unbekannter Gast

Samoa: Economy#

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 roughly 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. In December 2012, extensive flooding and wind damage from Tropical Cyclone Evan killed four people, displaced over 6,000, and damaged or destroyed an estimated 1,500 homes in Samoa's Upolu island. 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.

Economic Facts#

GDP (purchasing power parity)$1.145 billion (2013 est.)
$1.144 billion (2012 est.)
$1.11 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate0.1% (2013 est.)
3.1% (2012 est.)
1.3% (2011 est.)
GDP - per capita (PPP)$6,200 (2013 est.)
$6,200 (2012 est.)
$6,100 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 10.2%
industry: 25.9%
services: 64% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 65%
industry: NA%
services: NA%
Exports - commoditiesfish, coconut oil and cream, copra, taro, automotive parts, garments, beer
Exports - partnersAmerican Samoa 48.4%, Australia 24% (2012)
Agriculture - productscoconuts, bananas, taro, yams, coffee, cocoa
Budgetrevenues: $215.6 million
expenditures: $258.7 million (2013 est.)
Imports - commoditiesmachinery and equipment, industrial supplies, foodstuffs
Imports - partnersNZ 19.2%, Singapore 18.6%, Fiji 17.6%, China 15.8%, Australia 5.9%, US 5.4% (2012)
Exchange ratestala (SAT) per US dollar -
2.319 (2013 est.)
2.2923 (2012 est.)
2.4847 (2010 est.)
Exports$11.4 million (2011 est.)
Debt - external$368.3 million (31 December 2011 est.)
$368.3 million (31 December 2011 est.)
Fiscal yearJune 1 - May 31
Imports$318.7 million (2011 est.)
$280 million (2010 est.)
Industrial production growth rate-4.8% (2013 est.)
Industriesfood processing, building materials, auto parts
Inflation rate (consumer prices)2.7% (2013 est.)
2.1% (2012 est.)
Labor force47,930 (2011 est.)
Unemployment rateNA%
Current account balance-$76.11 million (2011 est.)
-$58.66 million (2010 est.)
Reserves of foreign exchange and gold$168.7 million (31 December 2012 est.)
$168.7 million (31 December 2012 est.)
GDP (official exchange rate)$705 million (2013 est.)
Market value of publicly traded shares$NA
Commercial bank prime lending rate10.2% (31 December 2013 est.)
9.86% (31 December 2012 est.)
Stock of domestic credit$301.9 million (31 December 2013 est.)
$312.1 million (31 December 2012 est.)
Stock of narrow money$97.8 million (31 December 2013 est.)
$97.71 million (31 December 2012 est.)
Stock of broad money$305.8 million (31 December 2013 est.)
$307.8 million (31 December 2012 est.)
Taxes and other revenues30.6% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-6.1% of GDP (2013 est.)