Verified Facts
The economy of American Samoa is a small, developing economy that relies heavily on the United States for financial support and is driven by a mix of traditional industries such as tuna fishing and canning, as well as a growing tourism sector.
Quick Facts
Economic Overview
American Samoa's economy is classified as an upper-middle-income economy, with a GDP per capita of over $14,000. The economy is still developing, with a strong reliance on the United States for financial support, including funding for government services and infrastructure development. The territory's remote location and limited natural resources have hindered economic growth, but efforts to diversify the economy and promote private sector development are underway. The economy has experienced steady growth in recent years, driven by increases in tuna fishing and canning, as well as a growing tourism sector.
The territory's economic development is also influenced by its relationship with the United States, which provides significant financial support and guidance. American Samoa is not subject to federal income tax, and the local government has implemented various incentives to attract businesses and investments. However, the economy remains vulnerable to external shocks, including changes in global tuna markets and fluctuations in tourism demand.
The government of American Samoa has implemented various initiatives to promote economic development, including efforts to improve the business environment, invest in infrastructure, and support the growth of key industries such as tourism and fisheries. These initiatives aim to reduce the territory's reliance on the United States and promote sustainable economic growth.
Key Industries
| Industry | Contribution | Details |
|---|---|---|
| Tuna fishing and canning | 50% of GDP | American Samoa is home to one of the largest tuna canneries in the world, with exports valued at over $200 million annually |
| Tourism | 15% of GDP | The territory's natural beauty, including its coral reefs and rainforests, attracts over 20,000 visitors annually |
| Government services | 20% of GDP | The local government is the largest employer in the territory, providing services including healthcare, education, and infrastructure development |
| Manufacturing | 5% of GDP | Small-scale manufacturing activities, including food processing and handicrafts, contribute to the territory's economic diversity |
| Agriculture | 2% of GDP | Subsistence farming and small-scale commercial farming activities, including copra and taro production, support local food security |
Trade Profile
Top Exports:
- Canned tuna
- Frozen fish
- Petroleum products
- Clothing and textiles
- Handicrafts
These exports are primarily destined for the United States, with smaller volumes exported to other countries in the region.
Top Imports:
- Petroleum products
- Food and beverages
- Machinery and equipment
- Vehicles
- Electronics
These imports are primarily sourced from the United States, with smaller volumes imported from other countries in the region.
Key Trading Partners:
- United States
- Australia
- New Zealand
- Samoa
- Fiji
These countries are the primary destinations for American Samoa's exports and sources of its imports.
Infrastructure
- The territory has a well-developed road network, with over 200 kilometers of paved roads connecting the main villages and towns.
- American Samoa has two main ports, including the Port of Pago Pago, which handles the majority of the territory's imports and exports.
- The territory is served by a single international airport, the Pago Pago International Airport, which offers flights to Apia, Samoa, and Honolulu, Hawaii.
- Internet and mobile phone penetration is relatively high, with over 90% of households having access to these services.
- The territory has a reliable electricity supply, with power generated from a combination of diesel and renewable energy sources.
Economic Outlook
The economy of American Samoa is expected to continue growing, driven by increases in tuna fishing and canning, as well as a growing tourism sector. The government has implemented various initiatives to promote economic development, including efforts to improve the business environment and invest in infrastructure. However, the economy remains vulnerable to external shocks, including changes in global tuna markets and fluctuations in tourism demand. To mitigate these risks, the government is promoting economic diversification and supporting the growth of new industries, including renewable energy and sustainable tourism.
Major projects and reforms are underway to support economic growth and development, including the development of a new fisheries management plan and the implementation of a comprehensive tourism strategy. These initiatives aim to promote sustainable economic growth, reduce the territory's reliance on the United States, and improve the overall quality of life for American Samoa's residents. The government is also working to improve the business environment, including streamlining regulatory processes and providing support for small businesses and entrepreneurs. These efforts are expected to contribute to the long-term economic development and growth of American Samoa.