Samoa Economy - 2024

Economic overview

ower middle-income Pacific island economy; enormous fishing and agriculture industries; significant remittances; growing offshore financial hub; recently hosted Pacific Games to drive tourism and infrastructure growth

Real GDP (purchasing power parity)

$1.211 billion (2021 est.)
$1.303 billion (2020 est.)
$1.345 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-7.08% (2021 est.)
-3.11% (2020 est.)
4.45% (2019 est.)

Real GDP per capita

$5,500 (2021 est.)
$6,100 (2020 est.)
$6,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$841 million (2017 est.)

Inflation rate (consumer prices)

3.13% (2021 est.)
-1.57% (2020 est.)
0.98% (2019 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, pork

Industries

food processing, building materials, auto parts

Industrial production growth rate

-9.65% (2021 est.)

Labor force

58,400 (2021 est.)

Unemployment rate

9.84% (2021 est.)
9.15% (2020 est.)
8.41% (2019 est.)

NA

Youth unemployment rate (ages 15-24)

total: 19.7% (2021 est.)

male: 16.7%

female: 24.5%

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

Remittances

29.44% of GDP (2021 est.)
23.5% of GDP (2020 est.)
17% of GDP (2019 est.)

Budget

revenues: $313 million (2020 est.)

expenditures: $263 million (2020 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

24.42% (of GDP) (2020 est.)

Fiscal year

June 1 - May 31

Current account balance

-$118.081 million (2021 est.)
-$79.68 million (2020 est.)
$34.073 million (2019 est.)

Exports

$97.774 million (2021 est.) note: data are in current year dollars
$116.519 million (2020 est.)
$336.782 million (2019 est.)

Exports - partners

US 20%, New Zealand 16%, American Samoa 11%, Brazil 8%, Australia 7% (2021)

Exports - commodities

coconut oil, insulated wiring, refined petroleum, integrated circuits, sardines, air pumps, tuna, lemons, beer (2021)

Imports

$430.011 million (2021 est.) note: data are in current year dollars
$376.791 million (2020 est.)
$456.707 million (2019 est.)

Imports - partners

New Zealand 24%, China 19%, Singapore 11%, United States 8%, Australia 7% (2021)

Imports - commodities

refined petroleum, poultry meats, iron, lumber, processed fish, cars (2021)

Reserves of foreign exchange and gold

$294.682 million (31 December 2021 est.)
$277.056 million (31 December 2020 est.)
$177.244 million (31 December 2019 est.)

Debt - external

$447.2 million (31 December 2013 est.)

Exchange rates

tala (SAT) per US dollar -

Exchange rates:
2.556 (2021 est.)
2.665 (2020 est.)
2.649 (2019 est.)
2.587 (2018 est.)
2.554 (2017 est.)