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World > Oceania > Samoa > Economy (Facts)

Samoa - Economy (Facts)
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; about 100,000 tourists visited the islands in 2005. 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 - real growth rate: 5.5% (2005 est.)
GDP (purchasing power parity): $1.218 billion (2006 est.)
GDP (official exchange rate): $399 million (2005)
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; including capital expenditures of NA (FY04/05 est.)
Industries: food processing, building materials, auto parts
Industrial production growth rate: 2.8% (2000)
Electricity - production: 108 million kWh (2004)
Electricity - consumption: 100.5 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 1,000 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: coconuts, bananas, taro, yams, coffee, cocoa
Exports: $94 million f.o.b. (2004 est.)
Exports - commodities: fish, coconut oil and cream, copra, taro, automotive parts, garments, beer
Exports - partners: Australia 48.1%, American Samoa 32.6%, US 3.7% (2006)
Imports: $285 million f.o.b. (2004 est.)
Imports - commodities: machinery and equipment, industrial supplies, foodstuffs
Imports - partners: NZ 21.4%, Fiji 14.7%, Singapore 13.2%, Australia 8.6%, Japan 8.6%, US 6.2%, Indonesia 5%, China 4.4% (2006)
Debt - external: $177 million (2004)
Economic aid - recipient: $30.8 million (2004)
Currency: Samoan Tala (WST)
Currency code: WST
Exchange rates: tala per US dollar - 2.7594 (2006), 2.7103 (2005), 2.7807 (2004), 2.9732 (2003), 3.3763 (2002)
Fiscal year: June 1 - May 31


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations





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