Economy - overview:
The economy of Samoa has traditionally been dependent on development aid, family remittances from overseas, and agricultural exports. 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. The decline of fish stocks in the area is a continuing problem. Tourism is an expanding sector, accounting for 25% of GDP; about 88,000 tourists visited the islands in 2001. The Samoan Government has called for deregulation of the financial sector, encouragement of investment, and continued fiscal discipline, meantime 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 billion (2002 est.)
GDP - real growth rate:
5% (2002 est.)
GDP - per capita:
purchasing power parity - $5,600 (2002 est.)
GDP - composition by sector:
agriculture: 14%
industry: 23%
services: 63% (2001 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
4% (2001 est.)
Labor force:
90,000 (2000 est.)
Labor force - by occupation:
NA
Unemployment rate:
NA%; note - substantial underemployment
Budget:
revenues: $105 million
expenditures: $119 million, including capital expenditures of $NA (2001/02)
Industries:
food processing, building materials, auto parts
Industrial production growth rate:
2.8% (2000)
Electricity - production:
105.1 million kWh (2001)
Electricity - production by source:
fossil fuel: 58%
hydro: 42%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
97.74 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
1,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
coconuts, bananas, taro, yams
Exports:
$15.5 million f.o.b. (2001)
Exports - commodities:
fish, coconut oil and cream, copra, taro, garments, beer
Exports - partners:
Australia 64.7%, Indonesia 11.9%, US 11.7%, Germany 2.5%, American Samoa 2.2%, New Zealand (2001)
Imports:
$130.1 million f.o.b. (2001)
Imports - commodities:
machinery and equipment, industrial supplies, foodstuffs
Imports - partners:
US 26.6%, Australia 21.6%, New Zealand 16.1%, Fiji 11.7%, Japan 10.0% (2001)
Debt - external:
$197 million (2000)
Economic aid - recipient:
$42.9 million (1995)
Currency:
tala (WST)
Currency code:
WST
Exchange rates:
tala per US dollar - 3.3738 (2002), 3.478 (2001), 3.2864 (2000), 3.0132 (1999), 2.9477 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Samoa on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Samoa Economy 2003 should be addressed to the CIA.
