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Samoa:
Economy

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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


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