American Samoa: Economy#

American Samoa has a traditional Polynesian economy in which more than 90% of the land is communally owned. Economic activity is strongly linked to the US with which American Samoa conducts most of its commerce. Tuna fishing and tuna processing plants are the backbone of the private sector with canned tuna the primary export. The two tuna canneries account for 80% of employment. In late September 2009, an earthquake and the resulting tsunami devastated American Samoa and nearby Samoa, disrupting transportation and power generation, and resulting in about 200 deaths. The US Federal Emergency Management Agency is overseeing a relief program of nearly $25 million. Transfers from the US Government add substantially to American Samoa's economic well being. Attempts by the government to develop a larger and broader economy are restrained by Samoa's remote location, its limited transportation, and its devastating hurricanes. Tourism is a promising developing sector.

Economic Facts#

GDP (purchasing power parity)$575.3 million (2007 est.)
$510.1 million (2003 est.)
GDP - real growth rate3% (2003)
GDP - per capita (PPP)$8,000 (2007 est.)
$5,800 (2005 est.)
GDP - composition, by sector of originagriculture: NA%
industry: NA%
services: NA%
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Exports - commoditiescanned tuna 93%
Agriculture - productsbananas, coconuts, vegetables, taro, breadfruit, yams, copra, pineapples, papayas; dairy products, livestock
Budgetrevenues: $155.4 million
expenditures: $183.6 million (2007 est.)
Imports - commoditiesraw materials for canneries, food, petroleum products, machinery and parts
Exchange ratesthe US dollar is used
Exports$445.6 million (FY04 est.)
Debt - external$NA
Fiscal year1 October - 30 September
Imports$308.8 million (FY04 est.)
Industrial production growth rateNA%
Industriestuna canneries (largely supplied by foreign fishing vessels), handicrafts
Inflation rate (consumer prices)NA%
Labor force17,630 (2005)
Unemployment rate29.8% (2005)
GDP (official exchange rate)$462.2 million (2005)
Taxes and other revenues33.6% of GDP (2007)
Budget surplus (+) or deficit (-)-6.1% of GDP (2007)