Samoa Economy Profile 2008

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; 116,000 tourists visited the islands in 2006. 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)

$1.218 billion (2006 est.)

GDP (official exchange rate)

$387 million (2007 est.)

GDP - real growth rate

5.5% (2005 est.)

GDP - per capita (PPP)

$2,100 (2005 est.)

GDP - composition by sector

agriculture: 11.4%
industry: 58.4%
services: 30.2% (2004 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

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

Inflation rate (consumer prices)

3.3% (2005)

Labor force

90,000 (2000 est.)

Labor force - by occupation

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

Unemployment rate

NA%

Budget

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

Industries

food processing, building materials, auto parts

Industrial production growth rate

2.8% (2000)

Electricity - production

105 million kWh (2005)

Electricity - consumption

97.65 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

1,100 bbl/day (2005 est.)

Oil - imports

1,060 bbl/day (2004)

Oil - exports

0 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$2.428 million (FY03/04)

Agriculture - products

coconuts, bananas, taro, yams, coffee, cocoa

Exports

$131 million f.o.b. (2006)

Exports - commodities

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

Exports - partners

Australia 44.1%, American Samoa 29.9%, Taiwan 11.3% (2006)

Imports

$324 million f.o.b. (2006)

Imports - commodities

machinery and equipment, industrial supplies, foodstuffs

Imports - partners

NZ 21.5%, Fiji 14.8%, Singapore 13.2%, Australia 8.6%, Japan 8.6%, US 6.2%, Indonesia 5%, China 4.4% (2006)

Reserves of foreign exchange and gold

$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)

Exchange rates

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

Fiscal year

June 1 - May 31