Samoa - Economy
How is the economy of Samoa? Based on the information we have, Samoa has a ower middle-income Pacific island economy; enormous fishing and agriculture industries; significant remittances; growing offshore financial hub; recently hosted Pacific Games to drive tourism and infrastructure growth. Key agricultural products in this country include: coconuts, taro, bananas, tropical fruits, pineapples, mangoes/guavas, papayas, root vegetables, milk, pork (2022).
More about the economy of Samoa
| Labor force | 77,000 (2023 est.) |
|---|---|
| Industrial production growth rate | -1.9% (2023 est.) |
| Industries | food processing, building materials, auto parts |
| Population below poverty line | 21.9% (2018 est.) |
| Taxes and other revenues | 25.02% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | tala (SAT) per US dollar - |
| Exchange rates 2023 | 2.738 (2023 est.) |
| Exchange rates 2022 | 2.689 (2022 est.) |
| Exchange rates 2021 | 2.556 (2021 est.) |
| Exchange rates 2020 | 2.665 (2020 est.) |
| Exchange rates 2019 | 2.649 (2019 est.) |
| Debt - external | |
| Debt - external 2022 | $279.335 million (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $447.09 million (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $321.163 million (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $294.682 million (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $46.511 million (2023 est.) |
| Current account balance 2022 | -$86.678 million (2022 est.) |
| Current account balance 2021 | -$114.383 million (2021 est.) |
| Public debt | |
| Public debt 2017 | 49.1% of GDP (2017 est.) |
| Budget | |
| Revenues | $342.18 million (2021 est.) |
| Expenditures | $297.736 million (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 28.36% of GDP (2023 est.) |
| Remittances 2022 | 33.61% of GDP (2022 est.) |
| Remittances 2021 | 29.44% of GDP (2021 est.) |
| Imports | |
| Imports 2023 | $560.488 million (2023 est.) |
| Imports 2022 | $512.002 million (2022 est.) |
| Imports 2021 | $430.011 million (2021 est.) |
| Imports (partners) | China 25%, Singapore 16%, NZ 14%, South Korea 7%, US 7% (2022) |
| Comodities Imports force | refined petroleum, coated flat-rolled iron, fish, poultry, ships (2022) |
| Exports | |
| Imports 2023 | $560.488 million (2023 est.) |
| Imports 2022 | $512.002 million (2022 est.) |
| Imports 2021 | $430.011 million (2021 est.) |
| Exports (partners) | India 23%, US 19%, NZ 12%, Hungary 8%, Poland 6% (2022) |
| Comodities Exports force | coconut oil, integrated circuits, insulated wire, citrus, power equipment (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $1.359 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.258 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $1.329 billion (2021 est.) |
| GDP (official exchange rate) | $934.1 million (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $6,000 (2023 est.) |
| Real GDP per capita 2022 | $5,700 (2022 est.) |
| Real GDP per capita 2021 | $6,100 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 11% (2023 est.) |
| Industry | 11% (2023 est.) |
| Services | 67.6% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 86.2% (2023 est.) |
| Government consumption | 18.2% (2023 est.) |
| Investment in fixed capital | 34.7% (2023 est.) |
| Investment in inventories | 2.6% (2023 est.) |
| Exports of goods and services | 28.9% (2023 est.) |
| Imports of goods and services | -62.2% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 9.75% (2023 est.) |
| Unemployment rate 2022 | 9.92% (2022 est.) |
| Unemployment rate 2021 | 10.37% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 19.8% (2023 est.) |
| Male | 13.4% (2023 est.) |
| Female | 29.9% (2023 est.) |
All Important Facts about Samoa
Want to know more about Samoa? Check all different factbooks for Samoa below.
