Indicators of economic activity suggest slowed growth over the month. However, activities in all sectors of Tonga’s economy supported the strong growth that is forecasted for 2017/18. The Reserve Bank will continue to closely monitor developments in the domestic and global economies to ensure financial and macroeconomic stability are maintained and to change its monetary policy setting where necessary to support its monetary policy objectives.

Children’s White Sunday, Mothers’ Day and Fathers’ Day always triggered a peak in total remittance receipts every year and a new high level of $35.1 million was reached in May, a $9.0 million (34.3%) rise from last month. Read more in the Remittances Report for May 2018.

The total agricultural exports continued on a favorable trend over the month increasing by 135.7 tonnes. This was mainly attributed to the harvest of various yam types and taro whose exports rose by 192.1 tonnes and 91.1 tonnes respectively during the month. Read more in the Agricultural Exports Volumes report for April.

An increase in receipts of wages and salaries, and the receipts from seasonal workers abroad had increased the total receipts for compensation of employees, which was higher compared to the same period of the last two years. Read more in the Remittances Report for April 2018.

In May 2018, the monthly headline inflation rate slowed to 0.1% from 0.4% in April 2018 and 0.2% in May 2017. The trend was largely contributed by the imported component of inflation. Read more in the Inflation report for May 2018.

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