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The Economy of Samoa

Samoan Economy

Samoa's map

Economy - overview: The economy of Samoa has traditionally been dependent on development aid, family remittances from overseas, agriculture, and fishing. The country is vulnerable to devastating storms. Agriculture employs two-thirds of the labor force and furnishes 90% of exports, featuring coconut cream, coconut oil, and copra. The fish catch declined during the El Nino of 2002-03 but returned to normal by mid-2005. The manufacturing sector mainly processes agricultural products. One factory in the Foreign Trade Zone employs 3,000 people to make automobile electrical harnesses for an assembly plant in Australia. Tourism is an expanding sector, accounting for 25% of GDP; 122,000 tourists visited the islands in 2007. The Samoan Government has called for deregulation of the financial sector, encouragement of investment, and continued fiscal discipline, while at the same time protecting the environment. Observers point to the flexibility of the labor market as a basic strength for future economic advances. Foreign reserves are in a relatively healthy state, the external debt is stable, and inflation is low.

GDP:

GDP - real growth rate: 3.3% (2008 est.) 3.1% (2007 est.) 2.2% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 11.6% industry: 13.1% services: 75.3% (2004 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 90,000 (2000 est.)

Labor force - by occupation: agriculture: NA% industry: NA% services: NA%

Unemployment rate: NA%

Budget: revenues: $171.3 million expenditures: $78.1 million (FY04/05 est.)

Industries: food processing, building materials, auto parts

Industrial production growth rate: 2.8% (2000)

Electricity - production: 109 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 101.4 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 1,130 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 1,128 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: coconuts, bananas, taro, yams, coffee, cocoa

Exports: $131 million f.o.b. (2006)

Exports - commodities: fish, coconut oil and cream, copra, taro, automotive parts, garments, beer

Exports - partners: Australia 48.1%, American Samoa 30%, Taiwan 8% (2007)

Imports: $324 million f.o.b. (2006)

Imports - commodities: machinery and equipment, industrial supplies, foodstuffs

Imports - partners: NZ 22.1%, Fiji 17.2%, Singapore 16.1%, Australia 7.9%, Japan 6.8%, Indonesia 5.4%, US 5.3% (2007)

Debt - external: $177 million (2004)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: tala (SAT) per US dollar - NA (2007), 2.7594 (2006), 2.7103 (2005), 2.7807 (2004), 2.9732 (2003)

Fiscal year: