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ECONOMIC PROFILE

Exchange rate:  $1USD = 3.07 Tala (Jan 2003)


RECENT ECONOMIC INDICATORS:
1997 1998 1999 2000 2001 2002
GDP (US$m): 244.6 223.8 232.0 236.9 245.2 n.a.
GDP per capita (US$): 1,474 1,341 1,384 1,388 1,409 n.a.
Real GDP growth (% change YOY): 1.2 2.4 2.6 6.9 6.5 5.0
Current account balance (US$m): 9 20 -19 n.a. n.a. n.a.
Current account balance (% GDP): 3.7 9.0 -8.1 n.a. n.a. n.a.
Goods & services exports (% GDP): 32.7 37.1 34.2 n.a. n.a. n.a.
Inflation (% change YOY): 6.8 2.2 0.3 1.0. 4.0 3.0


SAMOA'S GLOBAL TRADE RELATIONSHIPS (2001):
Samoa's principal export destinations Samoa's principal import sources
1 Australia 64.8% 1 United States 29.4%
2 Indonesia 12.1%2 2 New Zealand 17.8%
3 United States 11.8% 3 Australia 13.5%
4 American Samoa 2.3% 4 Fiji 12.9%
5 Germany 2.0% 5 Japan 11.0%


Comments

Kalapu Says:
It's very interesting to see that the major country of import in the US. In the past major products came from NZ and AUS. This included food and manufactured goods. Given that exports still flow in this direction it likely creates some difficulties in the balance of trade. Another highly significant fact is that NZ is not even rated as an export destination. There was a time when most exports of food products went to NZ. Viewing the basket of exports would be interesting. Comparing it to exports in 73, 83, 93, and 03 would certianly show how Samoa's trade outlook has changed. I would imagine that presently there is a significant 'light industry' export in clothing and labor intensive items to Austrailia. In any case it does not look like the government has been able to deal with the trade balance problem. It's evident that the 'Carson' district (and others like it) are suppling the where with all to purchase US goods. Used to be the factories of Wellington and Aukland. That is a major statement on where the nation is headed. It must really braid on the nerves of all the NZ and AUS educated elite to see the average Samoan looking increasingly to the US for family supported income. Major political upheaval could occur when and if US resident Samoan's begin to return home. It would be a masterful joke if the main accomplishment of the Peace Corps was simply to familiarize the general population with the cultural attitudes of a new wave of Samoan reverse migrators.
September 18, 2003 08:37 PM

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