Loss of tourism hits Samoan economy hard
Apia, SAMOA — Samoa's economy collapsed by 8.6 percent in the 12 months to the end of September 2020.
The loss in Gross Domestic Product (GDP) was heavily impacted by a complete loss of income to the country's tourism sector.
The latest economic update from the Central Bank of Samoa shows Samoa's annual GDP dropped to $US753 million in the year.
After January 2020, covid restrictions meant income from tourism plummeted to zero.
70 percent of jobs in the sector are estimated to be lost.
Samoa's finances have been cushioned by international aid funds of more than $US130 million.
People sending money home has also helped to offset the domestic collapse, with private remittances increasing by $US14 million, or 10 percent, in the seven months to January.