Oceania > Samoa > Economy

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Agriculture > products coconuts, bananas, taro, yams, coffee, cocoa
Current account balance	-$24,000,000.00		[70th of 181]
Debt > External	$177,000,000.00		[23rd of 136]
Economic freedom	2.2		[56th of 156]
Economy > Overview 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 two-thirds of the labor force and furnishes 90% of exports, featuring coconut cream, coconut oil, and copra. The fish catch declined during the El Nino of 2002-03 but returned to normal by mid-2005. 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; 116,000 tourists visited the islands in 2006. 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.
Exchange rates tala per US dollar - 2.7807 (2004), 2.9732 (2003), 3.3763 (2002), 3.478 (2001), 3.2864 (2000)
Exports	$131,000,000.00		[174th of 189]
GDP	$422,494,900.00		[159th of 203]
GDP (purchasing power parity)	$1,029,000,000.00		[179th of 187]
GDP > PPP	$1,019,000,000.00		[154th of 163]
GDP > Real growth rate	6%		[75th of 198]
GDP growth > annual %	5.4 annual %		[68th of 187]
GDP per capita, PPP > current international $	6,170.21 PPP $		[79th of 169]
Gross National Income	$259,757,000.00		[160th of 172]
Gross national income > constant LCU	588620700
Human Development Index	0.776		[74th of 178]
Inflation rate (consumer prices)	6%		[80th of 192]
Total reserves minus gold > current US$	92,229,790 $		[159th of 178]
Tourist arrivals	68,000		[125th of 152]
Tourist arrivals by region of origin > Europe	4,632		[163rd of 195]

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