Samoa Economy Profile 2009

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; 122,000 tourists visited the islands in 2007. 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)

$1.049 billion (2008 est.)
$1.046 billion (2007 est.)
$985.8 million (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$537 million (2008 est.)

GDP - real growth rate

0.3% (2008 est.)
6.1% (2007 est.)
1.9% (2006 est.)

GDP - per capita (PPP)

$4,800 (2008 est.)
$4,900 (2007 est.)
$4,700 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 11.6%
industry: 13.1%
services: 75.3% (2004 est.)

Population below poverty line

NA%

Labor force

66,270 (2007 est.)

Labor force - by occupation

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

Unemployment rate

NA%

Household income or consumption by percentage share

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

Budget

revenues: $171.3 million
expenditures: $78.1 million (FY04/05 est.)

Inflation rate (consumer prices)

6% (2007 est.)

Commercial bank prime lending rate

NA% (31 December 2008)
12.65% (31 December 2007)

Stock of money

$60.13 million (31 December 2008)
$69.97 million (31 December 2007)

Stock of quasi money

$162.8 million (31 December 2008)
$168.7 million (31 December 2007)

Stock of domestic credit

$208.5 million (31 December 2008)
$215.1 million (31 December 2007)

Industries

food processing, building materials, auto parts

Industrial production growth rate

2.8% (2000)

Electricity - production

109 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 58%
hydro: 42%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

101.4 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

1,130 bbl/day (2006 est.)

Oil - imports

1,128 bbl/day (2005)

Oil - exports

0 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$24 million (2007 est.)

Agriculture - products

coconuts, bananas, taro, yams, coffee, cocoa

Exports

$131 million (2006)

Exports - commodities

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

Exports - partners

Australia 36.9%, American Samoa 35.3%, US 2.9% (2008)

Imports

$324 million (2006)

Imports - commodities

machinery and equipment, industrial supplies, foodstuffs

Imports - partners

NZ 20.8%, Fiji 18.9%, Singapore 18.8%, Australia 6.6%, China 4.4%, US 4% (2008)

Reserves of foreign exchange and gold

$70.15 million (FY03/04)
$70.15 million (FY03/04)

Debt - external

$177 million (2004)

Market value of publicly traded shares

$NA

Economic aid - recipient

$43.95 million (2005)

Currency (code)

tala (SAT)

Currency (code)

SAT (former WST code is still in wide use)

Exchange rates

tala (SAT) per US dollar - NA (2007), 2.7594 (2006), 2.7103 (2005), 2.7807 (2004), 2.9732 (2003)

Fiscal year

June 1 - May 31