Reserve Bank of Tonga - Annual Report 2006/07

Central Banking staff
16 Jan 2008

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The Tongan economy contracted during the 2006/07 financial year by 3% to 4%, plagued by substantial economic shocks.

Rises in public sector salaries coupled with large-scale redundancies threatened to impact the government's fiscal balance and inflation, as did the increase in prices for imported commodities such as oil. Civil unrest in November 2006 was estimated was estimated to have destroyed about 20% of the country's GDP.

On a more positive note, lawmakers passed the National Reserve

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