SUVA, Aug 21 (NNN-PINA) – The Central Bank of Samoa said, the Pacific island country’s economy has seen a strong growth, since it reopened borders in Aug last year, local media, reported.
Samoa’s economic recovery from the COVID-19 pandemic is on track, with data released by the central bank showing growth in various sectors, reported the Samoa Observer newspaper.
Data showed the country’s annual real gross domestic product (GDP) growth was around 3.2 percent, at the end of March this year, and is expected to be around 6.5 percent by year end.
It said, the source of this robust recovery came from strong expansions in sectors including commerce, business services, personal and other services, accommodation, restaurant and transport services.
In addition, visitor earnings, remittances and exports of goods receipts, have increased significantly in the 2022-23 fiscal year, adding to the strong economic recovery, so far.
Due to the country’s rapid economic recovery, the central bank said, local demand for goods and services has risen steadily since the reopening of borders, with many local agricultural goods at the produce and fish market, recording large price hikes in the past seven months.
In addition, according to the central bank data, Samoa’s headline inflation rate rose from 8.8 percent last year to 12.0 percent at the end of June, 2023.– NNN-PINA
