4 GeoFroggy

Economy Overview

American Samoa has a traditional Polynesian economy in which more than 90% of the land is communally owned. Economic activity is strongly linked to the US with which American Samoa conducts most of its commerce. Tuna fishing and tuna processing plants are the backbone of the private sector with canned tuna the primary export. The two tuna canneries account for 80% of employment. In late September 2009, an earthquake and the resulting tsunami devastated American Samoa and nearby Samoa, disrupting transportation and power generation, and resulting in about 200 deaths. The US Federal Emergency Management Agency is overseeing a relief program of nearly $25 million. Transfers from the US Government add substantially to American Samoa's economic well being. Attempts by the government to develop a larger and broader economy are restrained by Samoa's remote location, its limited transportation, and its devastating hurricanes. Tourism is a promising developing sector.

Agriculture Products

bananas, coconuts, vegetables, taro, breadfruit, yams, copra, pineapples, papayas, dairy products, livestock

Industries

tuna canneries (largely supplied by foreign fishing vessels), handicrafts

Industrial Production Growth Rate

NA%

Labor Force

17,630 (2005) country comparison to the world: 211

Unemployment Rate

29.8% (2005) country comparison to the world: 180

Population Below Poverty Line

NA%

Household Income or Consumption by Percentage Share

lowest 10%: NA%

highest 10%: NA%

Budget

revenues: $155.4 million

expenditures: $183.6 million (2007 est.)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

Debt External

$NA

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

the US dollar is used
Year

GDP Official Exchange Rate

  • $462.2 million 2005

Taxes and Other Revenues

  • 33.6% of GDP (2007)

Budget Surplus or Deficit

  • -6.1% of GDP (2007)

Fiscal Year

  • 1 October - 30 September

GDP Purchasing Power Parity

    $575.3 million (2007 est.) country comparison to the world: 214 $510.1 million (2003 est.)

GDP Real Growth Rate

    3% (2003) country comparison to the world: 115

GDP Per Capital

    $8,000 (2007 est.) country comparison to the world: 134 $5,800 (2005 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

  • agriculture
    NA%
  • industry
    NA%
  • services
    NA%

Inflation Rate Consumer Prices

    NA%

Current Account Balance

Exports

    $445.6 million (FY04 est.) country comparison to the world: 177

Exports Partners

Exports Commodities

    Canned tuna 93%

Imports

    $308.8 million (FY04 est.) country comparison to the world: 199

Imports Partners

Imports Commodities

    Raw materials for canneries, food, petroleum products, machinery and parts