Economy - overview The economy of Samoa has traditionally been dependent on development aid, private family remittances from overseas, and agricultural exports. 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. Outside of a large automotive wire harness factory, the manufacturing sector mainly processes agricultural products. Tourism is an expanding sector; more than 70,0000 tourists visited the islands in 1996. The 1998 Samoan budget calls for deregulation of the financial sector, development of more financial investments, and forecasts 3% to 4% growth.

GDP purchasing power parity - $450 million (1996 est.)

GDP - real growth rate 5.9% (1996 est.)

GDP - per capita purchasing power parity - $2,100 (1996 est.)

GDP - composition by sector
agriculture: 40%
industry: 25%
services: 35% (1996 est.)

Inflation rate - consumer price index 7.5% (1996)

Labor force
total: 82,500 (1991 est.)
by occupation: agriculture 65%, services 30%, industry 5% (1995 est.)

Unemployment rate NA%

Budget
revenues: $52 million
expenditures: $99 million, including capital expenditures of $37 million (FY96/97 est.)

Industries timber, tourism, food processing, fishing

Industrial production growth rate 14% (1996 est.)

Electricity - capacity 21,700 kW (1996 est.)

Electricity - production 56.3 million kWh (1996 est.)

Electricity - consumption per capita 310 kWh (1995)

Agriculture - products coconuts, bananas, taro, yams

Exports
total value: $10 million (f.o.b., 1996)
commodities: coconut oil and cream, copra, fish, beer (1996)
partners: New Zealand 48%, American Samoa 11%, Australia 10%, Germany 7%, US 3% (1996)

Imports
total value: $100 million (c.i.f., 1996)
commodities: intermediate goods 50%, food 26%, capital goods 12% (1996)
partners: New Zealand 37%, Australia 22%, Fiji 15%, US 13%

Debt - external $169.4 million (1996 est.)

Economic aid
recipient: ODA; $8.7 million bilateral aid from Australia (FY96/97 est.); $5 million bilateral aid from NZ (FY95/96)

Currency 1 tala (WS$) = 100 sene

Exchange rates tala (WS$) per US$1 - 2.7556 (January 1998), 2.5562 (1997), 2.4618 (1996), 2.4722 (1995), 2.5349 (1994), 2.5681 (1993)

Fiscal year calendar year

NOTE: The information regarding Samoa on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Samoa Economy 1998 information contained here. All suggestions for corrections of any errors about Samoa Economy 1998 should be addressed to the CIA.