Posts Tagged 'American Samoa GDP'

American Samoa Economy Shrinks in 2013; Consumer Spending Grows

Estimates of gross domestic product (GDP) for American Samoa show that real GDP — adjusted to remove price changes — decreased 2.4 percent in 2013. In contrast, real GDP for the U.S. (excluding the territories) increased 2.2 percent in 2013.

The decline in the American Samoa economy reflected a decrease in territorial government spending that was partly offset by increases in consumer spending and private fixed investment.

Territorial government spending declined for a second year, primarily reflecting reductions in construction spending and purchases of equipment. Federal grant revenues, which make up a significant portion of the central government’s revenues, also decreased for a second year.

Consumer spending grew for the first time since 2004. The largest contributor to the increase in 2013 was purchases of nondurable goods. The growth in nondurable goods was driven primarily by food and beverage purchases.

Private fixed investment, which includes spending by businesses on construction and equipment, grew in 2013. This growth reflected investments by the tuna canning industry, including the completion of a multimillion-dollar cold storage facility in April 2013.

Read the full report here.

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.

American Samoa GDP Grew in 2010

The economy of American Samoa grew 1.3 percent in 2010, according to new estimates from the Bureau of Economic Analysis (BEA). The growth in real gross domestic product (GDP) largely reflected increases in territorial government spending and private fixed investment, including construction.

For the first time, BEA also calculated estimates of GDP by industry, compensation by industry, and detailed consumer spending for the island. BEA also revised previous estimates for 2002 to 2009.

American Samoa returned to growth in 2010 after 2 years of economic contraction. The island’s growth compares with 2.4 percent for the United States as a whole in 2010.

Following the September 2009 earthquake and tsunami, the American Samoa government significantly increased its spending, including hiring temporary workers for cleanup and recovery operations. Construction activity picked up as homes and other structures damaged or destroyed by the natural disaster were repaired and rebuilt.

Economic growth was tempered by a decline in exports, which consisted overwhelmingly of exports of the tuna canning industry.

Consumer spending also continued to be a drag on the American Samoa economy in 2010, declining for the 6th straight year. Spending fell in both goods and services.

GDP by industry and compensation by industry
For American Samoa, the GDP by industry estimates show that the manufacturing industry, which includes tuna canning, contracted 12.9 percent in 2010. The tuna canning industry, which had experienced a steep decline in 2009 due to the closure of one of the territory’s two canneries, continued to decline in 2010. Nonmanufacturing industries, on the other hand, grew 5.3 percent in 2010, and the territorial government sector increased 2.7 percent.

Private sector compensation fell in 2010, largely as a result of the cannery closure in 2009. Territorial government compensation, including compensation paid to temporary workers after the earthquake and tsunami, increased in 2010.

BEA plans to release estimates for 2011 in the spring of 2013. You can read the latest news release and tables here.

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