Samoa's economy is on a path of recovery, according to newly compiled national accounts data for the financial year ending June 2024. 

The figures, released by the Bureau of Statistics, highlight significant growth across key economic indicators, with a particular emphasis on Gross Domestic Product (G.D.P.), Gross National Income (G.N.I.), and Gross National Disposable Income (G.N.D.I.).

The Gross Domestic Product for the fiscal year 2023/24 reached an impressive $2.94 billion, marking a 14.9 per cent increase from the previous year's total of $2.56 billion. 

This growth represents the third consecutive year of positive performance, following two years of economic decline. “The performance from GDP in the FY under review shows the economy being back on track,” the report noted, highlighting recovery across various sectors including retail, construction, and communications.

Gross National Income, which accounts for GDP along with net primary incomes, reached $2.9 billion. This metric also saw a resurgence, attributed largely to increased investment income and other primary earnings. Notably, GNI has grown for the second consecutive year, rebounding from three years of negative growth prior to FY2022/23.

Meanwhile, Gross National Disposable Income, a key measure of the income available for consumption and savings, amounted to $3.68 billion, reflecting a 12 per cent increase from the prior fiscal year. 

Although current transfers, primarily remittances, decreased by 2.8 per cent, the overall growth in GNDI is largely driven by rising remittances, which totalled $777.4 million, up from $756.6 million in FY2022/23. This increase is particularly linked to the Seasonal Employment Schemes in New Zealand and Australia, which have seen a 5.4 per cent rise in worker remittances.

The compilation of these national account aggregates is vital for informed decision-making by the Samoan government and stakeholders, providing a clearer picture of the nation's economic health. “These main aggregates and their components are among the most significant indicators of the state of any economy,” the report stated, pointing to the necessity of continuous updates and revisions to maintain accuracy as new data emerges.

The Bureau's commitment to high-quality statistics aligns with international guidelines, ensuring that Samoa's economic indicators reflect the country’s ongoing development and structural changes.