| 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 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. In late September 2009, an earthquake and the resulting tsunami severely damaged Samoa, and nearby American Samoa, disrupting transportation and power generation, and resulting in about 200 deaths. 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):
|
$1.122 billion (2011 est.)
$1.1 billion (2010 est.)
$1.102 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$6,000 (2011 est.)
$5,900 (2010 est.)
$5,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$600 million (2011 est.) |
GDP - real growth rate:
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2% (2011 est.)
-0.2% (2010 est.)
-5.1% (2009 est.) |
GDP - composition by sector:
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agriculture: 11.7%
industry: 26.5%
services: 62% (2011 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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4.3% (2011 est.)
1% (2010 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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10.4% (31 December 2011 est.)
10.725% (31 December 2010 est.) |
Stock of money:
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$60.13 million (31 December 2008)
$69.97 million (31 December 2007) |
Stock of money - per capita:
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312 USD per capita |
Stock of quasi money:
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$162.8 million (31 December 2008)
$168.7 million (31 December 2007) |
Stock of quasi money - per capita:
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843 USD per capita |
Stock of domestic credit:
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$250 million (31 December 2011 est.)
$256.8 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
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1,295 USD per capita |
Stock of narrow money:
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$105.9 million (31 December 2011 est.)
$105.8 million (31 December 2010 est.) |
Stock of broad money:
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$337 million (31 December 2011 est.)
$323.6 million (31 December 2010 est.) |
Labor force:
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66,270 (2007 est.) |
Labor force participation rate:
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34.31 % of population |
Labor force - by occupation:
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agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
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NA% |
Unemployment, youth ages 15-24:
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total: 12.2%
male: 10.6%
female: 15.5% (2001) |
Budget:
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revenues: $216.5 million
expenditures: $303 million (2011 est.) |
Budget revenues per capita:
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1,121 USD per capita |
Taxes and other revenues:
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36.1% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-14.4% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
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food processing, building materials, auto parts |
Industrial production growth rate:
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2.8% (2000) |
Electricity - production:
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108 million kWh (2009 est.) |
Electricity - production per capita:
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560 kWh per capita |
Electricity - consumption:
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98.58 million kWh (2008 est.) |
Electricity - consumption - per capita:
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511 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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1,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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1.89 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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1,125 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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coconuts, bananas, taro, yams, coffee, cocoa |
Current account balance:
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-$58.9 million (2010 est.)
-$590,000 (2009 est.) |
Current account balance - per capita:
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-304 USD per capita |
Exports:
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$35.07 million (2010 est.)
$25.11 million (2009 est.) |
Exports per capita:
|
182 USD per capita |
Exports - commodities:
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fish, coconut oil and cream, copra, taro, automotive parts, garments, beer |
Exports - partners:
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American Samoa 45.4%, Australia 30.1% (2010) |
Imports:
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$280 million (2010 est.)
$280 million (2010 est.) |
Imports per capita:
|
1,450 USD per capita |
Imports - commodities:
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machinery and equipment, industrial supplies, foodstuffs |
Imports - partners:
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NZ 21.8%, China 16.6%, Fiji 16.2%, Singapore 13%, Japan 7.5%, Australia 6.3%, US 4.6% (2010) |
Reserves of foreign exchange and gold:
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$209.5 million (31 December 2010 est.)
$165.9 million (31 December 2009 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,085 USD per capita |
Debt - external:
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$235.5 million (31 December 2009 est.)
$177 million (2004) |
Debt - external - per capita:
|
1,220 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:
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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 |
Currency (code):
|
tala (SAT) |
Exchange rates:
|
tala (SAT) per US dollar -
2.31 (2011 est.)
2.48 |
Fiscal year:
|
June 1 - May 31 |
|
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