Pacific Games aids G.D.P. growth
Gross Domestic Product (G.D.P.) for the September 2019 quarter reached a high of $528.8 million at constant (real) prices for the first time, recording a G.D.P. growth of 4.4 per cent.
This is according to the Samoa Bureau of Statistics (S.B.S.) GDP report for the September 2019 quarter.
It says that the increase in G.D.P. follows an increase of 5.6 per cent in the June 2019 quarter.
This is the fifth consecutive quarter of positive growth in G.D.P. for the economy.
The overall boost in G.D.P. is a result of the increased economic activities emerging from the country playing host to the Pacific Games where more than 5,000 participants from around the region took part.
The strong performance was expected, reads the report.
"As a result, activity in the primary industries grew 11.3%, secondary industries grew 8.5% and tertiary industries rose 2.9% in the September 2019 quarter."
The 2019 September G.D.P. is a 4.4 per cent increase from the 2018 September quarter.
At current (nominal) prices, Samoa's G.D.P for the September 2019 quarter is $576.6 million.
Most industries recorded a positive growth during the reviewed period, except for Fishing and Business Service.
"Agriculture, the biggest contributor to growth in the September 2019 quarter increased by 14.3% over the September 2018 quarter.
"Communication recorded an increase of 9.5% in the September 2019 quarter making it the second consecutive quarter of positive growth for the industry.
"Accommodation & Restaurant was promising increasing by 25.8% over its output in September 2018 reflecting the increasing demand for its services during the games.
"Food & Beverages increased by 15.4% followed by Transport and Commerce with increases of 10.6% and 1.2% respectively over the September 2018 quarter."
Meanwhile, the financial year ended September 2019 (October 2018-September 2019) shows at current market prices G.D.P. was $2,256 million.
This is 6.7 per cent increase over the $2,115.1 million recorded for the year ended September 2018.
Hence, G.D.P. per capita stood at $11,254. This is an increase by 5.8 per cent over the fiscal year 2017/2018.
In constant 2013 prices, G.D.P. stood at $2,064.2 million in the year ended September 2019. An increase by 3.5 per cent over the $1,976.3 million recorded in the year ended September 2018.
S.B.S. reports this is the highest ever value added achieved by the economy in the last 11 financial years ending September.