| Economy | Samoa |
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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 (purchasing power parity):
|
$1.057 billion (2008 est.)
$1.024 billion (2007)
$992.7 million (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$4,900 (2008 est.)
$4,800 (2007 est.)
$4,700 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$537 million (2008 est.) |
GDP - real growth rate:
|
3.3% (2008 est.)
3.1% (2007 est.)
2.2% (2006 est.) |
GDP - composition by sector:
|
agriculture: 11.6%
industry: 13.1%
services: 75.3% (2004 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
6% (2007 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
12.65% (31 December 2007) |
Stock of money:
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$69.97 million (31 December 2007) |
Stock of money - per capita:
|
319 USD per capita |
Stock of quasi money:
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$168.7 million (31 December 2007) |
Stock of quasi money - per capita:
|
767 USD per capita |
Stock of domestic credit:
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$215.1 million (31 December 2007) |
Stock of domestic credit - per capita:
|
978 USD per capita |
Labor force:
|
90,000 (2000 est.) |
Labor force participation rate:
|
40.91 % of population |
Labor force - by occupation:
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agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
|
NA% |
Budget:
|
revenues: $171.3 million
expenditures: $78.1 million (FY04/05 est.) |
Budget revenues per capita:
|
779 USD per capita |
Public debt:
|
void |
Industries:
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food processing, building materials, auto parts |
Industrial production growth rate:
|
2.8% (2000) |
Electricity - production:
|
109 million kWh (2006 est.) |
Electricity - production per capita:
|
496 kWh per capita |
Electricity - consumption:
|
101.4 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
461 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
1,130 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
1.87 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2005) |
Oil - imports:
|
1,128 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
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 |
Current account balance:
|
-$24 million (2007 est.) |
Current account balance - per capita:
|
-109 USD per capita |
Exports:
|
$131 million f.o.b. (2006) |
Exports per capita:
|
596 USD per capita |
Exports - commodities:
|
fish, coconut oil and cream, copra, taro, automotive parts, garments, beer |
Exports - partners:
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Australia 48.1%, American Samoa 30%, Taiwan 8% (2007) |
Imports:
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$324 million f.o.b. (2006) |
Imports per capita:
|
1,473 USD per capita |
Imports - commodities:
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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) |
Reserves of foreign exchange and gold:
|
$70.15 million (FY03/04) |
Reserves of foreign exchange and gold - per capita:
|
319 USD per capita |
Debt - external:
|
$177 million (2004) |
Debt - external - per capita:
|
805 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$43.95 million (2005) |
Economic aid - recipient per capita:
|
200 USD per capita |
Currency (code):
|
tala (SAT) |
Exchange rates:
|
tala (SAT) per US dollar - NA (2007), 2.7594 (2006), 2.7103 (2005), 2.7807 (2004), 2.9732 (2003) |
Fiscal year:
|
June 1 - May 31 |
|
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