Country Samoa has a population of 222,382, ranking 170th globally, just behind Sao Tome and Principe. Located in the South Pacific, it covers 2,840 sq. km, ranking 160th, just below French Polynesia.
Samoa’s economic position in 2022 shows a GDP of $832,945,205.64, ranking it at 180 globally. It falls behind Vanuatu, with a GDP of $1,055,811,723.75. In terms of GDP per capita, Samoa ranks 125 with $3,745.56, trailing behind Tunisia with a GDP per capita of $3,747.42.
Despite its lower ranking, Samoa’s economy is steadily growing, with potential for further development in various sectors. The country’s focus on sustainable practices and tourism has the potential to boost its economic standing in the future.
What are the economic activities of Samoa?
- Primary activities: 10.4% of GDP.
- Secondary activities: 23.6% of GDP.
- Tertiary activities: 66% of GDP.
Primary Sector of Samoa
Samoa’s primary sector, particularly agriculture, thrives due to its tropical climate and rich natural resources. With 17.77% of the land dedicated to agriculture, the country produces a variety of crops like coconuts, taro, bananas, pineapples, and more. Despite contributing 10.4% to the GDP, agriculture remains vital to the economy.
The top ten agricultural products by tonnage include tropical fruits, root vegetables, milk, and pork, highlighting the sector’s diversity and importance in sustaining Samoa’s agricultural industry.
Samoa’s volcanic islands provide a diverse geological landscape, leading to abundant natural resources. Hardwood forests support the timber industry, fish stocks sustain local fisheries, and hydropower contributes to energy production, driving economic growth.
Secondary Sector of Samoa
What is the secondary sector or what are secondary activities?
The secondary sector involves industries that create finished products ready for consumption. They take raw materials from primary activities and manufacture new goods for domestic sale or export. In Samoa, the main industrial products include food processing, building materials, and auto parts. These products play a crucial role in the country’s economy by providing employment opportunities and contributing to its overall economic growth.
Manufactures in Samoa’s total exports are not significant, accounting for a low percentage in 2023. This indicates a reliance on other sectors for economic growth and trade balance.
Tertiary sector of Samoa
What is the tertiary sector or what are tertiary activities?
The tertiary sector in Samoa encompasses services that provide knowledge and expertise to enhance productivity and meet needs. This sector includes intangible goods like advice and attention, catering to both consumers and businesses. Key tertiary activities in Samoa are healthcare, education, banking, communication, tourism, transportation, and security services. These services play a vital role in driving the country’s economy and enhancing the overall quality of life for its residents.
In particular, Samoa’s economy heavily relies on tourism, contributing significantly to its GDP. With an impressive 181,000 annual arrivals, accounting for 0.8139 of its population, tourism plays a pivotal role. Popular destinations like the Samoa Cultural Village and the breathtaking Lalomanu Beach attract visitors worldwide, showcasing the country’s rich culture and natural beauty.
Another example of tertiary economic activity is the mobile cellular sector, which boasts around 134,000 subscriptions, facilitating communication and supporting technological growth through enhanced connectivity and digital services.
International Trade of Samoa
Import Activities of Samoa
Samoat’s import activities are crucial, accounting for 52.72% of its GDP in 2023, totaling $43,910,205.23.
Samoa’s key import activities include refined petroleum, coated flat-rolled iron, fish, poultry, and ships. Its main import partners are China (25%), Singapore (16%), New Zealand (14%), South Korea (7%), and the United States (7%).
Exports Activities of Samoa
In Samoa, exports totaled $102,172,238.28 in 2023, accounting for 12.27% of GDP. This indicates a medium level of importance, contributing significantly to the country’s economy.
Samoa primarily exports coconut oil, integrated circuits, insulated wire, citrus, and power equipment. Its key export partners are India (23%), the US (19%), New Zealand (12%), Hungary (8%), and Poland (6%).
Samoa economy challenges in 2024
In 2024, Samoa faces economic challenges despite its thriving fishing and agriculture industries. The country struggles with increasing debt and environmental concerns, impacting its growth as an offshore financial hub. The recent Pacific Games aimed to boost tourism and infrastructure, but ongoing issues threaten progress.
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