Tonga: 2015 Article IV Consultation-Staff Report; and Press Release

April 30, 2015

Preview Citation

Format: Chicago

Tonga: 2015 Article IV Consultation-Staff Report; and Press Release, (USA: International Monetary Fund, 2015) accessed December 26, 2024

Summary

This 2015 Article IV Consultation highlights that Tonga’s economy is estimated to have grown by about 2 percent in FY2013/14 (year ending June) driven by agriculture and construction, following a contraction in 2012/13 mainly caused by the completion of a large capital project. The external position has strengthened, following large grants and remittance inflows, which have bolstered international reserves. Real GDP growth is expected to average 2–3 percent in FY2014/15–FY2019/20. Although the progress of reconstruction in the aftermath of 2014 Cyclone Ian is slower than expected, the coronation scheduled for July 2015 and preparations for the 2019 South Pacific Games will support economic activity over the next few years.

Subject: External debt, Fiscal policy, Fiscal stance, Inflation, Public debt, Public financial management (PFM), Revenue administration

Keywords: Australia and New Zealand, CR, Executive board assessment, Fiscal stance, GDP deflator, Global, Government, Inflation reference rate, ISCR, Pacific Islands, Real GDP, Remittance inflow, Staffs appraisal, Tonga, Tongan authorities, Tonga's economy

Publication Details

Pages:

69
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2015/107
Stock No:

1TONEA2015001
ISBN:

9781475518375
ISSN:

1934-7685

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