Economy Of Samoa - Samoa Information

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Economy Of Samoa
Samoa Information - Country Guides

Economy overview	The economy of Samoa has traditionally been dependent on development aid, family remittances from overseas, and 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 manufacturing sector mainly processes agricultural products. The decline of fish stocks in the area is a continuing problem. Tourism is an expanding sector, accounting for 25% of GDP; about 88,000 tourists visited the islands in 2001. The Samoan Government has called for deregulation of the financial sector, encouragement of investment, and continued fiscal discipline, meantime 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 billion (2002 est.)
GDP - real growth rate	5% (2002 est.)
GDP - per capita	purchasing power parity - $5,600 (2002 est.)
GDP - composition by sector	agriculture: 14% industry: 23% services: 63% (2001 est.)
Investment gross fixed
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	4% (2001 est.)
Labor force	90,000 (2000 est.)
Labor force by occupation	NA
Unemployment rate	NA%; note - substantial underemployment
Budget	revenues: $105 million expenditures: $119 million, including capital expenditures of na (2001-02)
Public debt
Agriculture products	coconuts, bananas, taro, yams, coffee, cocoa
Industries	food processing, building materials, auto parts
Industrial production growth rate	2.8% (2000)
Electricity production	105.1 million kWh (2001)
Electricity production by source	fossil fuel: 58% hydro: 42% other: 0% (2001) nuclear: 0%
Electricity consumption	97.74 million kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	1,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance
Exports	$14 million f.o.b. (2002)
Exports commodities	fish, coconut oil and cream, copra, taro, automotive parts, garments, beer
Exports partners	Australia 63.6%, Indonesia 15.2%, US 5.1% (2003)
Imports	$113 million f.o.b. (2002)
Imports commodities	machinery and equipment, industrial supplies, foodstuffs
Imports partners	New Zealand 19.8%, Fiji 17.8%, Australia 15.4%, Japan 11.9%, US 4.7%, Singapore 4.3% (2003)
Reserves of foreign exchange gold
Debt external	$197 million (2000)
Economic aid recipient	$42.9 million (1995)
Currency	tala (SAT)
Currency code	SAT (former WST code is still in wide use)
Exchange rates	tala per US dollar - 2.9732 (2003), 3.3763 (2002), 3.478 (2001), 3.2864 (2000), 3.0132 (1999)
Fiscal year	June 1 - May 31

Samoan Flag Map Of Samoa Samoan language

Economy Of SamoaSamoa Information - Country Guides

Economy Of Samoa
Samoa Information - Country Guides