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Samoa Economy Profile 2019

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Economy - overview

The economy of Samoa has traditionally been dependent on development aid, family remittances from overseas, tourism, agriculture, and fishing. It has a nominal GDP of $844 million. Agriculture, including fishing, furnishes 90% of exports, featuring fish, coconut oil, nonu products, and taro. The manufacturing sector mainly processes agricultural products. Industry accounts for nearly 22% of GDP while employing less than 6% of the work force. The service sector accounts for nearly two-thirds of GDP and employs approximately 50% of the labor force. Tourism is an expanding sector accounting for 25% of GDP; 132,000 tourists visited the islands in 2013.

The country is vulnerable to devastating storms. In September 2009, an earthquake and the resulting tsunami severely damaged Samoa and nearby American Samoa, disrupting transportation and power generation, and resulting in about 200 deaths. In December 2012, extensive flooding and wind damage from Tropical Cyclone Evan killed four people, displaced over 6,000, and damaged or destroyed an estimated 1,500 homes on Samoa's Upolu Island.

The Samoan Government has called for deregulation of the country's financial sector, encouragement of investment, and continued fiscal discipline, while at the same time protecting the environment. Foreign reserves are relatively healthy and inflation is low, but external debt is approximately 45% of GDP. Samoa became the 155th member of the WTO in May 2012, and graduated from least developed country status in January 2014.

GDP (purchasing power parity)
$1.137 billion (2017 est.)
$1.11 billion (2016 est.)
$1.036 billion (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)
$841 million (2017 est.)
GDP - real growth rate
2.5% (2017 est.)
7.1% (2016 est.)
1.6% (2015 est.)
GDP - per capita (PPP)
$5,700 (2017 est.)
$5,700 (2016 est.)
$5,300 (2015 est.)

note: data are in 2017 dollars

GDP - composition, by end use
household consumption: NA
government consumption: NA
investment in fixed capital: NA
investment in inventories: NA
exports of goods and services: 27.2% (2015 est.)
imports of goods and services: -50.5% (2015 est.)
GDP - composition by sector
agriculture: 10.4% (2017 est.)
industry: 23.6% (2017 est.)
services: 66% (2017 est.)
Population below poverty line
NA
Labor force
50,700 (2016 est.)
Labor force - by occupation
agriculture: 65%
industry: 6%
services: 29% (2015 est.)
Unemployment rate
5.2% (2017 est.)
5.5% (2016 est.)

NA

Unemployment, youth ages 15-24
total: 31.9%
male: 24.6%
female: 43.4% (2017 est.)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Budget
revenues: 237.3 million (2017 est.)
expenditures: 276.8 million (2017 est.)
Taxes and other revenues
28.2% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
-4.7% (of GDP) (2017 est.)
Public debt
49.1% of GDP (2017 est.)
52.6% of GDP (2016 est.)
Inflation rate (consumer prices)
1.3% (2017 est.)
0.1% (2016 est.)
Commercial bank prime lending rate
8.76% (31 December 2017 est.)
9.09% (31 December 2016 est.)
Stock of narrow money
$147 million (31 December 2017 est.)
$131.7 million (31 December 2016 est.)
Stock of broad money
$147 million (31 December 2017 est.)
$131.7 million (31 December 2016 est.)
Stock of domestic credit
$404.3 million (31 December 2017 est.)
$389.5 million (31 December 2016 est.)
Market value of publicly traded shares

NA

Agriculture - products
coconuts, nonu, bananas, taro, yams, coffee, cocoa
Industries
food processing, building materials, auto parts
Industrial production growth rate
-1.8% (2017 est.)
Current Account Balance
-$19 million (2017 est.)
-$37 million (2016 est.)
Exports
$27.5 million (2014 est.)
Exports - commodities
fish, coconut oil and cream, nonu, copra, taro, automotive parts, garments, beer
Exports - partners
Australia 22.9%, NZ 22.8%, American Samoa 22.1%, Afghanistan 14.9%, US 5.9% (2017)
Imports
$89.29 billion (2018 est.)
$312.6 million (2016 est.)
Imports - commodities
machinery and equipment, industrial supplies, foodstuffs
Imports - partners
NZ 22%, Singapore 20.7%, US 12.5%, China 10.1%, Australia 8.6%, Fiji 5.2% (2017)
Reserves of foreign exchange and gold
$133 million (31 December 2017 est.)
$122.5 million (31 December 2015 est.)
Debt - external
$447.2 million (31 December 2013 est.)
Exchange rates
tala (SAT) per US dollar -
2.566 (2017 est.)
2.565 (2016 est.)
2.565 (2015 est.)
2.5609 (2014 est.)
2.3318 (2013 est.)
Fiscal year
June 1 - May 31

Source: CIA World Factbook
This page was last updated on December 7, 2019