Economy - overview:
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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.
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GDP (purchasing power parity):
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$1.128 billion (2012 est.)
country comparison to the world: 203
$1.112 billion (2011 est.)
$1.09 billion (2010 est.)
note:
data are in 2012 US dollars
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GDP (official exchange rate):
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$712 million (2012 est.)
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GDP - real growth rate:
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1.5% (2012 est.)
country comparison to the world: 146
2% (2011 est.)
0.4% (2010 est.)
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GDP - per capita (PPP):
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$6,200 (2012 est.)
country comparison to the world: 143
$6,100 (2011 est.)
$6,000 (2010 est.)
note:
data are in 2012 US dollars
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GDP - composition by sector:
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agriculture: 9.2%
industry:
28.6%
services:
62.2% (2012 est.)
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Labor force:
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47,930 (2011 est.)
country comparison to the world: 193
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Labor force - by occupation:
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agriculture: 65%
industry:
NA%
services:
NA%
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Unemployment rate:
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NA%
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%:
NA%
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Budget:
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revenues: $258.6 million
expenditures:
$301.7 million (2012 est.)
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Taxes and other revenues:
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36.3% of GDP (2012 est.)
country comparison to the world: 63
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Budget surplus (+) or deficit (-):
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-6.1% of GDP (2012 est.)
country comparison to the world: 176
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Inflation rate (consumer prices):
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3.7% (2012 est.)
country comparison to the world: 105
5.2% (2011 est.)
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Commercial bank prime lending rate:
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10.4% (31 December 2012 est.)
country comparison to the world: 91
9.97% (31 December 2011 est.)
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Stock of narrow money:
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$100.3 million (31 December 2012 est.)
country comparison to the world: 183
$97.65 million (31 December 2011 est.)
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Stock of broad money:
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$327.9 million (31 December 2012 est.)
country comparison to the world: 185
$307.6 million (31 December 2011 est.)
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Stock of domestic credit:
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$301.7 million (31 December 2012 est.)
country comparison to the world: 179
$304 million (31 December 2011 est.)
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Market value of publicly traded shares:
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$NA
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Agriculture - products:
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coconuts, bananas, taro, yams, coffee, cocoa
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Industries:
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food processing, building materials, auto parts
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Industrial production growth rate:
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2.8% (2000)
country comparison to the world: 100
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Current account balance:
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-$76.11 million (2011 est.)
country comparison to the world: 67
-$58.66 million (2010 est.)
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Exports:
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$27.38 million (2011 est.)
country comparison to the world: 205
$27.38 million (2011 est.)
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Exports - commodities:
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fish, coconut oil and cream, copra, taro, automotive parts, garments, beer
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Exports - partners:
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American Samoa 50%, Australia 23.6% (2011)
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Imports:
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$318.7 million (2011 est.)
country comparison to the world: 197
$280 million (2010 est.)
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Imports - commodities:
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machinery and equipment, industrial supplies, foodstuffs
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Imports - partners:
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NZ 23.9%, Fiji 17.1%, Singapore 15.4%, China 8.4%, Japan 8.1%, Australia 6.7%, US 5.3% (2011)
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Reserves of foreign exchange and gold:
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$166.8 million (31 December 2011 est.)
country comparison to the world: 162
$209.5 million (31 December 2010 est.)
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Debt - external:
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$235.5 million (31 December 2009 est.)
country comparison to the world: 183
$177 million (2004)
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Exchange rates:
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tala (SAT) per US dollar -
2.32 (2012 est.)
2.3175 (2011 est.)
2.4847 (2010 est.)
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Fiscal year:
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June 1 - May 31
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