Page last updated on February 5, 2013
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 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. 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):
$1.128 billion (2012 est.)
country comparison to the world: 203
$1.112 billion (2011 est.)
$1.09 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$712 million (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
1.5% (2012 est.)
country comparison to the world: 152
2% (2011 est.)
0.4% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$6,200 (2012 est.)
country comparison to the world: 141
$6,100 (2011 est.)
$6,000 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 9.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
28.6%
services:
62.2% (2012 est.)
Labor force:
66,270 (2007 est.)
country comparison to the world: 186
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 65%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
NA%
services:
NA%
Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]
Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
NA%
Budget:
revenues: $258.6 million
[see also: Budget revenues country ranks ]
expenditures:
$301.7 million (2012 est.)
Taxes and other revenues:
36.3% of GDP (2012 est.)
country comparison to the world: 64
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-6.1% of GDP (2012 est.)
country comparison to the world: 173
[see also: Budget surplus (+) or deficit (-) country ranks ]
Inflation rate (consumer prices):
3.7% (2012 est.)
country comparison to the world: 110
5.2% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Commercial bank prime lending rate:
10.4% (31 December 2012 est.)
country comparison to the world: 91
9.97% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$100.3 million (31 December 2012 est.)
country comparison to the world: 183
$97.65 million (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$327.9 million (31 December 2012 est.)
country comparison to the world: 185
$307.6 million (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$301.7 million (31 December 2012 est.)
country comparison to the world: 179
$304 million (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]
Agriculture - products:
coconuts, bananas, taro, yams, coffee, cocoa
Industries:
food processing, building materials, auto parts
Industrial production growth rate:
2.8% (2000)
country comparison to the world: 111
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$76.11 million (2011 est.)
country comparison to the world: 67
-$58.66 million (2010 est.)
[see also:
Current account balance country ranks ]
Exports:
$27.38 million (2011 est.)
country comparison to the world: 205
$27.38 million (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
fish, coconut oil and cream, copra, taro, automotive parts, garments, beer
Exports - partners:
American Samoa 50%, Australia 23.6% (2011)
Imports:
$318.7 million (2011 est.)
country comparison to the world: 196
$280 million (2010 est.)
[see also:
Imports country ranks ]
Imports - commodities:
machinery and equipment, industrial supplies, foodstuffs
Imports - partners:
NZ 23.9%, Fiji 17.1%, Singapore 15.4%, China 8.4%, Japan 8.1%, Australia 6.7%, US 5.3% (2011)
Reserves of foreign exchange and gold:
$166.8 million (31 December 2011 est.)
country comparison to the world: 160
$209.5 million (31 December 2010 est.)
[see also:
Reserves of foreign exchange and gold country ranks ]
Debt - external:
$235.5 million (31 December 2009 est.)
country comparison to the world: 183
$177 million (2004)
[see also:
Debt - external country ranks ]
Exchange rates:
tala (SAT) per US dollar -
2.32 (2012 est.)
2.3175 (2011 est.)
2.4847 (2010 est.)
Fiscal year:
June 1 - May 31
NOTE: The information regarding Samoa on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Samoa Economy 2013 information contained here. All suggestions for corrections of any errors about Samoa Economy 2013 should be addressed to the CIA.
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