Samoa Economy
Is Samoa a wealthy country?
Samoa, officially known as the Independent State of Samoa, is a Pacific island nation with a developing economy that relies primarily on agriculture, tourism, and remittances.
Agriculture: Agriculture is a significant sector of the Samoan economy, employing a large portion of the population and contributing to both domestic consumption and exports. The main agricultural products include coconuts, bananas, taro, cocoa, and coffee. Subsistence farming is common in rural areas, while commercial agriculture focuses on export crops.
Tourism: Tourism plays a crucial role in Samoa's economy, generating foreign exchange earnings and providing employment opportunities. The country's pristine beaches, lush landscapes, and vibrant Polynesian culture attract tourists worldwide. Tourist activities include beach resorts, ecotourism, cultural tours, and water sports.
Remittances: Remittances from Samoans living abroad, particularly in New Zealand, Australia, and the United States, are a significant source of income for many households in Samoa. Remittances contribute to poverty reduction, household consumption, and education, healthcare, and housing investments.
Fisheries: Samoa's rich marine resources support a small but important fisheries sector. Fishing and aquaculture activities contribute to food security, employment, and export earnings. The government is working to manage fisheries resources and sustainably enhance value-added processing and exports.
Manufacturing: The manufacturing sector in Samoa is relatively small and focuses on agro-processing, including producing coconut oil, cocoa products, and canned tuna. The government promotes value-added processing and supports initiatives to improve productivity, quality, and market access for manufactured goods.
Infrastructure Development: Samoa has invested in infrastructure development projects, including transportation, telecommunications, and energy, to support economic growth and development. Infrastructure improvements enhance connectivity, reduce costs, and attract investment in key sectors of the economy.
Financial Services: Samoa's financial services sector includes banking, insurance, and offshore finance. The country's stable regulatory environment and favorable tax policies attract foreign investment and promote financial sector development. The government is committed to strengthening financial regulation and supervision to maintain stability and integrity in the economic system.
Challenges: Despite its natural resources and potential for economic growth, Samoa faces several challenges, including vulnerability to natural disasters, climate change, limited market access, and high dependence on imports. The government is working to address these challenges through policy reforms, diversification strategies, and international cooperation.
Samoa Economy Data
What is the GDP of Samoa?
| Currency Name and Code | Tala (WST) |
| GDP - Gross Domestic Product (PPP) | $1,250,000,000 (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 |
| Exchange Rate per US Dollar | tala (SAT) |
| Commercial Bank Prime Lending Rate | 10.2% |