Country Report Tonga
- ID: 2138734
- May 2016
- Region: Tonga
- 17 Pages
- The Economist Intelligence Unit
On April 27th the National Reserve Bank of Tonga (NRBT, the central bank) published its monthly economic review, showing a pick-up in the local economy in February, revealed by the external trade balance and other key indicators.
The Tongan economy is not well diversified and relies on a limited number of key sectors such as fisheries, construction and tourism. Data for these sectors point to an upturn in the economy over the forecast period, underpinned by preparatory work for hosting the Pacific Games in 2019.
Agriculture and fisheries are particularly vulnerable to risks related to natural disasters and adverse climatic trends. Agricultural exports were up by 29.7% year on year, with root vegetables, such as cassava, the key contributors to this. Ongoing construction work also provided support to the secondary sector, while electricity consumption recorded a 6% month-on-month increase.