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Samoa Economy 2017
https://theodora.com/world_fact_book_2017/samoa/samoa_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Samoa Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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 $780 million. Agriculture, including fishing, employs roughly two-thirds of the labor force and furnishes 90% of exports, featuring fish, coconut oil, nonu products, and taro. The manufacturing sector mainly processes agricultural products. One factory in the Foreign Trade Zone employs 1,000 people to make automobile electrical harnesses for an assembly plant in Australia, and accounts for 65% of total exports. Industry accounts for nearly 15% of GDP while employing less than 6% of the work force. The service sector accounts for nearly three-quarters 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 55% of GDP. Samoa became the 155th member of the WTO in May 2012, and graduated from least developed country (LDC) status in January 2014.

GDP (purchasing power parity):
$1.046 billion (2016 est.) $1.015 billion (2015 est.) $999.1 million (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 204
[see also: GDP country ranks ]

GDP (official exchange rate):
$876 million (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2016 est.) 1.6% (2015 est.) 1.2% (2014 est.)
country comparison to the world: 100
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$5,400 (2016 est.) $5,300 (2015 est.) $5,200 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 166
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 10.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 65.4% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coconuts, nonu, bananas, taro, yams, coffee, cocoa

Industries:
food processing, building materials, auto parts

Industrial production growth rate:
6.4% (2016 est.)
country comparison to the world: 24
[see also: Industrial production growth rate country ranks ]

Labor force:
49,180 (2013 est.)
country comparison to the world: 193
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 65%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA%
[see also: Labor force - by occupation - industry country ranks ]
services: NA%
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $233 million
[see also: Budget revenues country ranks ]
expenditures: $271.8 million (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
26.6% of GDP (2016 est.)
country comparison to the world: 101
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.4% of GDP (2016 est.)
country comparison to the world: 146
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
June 1 - May 31

Inflation rate (consumer prices):
2% (2016 est.) 0.7% (2015 est.)
country comparison to the world: 109
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
9.4% (31 December 2016 est.) 9.39% (31 December 2015 est.)
country comparison to the world: 89
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$129.6 million (31 December 2016 est.) $116.5 million (31 December 2015 est.)
country comparison to the world: 186
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$352 million (31 December 2016 est.) $334.4 million (31 December 2015 est.)
country comparison to the world: 187
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$382.4 million (31 December 2016 est.) $360.8 million (31 December 2015 est.)
country comparison to the world: 178
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$29 million (2016 est.) -$31 million (2015 est.)
country comparison to the world: 60
[see also: Current account balance country ranks ]

Exports:
$24 million (2013 est.) $27.5 million (2014 est.)
country comparison to the world: 209
[see also: Exports country ranks ]

Exports - commodities:
fish, coconut oil and cream, nonu, copra, taro, automotive parts, garments, beer

Exports - partners:
American Samoa 57.1%, Australia 17.2% (2015)

Imports:
$325.3 million (2013 est.) $341.3 million (2014 est.)
country comparison to the world: 200
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, industrial supplies, foodstuffs

Imports - partners:
Fiji 22.6%, NZ 18.8%, China 15.8%, South Korea 7.9%, Australia 6%, US 5.6%, Singapore 5.2% (2015)

Reserves of foreign exchange and gold:
$139.4 million (31 December 2015 est.) $140.7 million (31 December 2014 est.)
country comparison to the world: 163
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$447.2 million (31 December 2013 est.) $450.2 million (31 December 2014 est.)
country comparison to the world: 181
[see also: Debt - external country ranks ]

Exchange rates:
tala (SAT) per US dollar - 2.575 (2016 est.) 2.5609 (2015 est.) 2.5609 (2014 est.) 2.3318 (2013 est.) 2.29 (2012 est.)


NOTE: The information regarding Samoa on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Samoa Economy 2017 information contained here. All suggestions for corrections of any errors about Samoa Economy 2017 should be addressed to the CIA.




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