Economy - overview The economy of Samoa has traditionally been dependent on development aid, 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. The manufacturing sector mainly processes agricultural products. The decline of fish stocks in the area is a continuing problem. Tourism is an expanding sector, accounting for 16% of GDP; about 85,000 tourists visited the islands in 2000. The Samoan Government has called for deregulation of the financial sector, encouragement of investment, and continued fiscal discipline. 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 - $618 million (2001 est.)

GDP - real growth rate 6% (2001 est.)

GDP - per capita purchasing power parity - $3,500 (2001 est.)

GDP - composition by sector
agriculture: 16%
industry: 18%
services: 66% (2000 est.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 2.5% (2001 est.)

Labor force 90,000 (2000 est.)

Labor force - by occupation agriculture 65%, services 30%, industry 5% (1995 est.)

Unemployment rate NA%; note - substantial underemployment

Budget
revenues: $105 million
expenditures: $119 million, including capital expenditures of $NA (2001/2002)

Industries food processing, building materials, auto parts

Industrial production growth rate 2.8% (2000)

Electricity - production 103 million kWh (2000)

Electricity - production by source
fossil fuel: 59.22%
hydro: 40.78%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 95.79 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products coconuts, bananas, taro, yams

Exports $17 million (f.o.b., 2000)

Exports - commodities fish, coconut oil and cream, copra, taro, garments, beer

Exports - partners Australia 62%, Indonesia 13%, US 11%, American Samoa 3%, New Zealand 3% (2000)

Imports $90 million (f.o.b., 2000)

Imports - commodities machinery and equipment, industrial supplies, foodstuffs

Imports - partners Australia 27%, US 26%, New Zealand 14%, Fiji 12%, Japan 9% (2000)

Debt - external $192 million (1999)

Economic aid - recipient $42.9 million (1995)

Currency tala (WST)

Currency code WST

Exchange rates tala per US dollar - 3.5236 (January 2002), 3.4722 (2001), 3.2712 (2000), 3.0120 (1999), 2.9429 (1998), 2.5562 (1997)

Fiscal year calendar year

NOTE: The information regarding Samoa on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Samoa Economy 2002 information contained here. All suggestions for corrections of any errors about Samoa Economy 2002 should be addressed to the CIA.