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 accounted for 13.1% of employment in 2013. 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 oversaw 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. In 2015, a new fish processing company completed refurbishing the processing facilities left behind by one of the two canneries that closed in 2009 and opened a new cannery. With two operating canneries once again, fish processing and exports will rise in 2015 and beyond.

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

16,090 (2013)

Labor Force by Occupation

Agriculture: NA

Industry: 13.1%

Services: 86.9% (2013)

Unemployment Rate

29.8% (2005)

Population Below Poverty Line

NA%

Household Income or Consumption by Percentage Share

Lowest 10%: NA%

Highest 10%: NA%

Budget

Revenues: $241.2 million

Expenditures: $243.7 million (2013 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

  • $748.6 million 2005

Taxes and Other Revenues

  • 32.2% of GDP (2013 est.)

Budget Surplus or Deficit

  • -0.3% of GDP (2013 est.)

Fiscal Year

  • 1 October - 30 September

GDP Purchasing Power Parity

    $647 million (2011 est.)

GDP Real Growth Rate

    0.6% (2012 est.)

GDP Per Capital

    $11,700 (2011 est.)

Gross National Saving

GDP Composition by end Use

  • Household consumption
    54.6%
  • Government consumption
    52.8%
  • Investment if fixed capital
    2.7%
  • Investment in inventories
    2.3%
  • Exports of goods and services
    54.4%
  • Imports of goods and services
    -66.8% (2013)

GDP Composition by Sector of Origin

  • Agriculture
    27.4%
  • Industry
    12.4%
  • Services
    60.2% (2012)

Inflation Rate Consumer Prices

    3.5% (2012)

Current Account Balance

Exports

    $489 million (2012)

Exports Partners

Exports Commodities

    Canned tuna 93%

Imports

    $508 million (2012)

Imports Partners

Imports Commodities

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