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Samoa Economy Profile

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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 roughly 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. 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; 122,000 tourists visited the islands in 2007. In late September 2009, an earthquake and the resulting tsunami severely damaged Samoa, and nearby American Samoa, disrupting transportation and power generation, and resulting in about 200 deaths. In December 2012, extensive flooding and wind damage from Tropical Cyclone Evan killed four people, displaced over 6,000, and damaged or destroyed an estimated 1,500 homes in Samoa's Upolu Island. 

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)    
$1.146 billion (2012 est.) 
$1.132 billion (2011 est.) 
$1.11 billion (2010 est.) 
Note: data are in 2012 US dollars

GDP (official exchange rate)    
$683 million (2012 est.)

GDP - real growth rate    
1.2% (2012 est.) 
2% (2011 est.) 
0.4% (2010 est.)

GDP - per capita (PPP)    
$6,300 (2012 est.) 
$6,200 (2011 est.) 
$6,100 (2010 est.) 
Note: data are in 2012 US dollars

GDP - composition by sector    
Agriculture: 9.4% 
Industry: 26.5% 
Services: 64.1% (2012 est.)
Population below poverty line    NA%
Labor force    47,930 (2011 est.)

Labor force - by occupation    
Agriculture: 65% 
Industry: NA% 
Services: NA%

Unemployment rate    NA%
Unemployment, youth ages 15-24    total: 12.2% 
Male: 10.6% 
Female: 15.5% (2001)

Household income or consumption by percentage share    lowest 10%: NA% 
Highest 10%: NA%
Budget    revenues: $233.4 million 
Expenditures: $263.9 million (2012 est.)
Taxes and other revenues    
34.2% of GDP (2012 est.)
Budget surplus (+) or deficit (-)    -
4.5% of GDP (2012 est.)

Inflation rate (consumer prices)    
2.1% (2012 est.) 
5.2% (2011 est.)

Commercial bank prime lending rate    
9.86% (31 December 2012 est.) 
9.97% (31 December 2011 est.)

Stock of narrow money    
$97.71 million (31 December 2012 est.) 
$94.92 million (31 December 2011 est.)

Stock of broad money    
$327.9 million (31 December 2012 est.) 
$307.6 million (31 December 2011 est.)

Stock of domestic credit    
$312.1 million (31 December 2012 est.) 
$304 million (31 December 2011 est.)
Market value of publicly traded shares    $NA
Agriculture - products    coconuts, bananas, taro, yams, coffee, cocoa
Industries    food processing, building materials, auto parts
Industrial production growth rate    2% (2012 est.)
Current Account Balance    -$76.11 million (2011 est.) 
-$58.66 million (2010 est.)
Exports    $11.4 million (2011 est.)
Exports - commodities    fish, coconut oil and cream, copra, taro, automotive parts, garments, beer
Exports - partners    American Samoa 50.4%, Australia 22.6% (2012)
Imports    $318.7 million (2011 est.) 
$280 million (2010 est.)
Imports - commodities    machinery and equipment, industrial supplies, foodstuffs
Imports - partners    Fiji 19%, NZ 18.8%, Singapore 18.2%, China 15.5%, Australia 5.8%, US 5.3% (2012)

Reserves of foreign exchange and gold    $168.7 million (31 December 2012 est.) 
$166.8 million (31 December 2011 est.)
Debt - external    $368.3 million (31 December 2011 est.) 
$235.5 million (31 December 2009 est.)
Exchange rates    tala (SAT) per US dollar - 
2.2923 (2012 est.) 
2.3175 (2011 est.) 
2.4847 (2010 est.)

Fiscal year June 1 - May 31

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