Economic activity increases by 3.4% over the previous year
Radio & TV Tonga, Nuku’alofa, 20/09/2017
The Kingdom’s Economic Activity measured by Gross Domestic Product at constant 2010-11 prices for 2015-16 increased by 3.4% over the previous year.
The third consecutive year of growth follows a decline in 2012-2013 due to completion of the reconstruction of the Nuku’alofa Central Business District.
The GDP estimates for year in review was 829 million pa’anga while GDP per capita stands at almost 8 thousand pa’anga.
The positive economic growth in 2015-2016 was driven by several factors.
They include the 1 percent increase from construction, point six percent from finance and insurance services, point 4 percent from fishing, transport and communication point 4 percent and trade contributed point 3 of a percent.
Growth in these industries increased an overall growth of 3.4 percent despite a decline in the forestry and Education Industry.
Export of goods and services increased by 35 percent due to increase in exports of merchandise and services.
Imports were up 17 percent due to rise in imports of merchandise and services by 14 percent and 23.5 percent.
© Radio and Television Tonga News