The National Reserve Bank of Tonga expects domestic economic activity to remain positive in the medium term.
According to the latest monthly economic review, the Reserve Bank expects foreign reserves to remain at comfortable levels and inflation to continue remaining below its reference rate of 5 per cent per annum throughout 2019.
The country’s primary sector had a mixed performance in the month of May 2019.
Receipts from agricultural products rose by 95.9 per cent ($0.3 million) during the month.
However, proceeds from marine products slightly fell by 16.5 per cent ($0.1 million).
Over the year export proceeds from agricultural and marine products both grew by 1,3 per cent ($0.1 million) and 41.9 per cent ($2.3 million) respectively.
According to the Reserve Bank, growth in lending to the agricultural sector by 10.4 per cent in May is expected to support the sector’s growth in the medium term.
Photo file Caption: Tonga's tuna fishery ready for export