18 October 2011
The Ministry of Finance and National Planning has released its latest monthly financial summary report on Economic indicators for the month of July 2011, based on its 'At a Glance Report'.
This report highlights and compares trends in inflation rates, remittances level, status of fuel and petroleum prices, foreign reserves updates as well as monitoring the tourist numbers to those in June 2011 and previous months.
A full listing of these 'At a Glance reports' from 2008 onwards is available on the website - click here.
The At a Glance Report for July 2011 key highlights are as follows:
- Despite a rise in local food prices in July 2011 from the previous month, the decline in fuel prices caused the annual inflation rate to drop in July 2011 to 6.6% from 7.9% in June 2011.
- The level of remittances slightly declined in July 2011 from the previous month due to lower receipts coming from mainly household remittance sources overseas
- Retail fuel prices fell in July 2011 compared to the previous month due to decreasing crude oil prices in global markets.
- The level of foreign reserves slightly declined in July 2011 due to import payments such as fuel in particular.
- Export earnings remained stable in July 2011 compared to the previous month and the same corresponding period last year.
- Tourist receipts slightly picked up in July 2011 from the previous month following a seasonal trend while it were much lower than the level a year ago due to weakening conditions in some source countries.
- The level of money supply increased in July 2011 from the previous month due to increases in the amount of currency outside banks, saving deposits and foreign currency accounts.
- Total revenue went back to normal in July 2011 compared to the big jump in the previous month from the receipt of tax arrear received from TONGASAT in the previous month.
- Total expenditure similarly went back to normality compared to the previous month where loan repayments made on domestic and international debt caused the big increase.
For more information, please contact the Ministry of Finance and National Planning. +676 23 066
Issued by the: Ministry of Information and Communications, Nuku'alofa, 2011.