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At a Glance Report December 2011

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The Ministry of Finance and National Planning has released its latest publications on the Government of Tonga's Monthly At a Glance Report for the Month of December 2011.

According to the Report: some key highlights:

∗ Inflation continued to decline in December 2011 to 4.2% from the previous month due to fall in prices for imported food and fuel, however compared to a year ago households domestic power prices remained quite higher.

∗ In December 2011 petrol price was decreased from the previous month down by T$0.10 seniti/litre while diesel's was increased by T$0.11 seniti/litre, mainly due to excess demand for diesel in the global oil market but an over-supply of petrol.

∗ The level of remittances in December 2011 was down by 14% compared to December 2010. There is increasing evidence of more remittances being passed through shops. Statistics is looking into this data.

∗ Tourism receipts dropped by 46% in December 2011 from the same month a year ago due to less foreign card transactions and foreign cash purchases (converting foreign cash to Tongan Pa'anga) through the banking system.

∗ Export receipts improved in December 2011 from the previous month and December 2010 due mainly to proceeds from mainly squash exports.

∗ Imports value were up by 3% in December 2011 from the previous month, however this value was 18% higher compared to December 2010 supporting the idea of more in-kind remittance through shops.

∗ Despite a 2% increase in the level of money supply in December 2011 up from the previous month, it still remained 2% lower than the level a year ago due to a decrease in foreign currency accounts.

∗ The level of foreign reserves increased in December 2011 from the previous month and December 2010, mainly due to receipt of budget support which is being used to help rebuild government bank balances.

∗ Total revenue & grants increased in December 2011 from the previous month and December 2010, mainly due to a T$15.4 million budget support from the World Bank.

>>> For full text of the Report in PDF  format, click HERE

ENDS

Issued by the: Ministry of Information and Communications, Nuku'alofa, 2012. Source: Ministry of Finance and National Planning.

Last Updated ( Monday, 16 July 2012 12:53 )  

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