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Economy of American Samoa

American Samoa is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, American Samoa may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, American Samoa exports around $0.45 billion and imports roughly $0.31 billion. 9.2% of population in the country are unemployed. The total number of unemployed people in American Samoa is 5,122. Government expenditure on education is 16.1% of GDP. The Gini Index of the country is 40.73. American Samoa is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable.

Currency

The currency of American Samoa is United States dollar. The United States dollar is one of the most significant currencies in the world, and is used in several territories besides The United States including Puerto Rico, Guam, and The US Virgin Islands. The United States dollar is a stable currency that can be relied upon for investment opportunities. The plural form of the word United States dollar is dollars. The symbol used for this currency is $, and it is abbreviated as USD. The United States dollar is divided into Cent; there are 100 in one dollar.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of American Samoa.

Central bank

In American Samoa, the institution that manages the state's currency, money supply, and interest rates is called The Central Bank of Samoa. The average deposit interest rate offered by local banks in American Samoa is 2.75%.

Public debt

American Samoa has a government debt of 161.3% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in American Samoa is set at 27%. Personal income tax ranges from 19% to 20%, depending on your specific situation and income level. VAT in American Samoa is 0%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in American Samoa is $0.537 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in American Samoa was last recorded at $0 million. PPP in American Samoa is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. GDP Annual Growth Rate in American Samoa averaged 3% in 2014. According to this percentage, American Samoa is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of American Samoa.

Industry

Major industries in the country are tuna canneries (largely supplied by foreign fishing vessels), handicrafts. The total labor force of American Samoa is 18,387 people, wherein 9.2% of population in the country are unemployed. The total number of unemployed people in American Samoa is 5,122. To read more about industrial information within American Samoa click on industry of American Samoa.

Agriculture

There are 20 km2 of arable land in American Samoa, and it comprises 10% of the country's total territory. There are 50 km2 of cultivated land in American Samoa. The country's major agricultural crops and products are bananas, coconuts, vegetables, taro, breadfruit, yams, copra, pineapples, papayas, dairy products, livestock.To read more about agriculture click on agriculture of American Samoa.