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 (2022).
More about the economy of Tonga
| Labor force | 38,000 (2023 est.) |
|---|---|
| Industrial production growth rate | 1.23% (2021 est.) |
| Industries | tourism, construction, fishing |
| Population below poverty line | 20.6% (2021 est.) |
| Taxes and other revenues | 21.3% (of GDP) (2020 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | pa'anga (TOP) per US dollar - |
| 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.) |
| Exchange rates 2019 | 2.289 (2019 est.) |
| Debt - external | |
| Debt - external 31 December 2017 | $189.9 million (31 December 2017 est.) |
| Debt - external 31 December 2016 | $198.2 million (31 December 2016 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $396.53 million (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $375.564 million (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $361.812 million (2021 est.) |
| Current account balance | |
| Current account balance 2022 | -$28.84 million (2022 est.) |
| Current account balance 2021 | -$33.414 million (2021 est.) |
| Current account balance 2020 | -$36.294 million (2020 est.) |
| Public debt | |
| Public debt 2020 | 45.02% of GDP (2020 est.) |
| Budget | |
| Revenues | $212 million (2019 est.) |
| Expenditures | $196 million (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2022 | 45.03% of GDP (2022 est.) |
| Remittances 2021 | 46.95% of GDP (2021 est.) |
| Remittances 2020 | 38.26% of GDP (2020 est.) |
| Household income | |
| Lowest 10% | 4% (2021 est.) |
| Highest 10% | 22% (2021 est.) |
| Imports | |
| Imports 2022 | $332.743 million (2022 est.) |
| Imports 2021 | $299.094 million (2021 est.) |
| Imports 2020 | $314.803 million (2020 est.) |
| Imports (partners) | Fiji 28%, China 23%, NZ 21%, Australia 6%, US 5% (2022) |
| Comodities Imports force | refined petroleum, plastic products, poultry, sheep and goat meat, cars (2022) |
| Exports | |
| Imports 2022 | $332.743 million (2022 est.) |
| Imports 2021 | $299.094 million (2021 est.) |
| Imports 2020 | $314.803 million (2020 est.) |
| Exports (partners) | US 31%, Australia 19%, NZ 12%, Hong Kong 8%, Belgium 8% (2022) |
| Comodities Exports force | fish, scrap copper, processed crustaceans, vegetables, perfume plants (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $700.437 million (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $714.816 million (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $734.406 million (2020 est.) |
| GDP (official exchange rate) | $500.275 million (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $6,600 (2022 est.) |
| Real GDP per capita 2021 | $6,700 (2021 est.) |
| Real GDP per capita 2020 | $7,000 (2020 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.) |
| Unemployment rate | |
| Unemployment rate 2023 | 2.3% (2023 est.) |
| Unemployment rate 2022 | 2.35% (2022 est.) |
| Unemployment rate 2021 | 2.11% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 6.7% (2023 est.) |
| Male | 4.4% (2023 est.) |
| Female | 10.5% (2023 est.) |
All Important Facts about Tonga
Want to know more about Tonga? Check all different factbooks for Tonga below.
