Results for Tonga economy

Kuo tuku atu ‘a e Fakamatala Fokotu‘utu‘u Ngāue Fakapa’anga ‘o ‘Aokosi 2024 ‘o e Pangikē Pule Fakafonua ‘a Tonga hili hono tali ia ‘e he Poate ‘a e kau Talēkita. ‘I he fengāue‘aki vāofi mo e Pule’anga ́ mo e ngaahi kupu kehekehe fekau’aki, ‘e fokotu’u ai ‘e he Pangikē Pule ́ ha ngaahi polokalama fakapa’anga fo’ou ‘o hangē ko ha polokalama nō ‘oku tuku atu ‘i ha totongi tupu ‘oku ma’ulalo (concessional credit), pea mo ha polokalama ki hono malu’i ‘a e ngaahi nō (credit guarantees). Ko e fakataumu’a ‘eni ke fakaivia ‘a e sekitoa taautaha ́ ke toe malohi ange ‘a e tupu faka’ekonōmika ́ ‘i he 2025 ́ pea faka‘ai‘ai ‘a e nō ki he ngaahi sekitoa ‘oku ‘ikai ke lahi ha’anau faingamalie nō mei he ngaahi pangikē, mo kinautolu ‘oku tu’u laveangofua ki he feliuliuaki ‘a e ‘ea ́.

Tonga’s economy is performing strongly but faces growing headwinds, the International Monetary Fund (IMF) stated in its country report for Tonga published on 3 November. Although tourism-related services are recovering, tourism receipts as a share of GDP are anticipated to remain below pre-pandemic levels until FY2026 due to slow reconstruction of damaged facilities. Worker migration is causing severe labour shortages.

Tatafu Moeaki, Tonga's former Minister of Finance was appointed by government on 20 December 2022 as the new Governor of the National Reserve Bank of Tonga.

Bank of South Pacific Tonga Limited today announced a Net Profit After Tax of T$11.85 million for the financial year ending 31 December 2021. The result was driven by the release of Covid-19 provisions, good foreign exchange revenue, and strong transaction volumes. BSP Tonga Country Head, Mrs Marcellina Wolfgramm-Haapai said this result was 20% above the 2020 financial result.

Tonga’s Domestic Economic activities showed some improvements in May 2021, Sione Ngongo Kioa, the Governor of Tonga’s National Reserve Bank told the National Reserve Bank of Tonga’s Board of Directors on 5 August. However, the Reserve Bank’s GDP outlook projected a deeper contraction in Tonga’s economy for 2020-21 as the extended lockdowns and uncertainties present significant risk.

China has provided RMB 70 million ( about $24.5 million pa'anga) to Tonga under an agreement on economic and technical cooperation, to fund priority projects agreed to by both governments.

Despite the hard time that the Tongan economy is going through at the moment, there are some signs of new investment taking shape at the Small Industries Centre at Ma'ufanga. But most of the 64 businesses in operation at the SIC are reeling from the impact of the events of 2020. Recently, the Tonga Asset Managers and Associates Ltd. TAMA has identified a 67% average drop in sales by businesses located at the SIC and only two of the businesses are exporting. By Pesi Fonua.

Tonga’s National Reserve Bank on July 1 2020 declared that Tonga’s economy would remain contracted during the current Fiscal Year due to the negative impacts of Cyclone Harold and the continuing COVID-19 restriction.

The Tonga Chamber of Commerce and Industries (TCCI) is calling on the Tongan Government to ease restrictions and provide financial support urgently, to help struggling businesses continue operating. Some businesses have shut down completely. “Currently it’s very sad out there,” said one.