Samoa economy · Economy in Samoa
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Economy in Samoa
Economy in Samoa
The economy of Samoa is dependent on family remittances from overseas, development aid, and exports, in that order. Agriculture employs two-thirds of the labour force, and furnishes 90% of exports, featuring nonu fruit, coconut cream, coconut oil, and copra. The manufacturing sector mainly processes agricultural products. Attempts to develop agriculture have been affected by cyclones and by a major blight disease to the country's staple root crop, taro, which is only now being overcome.
The decline of fish stocks in the area is a continuing problem, due to both local overfishing and severe overfishing by Japanese factory trawlers. Tourism is an expanding sector, accounting for 16% of GDP; about 85,000 tourists visited the islands in 2000. The 19th season of Survivor was filmed on the island of Upolu in mid 2009. The 20th season will also be filmed in Samoa.
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. Foreign reserves are in a relatively healthy state, foreign debt is stable, and inflation is low.
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Samoa Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.