National Debt (% of GDP): Tonga

Analysis# Tonga National Debt (% of GDP) Tonga's national debt stands at 37.8% of GDP in 2026, well below its all-time peak of 60.7% in 2002. The country has achieved a net reduction of 1.6 percentage points since 1999, though current levels remain elevated compared to the recent low of 31.6% in 2025. Over the past two decades, Tonga's debt burden has generally trended downward, signaling improved fiscal management following the early 2000s crisis. The most dramatic shift occurred between 2024 and 2025, when debt plummeted from 37% to 31.6%—a remarkable 5.4-point improvement. However, the 2026 projection shows debt rebounding to 37.8%, suggesting cyclical pressures or policy adjustments ahead. The decade from 2017 to 2023 demonstrated relative stability, hovering between 42.6% and 45.8%, before this recent volatility. Forward projections warrant monitoring to determine whether the 2025 dip represents a sustainable shift or a temporary reprieve.