The latest estimates of Gross Domestic Product for American Samoa dropped 5.3 percent in 2017. This continues a downward trend of 2,7 percent in 2016.
In comparison the real GDP for the United States increased 2.2 percent in 2017 after increasing 1.6 percent in 2016.
The GDP estimates were released by the Bureau of Economic Analysis on August 24th.
BEA also released estimates of GDP by industry and compensation by industry for 2016.
The decline in the American Samoa economy reflected decreases in exports of goods and government spending
These decreases were partly offset by a decrease in imports of goods, which is a subtraction item in the calculation of GDP.
Exports of goods decreased 22.8 percent primarily due to a decrease in exports of canned tuna and related products.
Samoa Tuna Processors closed in December of 2016, leaving only StarKist Samoa.
Government spending also decreased, reflecting a continued decline in investment spending by the territorial government.
Major infrastructure projects including the Satala Power Plant and the Ta’u Solar Microgrid were complete or nearly completed by the end of 2016.
The estimates of GDP by industry for American Samoa show that the private sector and government sector contracted in 2016 .
The decline in the private sector reflected a decrease in output of the cannery industry and non-manufacturing industries, including construction.
The decline in the government sector reflected a decrease in territorial government compensation and employment.
The compensation by industry estimates, which are measured in current dollars, show trends in compensation for major industries.
Total compensation increased in 2016, reflecting growth in wages in the private sector.
