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Samoa Samoa

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Samoa

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EconomicPoliticalStructural

Samoa – Quick View
ECR score15.35 (Mar 2011)
ECR rank168 (Mar 2011)
Economic
GDP, 2010USD 0.59 billion
GNI per capita PPP, 2009USD 4,270
FDI inflow, 2010USD 7.91 million
Inflation, 2010-0.2%
Central bank assets, 2010USD 155.07 million
Unemployment rateNA
Government deficit, 2010USD 57.18 million
Tax revenue, 2010USD 133.51 million
Political
Government typeParliamentary democracy
Recent political crisisNA
Economic freedom score, 201184th
Freedom of information score, 2010111th
Corruption perception index, 201062nd
Structural
Birth rate, 200923 per ‘000
Population balanceUnder 14 years - 39%
Population balanceOver 65 years - 5%
Life expectancy yearsMale - 68.5 years
Life expectancy yearsFemales - 74.9 years
Mortality rate ( Under-5), 200925 per ‘000
Literacy rate98.8%
Internet access (per 100 population)5

[Top] Economic Overview

The economy of Samoa is primarily dependent on agriculture and fishing. It is considered as a developing economy in the Pacific region.

(Source: BBC)

Gross domestic product (GDP)

Samoa GDP and GDP growth

(Source: Central Bank, Central Bank)

In 2010, the county reported GDP of WST 1.49 billion as compared to WST 1.43 billion in 2009.

Gross national income (GNI)

Samoa Gross National Income

 

(Source: Central Bank)

The country’s GNI in the year 2010 was WST 1.45 billion as compared to WST 1.38 billion in 2009.

GNI per capita

GNI per capita at PPP was USD 4,270 in the year 2009 as compared to USD 4,480 in 2008.

Samoa GNI per capita, PPP

(Source: World Bank)

Income tax rates

The highest income tax levied on individual income is 27%.

Income Tax Rates on Individuals Income

Income Brackets

Income Tax Rate (%)

Income not exceeding WST 12,000

Nil

Income between WST 12,001 to WST 15,000

10

Income between WTS 15,001 to 20,000

20

Over WST 20,000

27

(Source: revenue.gov.ws)

Corporate tax Rates

Corporate tax rate levied on domestic companies is 27% on their global taxable income, whereas for the foreign companies it is 27% on the taxable income earned in Samoa.

Tax contribution

Total tax rate (% profit)

Corporate income tax

10.5

National provident fund

5.8

Capital gains tax

1.4

Accident levy

1.2

(Source: revenue.gov.ws, doingbusiness.org)

Inflation

Inflation rate in the country was -0.2% in the year 2010 as compared to 14.35% in 2009.

Samoa Inflation

(Source: IMF)

FDI inflow

Foreign direct investment in Samoa was projected at WST 20 million in the year 2010 as compared to WST 18.3 million in 2009.

Samoa Foreign Direct Investment

(Source: Central Bank)

Banking Sector Assets

Total assets of Central Bank of Samoa were USD 392.12 million in the year 2010, an increase of 23.23% over the previous year.

Total assets of Central Bank of Samoa (USD million)

 

2010

2009

Total Assets

392.12

318.19

Foreign Currency Financial Assets

356.46

271.87

Local Currency Financial Assets

2.24

4.36

Other Assets

15.96

23.62

 

(Source: Central Bank)

[Top] Financial Indicators & Government Financial

Consumer price index

Samoa Consumer Price Index

 

Base, March 2004 = 100

(Source: National Statistics)

 

The Consumer Price Index (CPI) in Samoa is on a steady rise since 2001. In 2009, CPI was 132.4 as compared to 124.5 in 2008.

Interest rate deposits

 

 

 

Samoa Weighted average deposit rate

(P: Projections)

(Source: Central Bank of Samoa)

The interest rate on deposits offered by commercial banks in the year 2010 was 4.81%.

Money supply (currency in circulation)

 

Samoa Money supply

 

(Source: Central Bank)

Government expenditure

In 2010, the total expenditure is recorded at WST 677.9million. For 2011, the Government projection of total expenditure is WST 669.2 million.

Total Expenditure of Government of Samoa (WST million)

 

2011

2010

2009

Total Expenditure & lending minus repayments.

669.2

677.9

552.5

Current expenditure

422.5

391.3

358.8

Salaries and Wages

142.8

117.7

132.0

Interest payments

13.8

11.7

11.6

Development expenditure

230.4

273.8

182.1

Net lending

16.3

16.3

11.7

(Source: National Statistics)

Official exchange rate

WST per USD rate for the year 2009 was registered at 2.51. The exchange rate for 2008 was 2.92 WST per USD.

Samoa Exchange rate

(Source:Central Bank)

Government finances

Fiscal balance

The country registered a fiscal deficit of WST 144.6 million in the year 2010 as compared to a deficit of WST 60.5 million in 2009.

Samoa Fiscal balance

B= Budgeted

(Source: National Statistics)

Total revenue

Total Revenue of Government of Samoa (WST million)

 

2011 (B)

2010

2009

Total Revenue and Grants

528.7

533.3

492.0

Total Revenue

385.3

380.5

381.4

Tax

354.1

337.6

324.7

Non Tax

31.2

42.9

56.7

External Grants

143.4

152.8

110.7

(B: Budgeted)

(Source: National Statistics)

In 2010, country reported total revenues of WST 533.3 million, comprising tax revenue contribution of 88.58% and non tax revenue contribution of 11.42%. The budgeted figure of total revenue for 2011 is WST 385.3 million.

Tax revenue

Total tax revenue of the country was WST 337.6 million in the year 2010, as compared to WST 324.7 million in 2009.

(Source: National Statistics)

Total grants

 

 

Samoa Grants received

(Source:National Statistics)

The country received external grants amounting to WST 152.8 million. The budgeted figure for 2011 is WST 143.4 million.

Current account balance

Samoa Current account balance

(Source:Central Bank)

Samoa has registered current account deficit WST 20.8 million for year 2009. In 2010, the deficit is projected to be WST 129.7 million.

Balance of Payments

Balance of Payments (WST million)

 

2010 (P)

2009

2008

2007

2006

Current Account Balance

-129.7

-20.8

-88

-132.8

-70.9

Capital Account Balance

42.9

10.4

62.2

125.4

69.5

Financial Account Balance

84.9

40.8

63

16.9

-39.7

Reserve Assets

-12.5

-11.1

-47.3

-27.9

49.5

Net Errors and Omissions

14.4

-19.4

10.1

18.5

-8.3

(Source: Central Bank)

[Top] Labour Force and Employment Overview

Labour force

Total labour force in the country was 62,306 in the year 2009, as compared to 62,115.7 in the year 2008.

(Source: World Bank)

Unemployment rate

The unemployment rate in the year 2001 was 2.62%. The unemployment rate in case of males and females is 1.62% and 0.99% respectively.

(Source: ILO)

Minimum wages

Minimum wages for a 19 year-old worker or an apprentice is USD 128.7 per month.

(Source: Doingbusiness.org)

Level of unionisation

The country’s law allows freedom of association and assembly. The workers are allowed to form and join trade unions. The workers and civil servants have the right to strike and collective bargaining.

(Source: estandardsforum.org)

Samoa Trade Union Congress is the major trade union in the country.

(Source: ICFTU)

[Top] Political Stability

Government stability

Samoa has a parliamentary democratic system of government. The head of state has a role similar to that of a monarch. The prime minister is the head of government. The head of state is elected by the parliament for a term of five years. The prime minister is appointed by the head of state. The executive powers are with the cabinet, members of which are chosen by the prime minister.

The parliament, known as Fono, is comprised of 49 members, directly elected for a term of five years. Of the 49 seats, 47 are reserved for ethnic Samoans and the remaining two seats are for members of other communities.

Major political parties include Human Rights Protection Party (HRPP), Samoa Party (SP), Tautua Samoa Party (TSP), and The People's Party (TPP).

Mr. Tuilaepa Lupesoliai Neioti Aiono Sailele Malielegaoi is the current President of Samoa, belonging to Human Rights Protection Party (HRPP).

(Source: Samoa Gov, State.gov, IPU)

Regulatory environment

Samoa Economic Freedom Indices

(Source: heritage.org)

The country’s economic freedom score is 60.6, making its economy the 84th freest in the 2011 Index of Economic Freedom. Samoa was placed 13th out of 43 regional countries in the Asia-Pacific region.

Corruption perception

The Corruption Perceptions (CPI) index 2010 is a survey to measure the perceived level of corruption across countries worldwide. Samoa is ranked 62nd on this list, indicating the corruption level across the public departments is fairly low. The CPI score of Samoa for 2010 is 4.1.

(Source: Transparency.org)

Freedom of information

World Press Freedom Index 2010 ranks Samoa at 111th rank. Country’s score is 33 points indicating that its media is moderately regulated by the Government.

Journalists are restricted to report freely on certain political issues.

(Source: rsf.org)

Newspapers

·         Le Samoa

·         Samoa Observer

·         Samoa Times

·         Savali

·         Talamua Magazine

(Source:BBC)

Judicial system

The legal system is based on the English legal system. The judicial system includes Supreme Court, two District Courts and Appeal Court. The Supreme Court is the highest court of justice. There are six local judges who oversee the operations of Supreme Court and District Courts.

The judicial system also includes Land and Titles Court which deals with the issues of customary land ownership and ‘matai’ (chief) titles.

(Source: Govt.ws)

[Top] Demographic Overview

Slovenia is a parliamentary democracy, with a constitution as of 23rd December 1991.

The citizens of Slovenia are vested with the power to elect their representatives directly through elections. The government is based on the principle of separation of legislative, executive and judicial powers.

The legislative branch consists of the national assembly and the national council. The national assembly is the highest legislative authority, which consists of 90 deputies, who are elected directly for the term of four years. The national council represents social, economic, professional and local interests, and is comprised of forty members.

The executive branch consists of the president and the government. The president is the head of the state and is elected for a term of five years. The government is led by the prime minister and the cabinet.

Major political parties in Slovenia are:

  • Socialni Demokrati
  • Slovenska Demokratska Stranka
  • Zares
  • Demokratična Stranka Upokojencev Slovenije

(Source: Government of Slovenia, slovenia.si, state.gov, parties-and-elections.de)

Regulatory environment in Slovenia

The national assembly has the rights to pass decisions, to propose laws, and to call a referendum on issues, which are subject to regulation by law. It further has the right to decide on the use of the defence forces, and it maintains the right to declare war or a state of emergency.

(Source: Government of Slovenia, slovenia.si)

 Slovenia Economic Freedom Indices

(Source:Heritage.org)

The country’s economic freedom score is 64.6, making its economy the 66th freest in the 2011 Index of Economic Freedom. Furthermore, Slovenia was placed 29th out of the 43 regional countries in the European Region.

Corruption perception

Slovenia is placed 27th in the Corruption Perception Index (CPI) 2010, with a score of 6.4. CPI measures the perceived level of public-sector corruption in 178 countries and territories around the world.

(Source: transparency.org)

Freedom of information

Media in Slovenia is free and the constitution supports the freedom of expression. Additonally, the journalists and media have the right to access government information.

(Source: BBC, humanrightspoint.si)

The country was ranked 46th in the World Press Freedom Index 2010, with a score of 13.44.

(Source: rsf.org)

Newspapers

  • Dnevnik
  • Delo
  • Vecer
  • Slovenske Novice
  • Finance

(Source: BBC)

 

Judicial system

The judicial system in Slovenia includes the following courts:

  • Supreme Court
  • Constitutional Court
  • Court of Audit

The Supreme Court is the highest court in Slovenia. It has six divisions, which include the Criminal Division, the Civil Division, the Commercial Section, the Labour and Social Department, the Administrative Department and the Records Section.

(Source: sodisce.si, Government of Slovenia)

[Top] Soft Infrastructure

Literacy rate

The literacy rate in the year 2010 was 98.8%.

(Source: UNDP)

Education resources

Education is compulsory from the age of five to 14 years. Primary school begins at the age of five and lasts for six years. Secondary education begins at 11 years of age and lasts for seven years.

The student teacher ratio at the primary level is 25:1. The enrolment rate in primary schools is 91% for both girls and boys. The enrolment rate in secondary schools for boys and girls is 61% and 69% respectively.

In the year 2008, public expenditure on education was 5.4% of the GDP.

(Source: estandardsforum.org)

Healthcare resources

The Ministry of Health is responsible for the health care sector in Samoa. In terms of health care resources, for every 100,000 individuals, the country had 174 nurses and midwives; 28 physicians; and 100 hospital beds.

In 2004, the major causes of deaths in Samoa include cardiovascular diseases, cancer and diabetes. The mortality rate for cancer was 59 per 100,000 individuals, whereas for diabetes and cardiovascular diseases, the mortality rate (per 100,000 population) was 29.5 and 240.7 respectively.

In 2007, the per capita health expenditure was USD 152 and total expenditure was about 5% of the GDP.

(Source: estandardsforum.org)

[Top] Hard Infrastructure

Consumer price index (CPI)

 Consumer price index (CPI) of Slovenia stood at 100 in February 2011.

 

Slovenia Consumer Price Index

Base, 2005 = 100

(Source: Central Bank)

 Interest rates on saving deposits / time deposits

 The monthly basic interest rate in March 2011 fell to 0.1%, and the annual rate fell to 1.18%.

 (Source: Central Bank)

 

Interest Rates (%)

 

2010

2009

Deposits - Households

Overnight

deposits

0.21

0.28

Time deposits with agreed maturity (Up to 2 years)

2.62

3.48

Time deposits with agreed maturity (Above 2 years)

3.93

4.04

Non-financial corporations

Overnight

Deposits

0.27

0.32

Time deposits with agreed maturity (Up to 2 years)

2.01

2.93

Time deposits with agreed maturity (Above 2 years)

4.08

4.17

(Source: Central Bank)

Money supply (currency in circulation)

 Total money in circulation was EUR 3,377million as of 31 January 2011.

 

Slovenia Money Indicators

Government expenditure

Expenditure of Government of Slovenia (EUR ‘000)

 

2010

2009

Current expenditure

14,081,470

13,638,690

Capital expenditure

1,694,851

1,788,490

Total expenditure

15,776,320

15,427,180

(Source: Central Bank)

Official exchange rate

Slovenia Exchange rate

(Source: Central Bank)

Government financial well-being

 Fiscal balance

The fiscal deficit for 2010 was EUR 1,714.3 million, as compared to a deficit of EUR 1,619.7 million in 2009.

Slovenia Fiscal balance

Total revenue

Total revenue of the country for 2010 was EUR 14,062.04 million, which grew by 1.84% over the previous year.

Total Revenue of Government of Slovenia (EUR ‘000)

 

2010

2009

Total Revenue

14,062,040

13,807,488

Tax revenues

12,845,537

12,955,347

Nontax revenue

920,423

682,810

Current revenue

13,765,960

13,638,156

Capital revenue

174,166

103,928

Grants

12,488

11,140

Transfers

109,427

54,263

(Source: Central Bank)

Tax revenue

Total tax revenue of the country in 2010 was EUR 12,845.53 million, which declined by 0.84% over the previous year.

Total Tax Revenue of Government of Slovenia (EUR million)

 

2010

2009

Total Tax revenue

12,845.53

12,955.34

Taxes on income, profits and capital gains

2,487.9

2,805.08

Taxes on payroll and work force

28.07

28.49

Social security contributions

5,234.48

5,161.25

Taxes on property

219.74

206.97

Domestics taxes on goods and services

4,780.63

4,660.12

Taxes on international trade and transactions

90.7

90.53

Other taxes

4.01

2.88

(Source: Central Bank)

Total grants

In 2010, the country received total grants of EUR 12,488 million, as compared to EUR 11,140 million for 2009.

Slovenia Grants

(Source: Central Bank)

Current account balance - surplus/deficit

In 2010, the country registered a current account deficit of EUR 418.7 million, as compared to a deficit of EUR 525.7 million in 2009.

Slovenia Current account balance

(Source: Central Bank)

Balance of payments

Balance of payments (EUR million)

 

2010

2009

Current account Balance

-418.7

-525.7

Capital and financial account

352.1

220.4

Net errors and Omissions

66.6

305.3

(Source: Central Bank)

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