https://www.confiduss.com/en/jurisdictions/samoa/economy/ Economy of Samoa

29.05.2023 16:26
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Samoa is considered a developing country. A nation's level of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. As a developing country, Samoa may not be able to provide consistent social services to its citizens. These social services can include things like public education, reliable health care, and law enforcement. Citizens of developing countries may have a lower life expectancy than citizens of developed countries. Every year Samoa exports about US$0.01 billion and imports about US$0.32 billion. 6.6% of the country's population is unemployed. The total number of unemployed in Samoa is 13,048. Government spending on education is 5.7% of GDP. The country's Gini index is 47. Samoa has low equality. The gap between the richest and poorest citizens in this country is palpable. Samoa has a Human Development Index (HDI) of 0.694. Samoa has an upper middle HDI value. This indicates that the majority of citizens will be able to lead a worthwhile life, although some citizens will not be able to attain a high standard of living. The strength of the Legal Rights Index for Samoa is 5. Overall, it is considered to be rather weak – bankruptcy and collateral laws can protect the rights of borrowers and lenders to some extent; Credit information may be sufficient but scarcely available or, conversely, available but not sufficient.

Currency
The currency of Samoa is the Samoan Tala. The plural form of the word Samoan tala is talas. The symbol used for this currency is T and is abbreviated as WST. The Samoan tala is divided into sene; In a tala there are 100.

Credit rating
The credit information depth index for Samoa is 0, meaning information is scarce, if any, insufficiently detailed and nearly inaccessible.

Central bank
In Samoa, the institution that administers the state's currency, money supply, and interest rates is called the Central Bank of Samoa. Locally, the Central Bank of Samoa is called Faletupe Tutotonu o Samoa. The average deposit rate offered by local banks in Samoa is 3%.

National debt
According to a 2014 estimate, Samoa has a public debt equivalent to 50% of the country's gross domestic product (GDP).

Tax information
Corporate tax in Samoa is 27%. Personal income tax ranges from 0% to 27% depending on your specific situation and income level. Value added tax in Samoa is 15% and is known as sales tax.


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