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Economy - overview: The economy of Samoa has traditionally been dependent on development aid, private family remittances from overseas, and agricultural exports. The country is vulnerable to devastating storms. more...

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Agriculture employs two-thirds of the labor force, and furnishes 90% of exports, featuring coconut cream, coconut oil, and copra. Outside of a large automotive wire harness factory, the manufacturing sector mainly processes agricultural products. Tourism is an expanding sector; more than 70,000 tourists visited the islands in 1996. The Samoan Government has called for deregulation of the financial sector, encouragement of investment, and continued fiscal discipline. Observers point to the flexibility of the labor market as a basic strength for future economic advances.

The effects of three natural disasters in the early 1990s were overcome by the middle of the decade, but economic growth cooled again with the regional economic downturn. Long-run development depends upon upgrading the tourist infrastructure, attracting foreign investment, and further diversification of the economy.

Two major cyclones hit Samoa at the beginning of the 1990s. Cyclone Ofa left an estimated 10,000 islanders homeless in February 1990; Cyclone Val caused 13 deaths and hundreds of millions of dollars in damage in December 1991. As a result, gross domestic product declined by nearly 50% from 1989 to 1991. These experiences and Samoa's position as a low-lying island state punctuate its concern about global climate change.

Further economic problems occurred in 1994 with an outbreak of taro leaf blight and the near collapse of the national airline Polynesian Airlines. Taro, a root crop, traditionally was Samoa's largest export, generating more than half of all export revenue in 1993. But a fungal blight decimated the plants, and in each year since 1994 taro exports have accounted for less than 1% of export revenue. Polynesian Airlines reached a financial crisis in 1994, which disrupted the tourist industry and eventually required a government bailout.

The government responded to these shocks with a major program of road building and post-cyclone infrastructure repair. Economic reforms were stepped up, including the liberalization of exchange controls. GDP growth rebounded to over 6% in both 1995 and 1996 before slowing again at the end of the decade.

The service sector accounts for more than half of GDP and employs approximately 30% of the labor force. Tourism is the largest-single activity, more than doubling in visitor numbers and revenue over the last decade. More than 85,000 visitors came to Samoa in 1999, contributing over $12 million to the local economy. One-third came from American Samoa, 28% from New Zealand, and 11% from the United States. Arrivals increased in 2000, as visitors to the South Pacific avoided the political strife in Fiji by traveling to Samoa instead.

The primary sector (agriculture, forestry, and fishing) employs nearly two-thirds of the labor force and produces 17% of GDP. Important products include coconuts and fish.

Read more at Wikipedia.org