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 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. One factory in the Foreign Trade Zone employs 3,000 people to make automobile electrical harnesses for an assembly plant in Australia. 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)
Labor force:
90,000 (2000 est.)
Labor force — by occupation:
NA
Unemployment rate:
NA
note: Substantial underemployment
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.)
Budget:
revenues: $105 million
expenditures: $119 million including capital expenditures of NA (2001/02 est.)
Agriculture — products:
Coconuts, bananas, taro, yams, coffee, cocoa
Industries:
food processing, building materials, auto parts
Industrial production growth rate:
2.8% (2000 est.)
Electricity — production:
122 million kWh (2002 est.)
Electricity — consumption:
113.5 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
1,000 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Exports:
$14 million (f.o.b. 2002 est.)
Exports — commodities:
fish, coconut oil and cream, copra, taro, automotive parts, garments, beer
Exports — partners:
Australia 67.2%, Indonesia 5.3%, US 5.7%, , , (2004)
Imports:
$113 million (f.o.b. 2002 est.)
Imports — commodities:
machinery and equipment, industrial supplies, foodstuffs
Imports — partners:
New Zealand 25.1%, Fiji 21.5%, Taiwan 9.1%, Australia 8.9%, Singapore 8.5%, Japan 7.5%, US 4.7% (2004)
Debt — external:
$197 million (2000 est.)
Economic aid — recipient:
$42.9 million (1995 est.)
Currency:
tala (SAT)
Exchange rates:
tala per US$: 2.78 (2004 est.), 2.97 (2003 est.), 3.38 (2002 est.), 3.48 (2001 est.), 3.29 (2000 est.)
Fiscal year:
June 1 - May 31
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