American Samoa’s Economy Grows in 2011, Shrinks in 2012

The estimates of gross domestic product (GDP) for American Samoa show that real GDP, adjusted to remove price changes, increased 0.5 percent in 2011 and decreased 2.4 percent in 2012.

For comparison, real GDP for the United States (excluding the territories) increased 1.8 percent in 2011 and 2.8 percent in 2012.

In 2011, the increase in real GDP reflected an increase in territorial government spending that was partly offset by a decrease in consumer spending. The growth in government spending reflected an increase in investment that was largely due to continued reconstruction efforts following the 2009 earthquake and tsunami. Consumer spending fell as residents faced increases in prices and decreases in compensation.

In 2012, the downturn in real GDP reflected a continued decrease in consumer spending and a downturn in territorial government spending. Activities associated with the tuna canning industry offset some of the declines in consumer spending and government spending. Exports of goods, primarily canned tuna, increased. Private construction activity also increased, reflecting the construction of Tri Marine’s cold storage facility.

Read the full report here.

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