Samoa Economy Profile 2001

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. Tourism is an expanding sector, accounting for 15% of GDP; about 85,000 tourists visited the islands in 2000. The Samoan Government has called for deregulation of the financial sector, encouragement of investment, and continued fiscal discipline. 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)

purchasing power parity - $571 million (2000 est.)

GDP - real growth rate

6.8% (2000 est.)

GDP - per capita (PPP)

purchasing power parity - $3,200 (2000 est.)

GDP - composition by sector

agriculture: 15%

industry: 24%

services: 61% (2000 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%

highest 10%: NA%

Inflation rate (consumer prices)

0.8% (2000 est.)

Labor force

90,000 (2000 est.)

Labor force - by occupation

agriculture 65%, services 30%, industry 5% (1995 est.)

Unemployment rate

NA%; note - substantial underemployment

Budget

revenues: $74.8 million

expenditures: $81.4 million, including capital expenditures of $NA (1999 est.)

Industries

food processing, building materials, auto parts

Industrial production growth rate

10% (2000 est.)

Electricity - production

100 million kWh (1999)

Electricity - production by source

fossil fuel: 60%

hydro: 40%

nuclear: 0%

other: 0% (1999)

Electricity - consumption

93 million kWh (1999)

Electricity - exports

0 kWh (1999)

Electricity - imports

0 kWh (1999)

Agriculture - products

coconuts, bananas, taro, yams

Exports

$17 million (f.o.b., 2000)

Exports - commodities

coconut oil and cream, copra, fish, beer

Exports - partners

American Samoa 59%, US 18%, Germany 9%, New Zealand 8% (2000 est.)

Imports

$90 million (f.o.b., 2000)

Imports - commodities

machinery and equipment, industrial supplies, foodstuffs

Imports - partners

New Zealand 37%, Australia 24%, Fiji 14%, US 14% (2000 est.)

Debt - external

$180 million (1998 est.)

Economic aid - recipient

$42.9 million (1995)

Currency

tala (WST)

Currency (code)

WST

Exchange rates

tala per US dollar - 3.3400 (January 2001), 3.2712 (2000), 3.0120 (1999), 2.9429 (1998), 2.5562 (1997), 2.4618 (1996)

Fiscal year

calendar year