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Economy of Samoa

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, 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, Samoa exports around $0.01 billion and imports roughly $0.32 billion. 6.6% of population in the country are unemployed. The total number of unemployed people in Samoa is 13,048. Government expenditure on education is 5.7% of GDP. The Gini Index of the country is 47. Samoa is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Samoa has a Human Development Index (HDI) of 0.694. Samoa has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The strength of legal rights index for Samoa is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Samoa is Samoan tala. The plural form of the word Samoan tala is talas. The symbol used for this currency is T, and it is abbreviated as WST. The Samoan tala is divided into Sene; there are 100 in one tala.

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 Samoa.

Central bank

In Samoa, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Samoa. Locally, the central bank of Samoa is called Faletupe Tutotonu o Samoa. The average deposit interest rate offered by local banks in Samoa is 3%.

Public debt

Samoa has a government debt of 50% of the country's Gross Domestic Product (GDP), as assessed in 2014.

Tax information

The corporate tax in Samoa is set at 27%. Personal income tax ranges from 0% to 27%, depending on your specific situation and income level. VAT in Samoa is 15%, and it is known as Sales Tax.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Samoa is $997 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Samoa was last recorded at $5 million. PPP in 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. The total Gross Domestic Product (GDP) in Samoa is 1 billion. Based on this statistic, Samoa is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Samoa was last recorded at $0 million. The average citizen in Samoa has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Samoa averaged 2% in 2014. According to this percentage, 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 Samoa.

Industry

Major industries in the country are food processing, building materials, auto parts. The total labor force of Samoa is 39,410 people, wherein 6.6% of population in the country are unemployed. The total number of unemployed people in Samoa is 13,048. The Industrial Production growth rate of Samoa is 2.8%.To read more about industrial information within Samoa click on industry of Samoa.

Agriculture

There are 620 km2 of arable land in Samoa, and it comprises 22% of the country's total territory. There are 1333 km2 of cultivated land in Samoa. The country's major agricultural crops and products are coconuts, bananas, taro, yams, coffee, cocoa.To read more about agriculture click on agriculture of Samoa.