Samoa Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$1.25 billion (2020 est.)

$1.28 billion (2019 est.)

$1.24 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.5% (2017 est.)

7.1% (2016 est.)

1.6% (2015 est.)

Real GDP per capita

$6,300 (2020 est.)

$6,500 (2019 est.)

$6,300 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$841 million (2017 est.)

Inflation rate (consumer prices)

1.3% (2017 est.)

0.1% (2016 est.)

GDP - composition, by sector of origin

agriculture: 10.4% (2017 est.)

industry: 23.6% (2017 est.)

services: 66% (2017 est.)

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.)

Agricultural products

coconuts, taro, bananas, yams, tropical fruit, pineapples, mangoes/guavas, papayas, roots/tubers nes, pork

Industries

food processing, building materials, auto parts

Industrial production growth rate

-1.8% (2017 est.)

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

Youth unemployment rate (ages 15-24)

total: 19.6%

male: 13.3%

female: 30% (2017 est.)

Population below poverty line

20.3% (2013 est.)

Gini Index coefficient - distribution of family income

38.7 (2013 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.)

Budget surplus (+) or deficit (-)

-4.7% (of GDP) (2017 est.)

Public debt

49.1% of GDP (2017 est.)

52.6% of GDP (2016 est.)

Taxes and other revenues

28.2% (of GDP) (2017 est.)

Fiscal year

June 1 - May 31

Current account balance

-$19 million (2017 est.)

-$37 million (2016 est.)

Exports

$310 million (2018 est.) note: data are in current year dollars

Exports - partners

American Samoa 21%, United States 13%, New Zealand 12%, Australia 10%, Tokelau 6%, Taiwan 5% (2019)

Exports - commodities

refined petroleum, fish, fruit juice, coconut oil, beer (2019)

Imports

$430 million (2018 est.) note: data are in current year dollars

$312.6 million (2016 est.)

Imports - partners

New Zealand 22%, China 16%, Singapore 13%, United States 10%, Australia 9%, South Korea 8%, Fiji 5% (2019)

Imports - commodities

refined petroleum, iron products, poultry meats, cars, insulated wiring (2019)

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 -

2.54712 (2020 est.)

2.65534 (2019 est.)

2.57069 (2018 est.)

2.5609 (2014 est.)

2.3318 (2013 est.)

NOTE: The information regarding Samoa on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Samoa 2022 information contained here. All suggestions for corrections of any errors about Samoa 2022 should be addressed to the CIA or the source cited on each page.