Samoa:
Economy

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Other pages in this profile of Samoa:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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; 116,000 tourists visited the islands in 2006. 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 (purchasing power parity)	Definition - World rank and map $1.029 billion (2007 est.)
GDP (official exchange rate)	Definition $397 million (2007 est.)
GDP - real growth rate	Definition - World rank and map 6% (2007 est.)
GDP - per capita	Definition - World rank and map $5,400 (2007 est.)
GDP - composition by sector	Definition agriculture: 11.4% industry: 58.4% services: 30.2% (2004 est.)
Labor force	Definition 90,000 (2000 est.)
Labor force - by occupation	Definition agriculture: NA% industry: NA% services: NA%
Unemployment rate	Definition - World rank and map NA%
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 6% (2007 est.)
Budget	Definition revenues: $171.3 million expenditures: $78.1 million (FY04/05 est.)
Agriculture - products	Definition coconuts, bananas, taro, yams, coffee, cocoa
Industries	Definition food processing, building materials, auto parts
Industrial production growth rate	Definition - World rank and map 2.8% (2000)
Electricity - production	Definition - World rank and map 105 million kWh (2005)
Electricity - consumption	Definition - World rank and map 97.65 million kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 449.9 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 1,100 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 5.1 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2004)
Oil - imports	Definition - World rank and map 1,060 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$24 million (FY03/04)
Exports	Definition - World rank and map $131 million f.o.b. (2006)
Exports - commodities	Definition fish, coconut oil and cream, copra, taro, automotive parts, garments, beer
Exports - partners	Definition Australia 45.5%, American Samoa 29.3%, Taiwan 11.3% (2006)
Imports	Definition - World rank and map $324 million f.o.b. (2006)
Imports - commodities	Definition machinery and equipment, industrial supplies, foodstuffs
Imports - partners	Definition NZ 21.2%, Fiji 16.5%, Singapore 15.5%, Australia 8.5%, Japan 6.5%, Indonesia 5.5%, US 5.1%, China 4% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $70.15 million (FY03/04)
Debt - external	Definition - World rank and map $177 million (2004)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $43.95 million (2005)
Currency (code)	Definition tala (SAT)
Exchange rates	Definition tala per US dollar - NA (2007), 2.7594 (2006), 2.7103 (2005), 2.7807 (2004), 2.9732 (2003)
Fiscal year	Definition June 1 - May 31

Samoa: Economy

Samoa:
Economy