Tonga govt expenses rise while growth declines
Saturday, June 30, 2001 - 10:00
The Tongan economy is expected to remain sluggish during the next financial year 2001/02. The Budget statement of Tonga’s new Minister of Finance, Hon. Sosiua ‘Utoikamanu, presented to parliament on June 5 said there would be no significant economic growth during the new financial year. Instead there will be a slight drop in the growth of GDP, from 4.4% in real terms last year to 3.2% in the new financial year. The Inflation rate is expected to remain at the current peak 8%, after slowly rising from 4.2% in February 2000 and 7.1% in December 2000. These are the highest levels since the early 1990s. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.
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