |
| Imports 2022 | $330.306 million (2022 est.) |
| Exports (partners) | Guyana 17%, USA 17%, NZ 15%, Australia 15%, UAE 12% (2023) |
| Comodities Exports force | refined petroleum, gold, processed fruits and nuts, cassava, fish (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $740.082 million (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $724.972 million (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $742.114 million (2021 est.) |
| GDP (official exchange rate) | $508.735 million (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $7,100 (2023 est.) |
| Real GDP per capita 2022 | $6,900 (2022 est.) |
| Real GDP per capita 2021 | $7,000 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 17.5% (2023 est.) |
| Industry | 13.5% (2023 est.) |
| Services | 50.2% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 107.6% (2023 est.) |
| Government consumption | 29.1% (2023 est.) |
| Investment in fixed capital | 27.3% (2023 est.) |
| Investment in inventories | -0.3% (2023 est.) |
| Exports of goods and services | 18.8% (2023 est.) |
| Imports of goods and services | -75.4% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 2.2% (2024 est.) |
| Unemployment rate 2023 | 2.3% (2023 est.) |
| Unemployment rate 2022 | 2.4% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 6.3% (2024 est.) |
| Male | 3.9% (2024 est.) |
| Female | 10% (2024 est.) |
All Important Facts about Tonga
Want to know more about Tonga? Check all different factbooks for Tonga below.
