Samoa

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Introduction - Samoa:
Location - Samoa:
People - Samoa:
Government - Samoa:
Economy - Samoa:

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; about 100,000 tourists visited the islands in 2005. 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

$1.218 billion (2006 est.)

Gdp official exchange rate

$399 million (2005)

Gdp real growth rate

5.5% (2005 est.)

Gdp per capita ppp

$2,100 (2005 est.)

Gdp composition by sector

agriculture: 11.4%
industry: 58.4%
services: 30.2% (2004 est.)

Labor force

90,000 (2000 est.)

Labor force by occupation

agriculture: NA%
industry: NA%
services: NA%

Unemployment rate

NA%

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate consumer prices

3.3% (2005)

Budget

revenues: $171.3 million
expenditures: $78.1 million; including capital expenditures of $NA (FY04/05 est.)

Agriculture products

coconuts, bananas, taro, yams, coffee, cocoa

Industries

food processing, building materials, auto parts

Industrial production growth rate

2.8% (2000)

Electricity production

108 million kWh (2004)

Electricity consumption

100.5 million kWh (2004)

Electricity exports

0 kWh (2004)

Electricity imports

0 kWh (2004)

Oil production

0 bbl/day (2004 est.)

Oil consumption

1,000 bbl/day (2004 est.)

Oil exports

NA bbl/day

Oil imports

NA bbl/day

Oil proved reserves

0 bbl

Natural gas production

0 cu m (2004 est.)

Natural gas consumption

0 cu m (2004 est.)

Current account balance

-$2.428 million (FY03/04)

Exports

$94 million f.o.b. (2004 est.)

Exports commodities

fish, coconut oil and cream, copra, taro, automotive parts, garments, beer

Exports partners

Australia 48.1%, American Samoa 32.6%, US 3.7% (2006)

Imports

$285 million f.o.b. (2004 est.)

Imports commodities

machinery and equipment, industrial supplies, foodstuffs

Imports partners

NZ 21.4%, Fiji 14.7%, Singapore 13.2%, Australia 8.6%, Japan 8.6%, US 6.2%, Indonesia 5%, China 4.4% (2006)

Reserves of foreign exchange and gold

$70.15 million (FY03/04)

Debt external

$177 million (2004)

Economic aid recipient

$30.8 million (2004)

Currency code

tala (SAT)

Exchange rates

tala per US dollar - 2.7594 (2006), 2.7103 (2005), 2.7807 (2004), 2.9732 (2003), 3.3763 (2002)

Communications - Samoa:
Transportation - Samoa:
Military - Samoa:
This page was last updated on 16 September, 2007
Source: CIA >>>


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