Samoa Economy

Is Samoa a rich country?

The economy of Samoa has traditionally been dependent on development aid, family remittances from overseas, tourism, agriculture, and fishing. It has a nominal GDP of $844 million. Agriculture, including fishing, furnishes 90% of exports, featuring fish, coconut oil, nonu products, and taro. The manufacturing sector mainly processes agricultural products. Industry accounts for nearly 22% of GDP while employing less than 6% of the work force. The service sector accounts for nearly two-thirds of GDP and employs approximately 50% of the labor force. Tourism is an expanding sector accounting for 25% of GDP; 132,000 tourists visited the islands in 2013.

The country is vulnerable to devastating storms. In 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 on Samoa's Upolu Island.

The Samoan Government has called for deregulation of the country's financial sector, encouragement of investment, and continued fiscal discipline, while at the same time protecting the environment. Foreign reserves are relatively healthy and inflation is low, but external debt is approximately 45% of GDP. Samoa became the 155th member of the WTO in May 2012, and graduated from least developed country status in January 2014.

Samoa Economy Data

What is the GDP of Samoa?

GDP - Gross Domestic Product (PPP) $997,000,000 (USD)
GDP - official exchange rate $867,000,000 (USD)
GDP - real growth rate 2.6%
GDP Per Capita $5,400.00 (USD)
GDP by Sector- agriculture 10.9%
GDP by Sector- Industry 28.3%
GDP by Sector- services 60.8%
Inflation Rate 6%
Labor Force 66,270
Labor Force By Occupation- agriculture 65%
Fiscal Year June 1 - May 31
Annual Budget $171,300,000 (USD)
Budget Surplus or Deficit - percent of GDP -6.1%
Taxes and other revenues - percent of GDP 30.6%
Major Industries food processing, building materials, auto parts
Industrial Growth Rate 2.8%
Agriculture Products coconuts, bananas, taro, yams, coffee, cocoa
Currency Code tala (SAT)
Commercial Bank Prime Lending Rate 10.2%

Labor Force by Occupation- As reported by Samoa

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