Domestically, real sector performances continue to support the real GDP growth of 3.3% estimated for 2015/16 financial year. Total agricultural exports volume rose by 76.5 tonnes (17.5%) over the month owing to higher growth in the exports of late yams. Construction activities grew with rises in individual housing loans and business loans for construction and manufacturing, supporting a strong growth in the secondary production. The trade sector advanced, coinciding with a rise in container registrations by 65 registrations (7.5%) over the month. International arrivals also increased by 3,189 passengers (36.6%) indicating an active tourism sector. The financial sector remained strong during the month supported by continued credit growth.

Indicators of domestic activity over the month were mixed but overall, broadly positive. This was supported by strong performance in the secondary sector, namely construction, trade and credit growth. Lower export of root crops, fruits and vegetable products supported the decline of 326.6 tonnes (43.0%) in total agricultural export volumes over the month.

Activities in the domestic economy continued to grow supported by construction, trade, credit growth and the declining world food and oil prices. The domestic food prices had increased over the month, indicating a decline in the supply of domestically produced food.

The domestic economy in February bounced back after a downturn in the previous month. The rebound of the primary sector is in line with an increase in domestic food prices by 2.1% which is lower than a 2.6% rise in January. 

Overall economic activity in January 2016 showed a downturn following a busy month with Christmas festivities and other events. The primary sector slowed which was supported by an increase in domestic food prices reflecting lower primary production.

Overall domestic economic activity continue to support the NRBT’s forecast of stronger growth for 2015/16, supported by a growing construction sector, buoyant tourism industry, and a vibrant trade sector offsetting the seasonal decline in agricultural output during the month.

Domestically, economic growth was broadly positive despite a flagging primary sector. The agricultural sector contracted in line with export volumes declining by 37.0% relative to the same time last year. The decline was due to recent drought affecting crops’ yields.

Domestic economic activities continue to support the National Reserve Bank of Tonga’s forecast for domestic growth. Over the month of October 2015, economic activities picked up particularly in the primary production. Further growth is anticipated in the primary sector from the possible opening up of the market in China for squash exports.

Domestic economic activities remained positive in October 2016 with mixed indicators. The total agricultural export volumes rose by 2,513.4 tonnes over the month. This is the highest total monthly exports on record since October 2013 reflecting the commencement of the squash season. The secondary sector remained strong, supported by rises in individual housing loans and business loans for the construction and manufacturing sectors. Vehicle registrations rose in October by 65 vehicles (23.1%), whilst container registrations slightly fell by 4 containers (0.5%).Activities in the financial sector were supported by higher credit growth during the month. Air arrivals declined in October however the arrival of the Costa Luminosa, the largest cruise ship to arrive in Tonga supported the tourism sector. Whale watching activities also continued to benefit this sector.

Domestic economic activities continue to support the National Reserve Bank of Tonga’s forecast for domestic growth. Economic activities picked up over the month of September 2015. Liaison meetings with agricultural growers indicate that the recently improved weather conditions supported an increase of agricultural exports.