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, bananas, taro, tropical fruits, pineapples, mangoes/guavas, papayas, root vegetables, milk, avocados (2023).
More about the economy of Samoa
| Labor force | 57,200 (2024 est.) |
|---|---|
| Industrial production growth rate | 4.2% (2024 est.) |
| Industries | food processing, building materials, auto parts |
| Population below poverty line | 21.9% (2018 est.) |
| Taxes and other revenues | 26.7% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | tala (SAT) per US dollar - |
| Exchange rates 2024 | 2.754 (2024 est.) |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $269.974 million (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $507.74 million (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $447.09 million (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $321.163 million (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $64.616 million (2024 est.) |
| Current account balance 2023 | $40.177 million (2023 est.) |
| Current account balance 2022 | -$74.039 million (2022 est.) |
| Budget | |
| Revenues | $342.18 million (2021 est.) |
| Expenditures | $297.736 million (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 26.4% of GDP (2024 est.) |
| Remittances 2023 | 28.2% of GDP (2023 est.) |
| Remittances 2022 | 33.6% of GDP (2022 est.) |
| Imports | |
| Imports 2024 | $575.749 million (2024 est.) |
| Imports 2023 | $560.776 million (2023 est.) |
| Imports 2022 | $512.021 million (2022 est.) |
| Imports (partners) | NZ 20%, Singapore 19%, China 17%, Australia 10%, Fiji 9% (2023) |
| Comodities Imports force | refined petroleum, poultry, cars, plastic products, milk (2023) |
| Exports | |
| Imports 2024 | $575.749 million (2024 est.) |
| Imports 2023 | $560.776 million (2023 est.) |
| Imports 2022 | $512.021 million (2022 est.) |
| Exports (partners) | India 26%, NZ 14%, USA 12%, American Samoa 10%, Australia 9% (2023) |
| Comodities Exports force | refined petroleum, integrated circuits, coconut oil, fish, insulated wire (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $1.503 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $1.374 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.258 billion (2022 est.) |
| GDP (official exchange rate) | $1.068 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $6,900 (2024 est.) |
| Real GDP per capita 2023 | $6,300 (2023 est.) |
| Real GDP per capita 2022 | $5,800 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 11% (2024 est.) |
| Industry | 10.9% (2024 est.) |
| Services | 72.5% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 80.8% (2024 est.) |
| Government consumption | 18.2% (2024 est.) |
| Investment in fixed capital | 30.5% (2024 est.) |
| Investment in inventories | 2.3% (2024 est.) |
| Exports of goods and services | 29.3% (2024 est.) |
| Imports of goods and services | -53.8% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 4.6% (2024 est.) |
| Unemployment rate 2023 | 5% (2023 est.) |
| Unemployment rate 2022 | 5.1% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 11.9% (2024 est.) |
| Male | 7.4% (2024 est.) |
| Female | 20.9% (2024 est.) |
All Important Facts about Samoa
Want to know more about Samoa? Check all different factbooks for Samoa below.
