1 year ago
Real gross home merchandise (GDP) for American Samoa decreased 1.7 percent successful 2021 aft expanding 5.0 percent successful 2020 (table 1.3), according to statistic released coming by nan U.S. Bureau of Economic Analysis (BEA). These statistic were developed nether nan Statistical Improvement Program, funded by nan Office of Insular Affairs (OIA) of nan U.S. Department of nan Interior.
GDP for 2021
The alteration successful existent GDP reflected decreases successful exports and backstage inventory finance (table 1.4). These decreases were partially offset by increases successful individual depletion expenditures, authorities spending, and backstage fixed investment. Imports, a subtraction point successful nan calculation of GDP, declined.
Coronavirus (COVID–19) Impact connected nan 2021 American Samoa GDP Estimate
In 2021, nan American Samoa system was affected by nan continued national authorities consequence related to nan COVID–19 pandemic. Territorial authorities and user spending were supported by national payments authorized by nan Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020; nan Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act of 2021; and nan American Rescue Plan Act of 2021. Expenditures funded by these payments are reflected successful nan GDP estimates. However, nan afloat effects of nan pandemic cannot beryllium quantified successful BEA statistic for American Samoa, because nan impacts are mostly embedded successful nan information sources utilized to estimate nan components of GDP.
Exports decreased 27.0 percent (table 1.3), chiefly reflecting a diminution successful exports of canned tuna and related products. Data from nan U.S. Census Bureau U.S. Trade pinch Puerto Rico and U.S. Possessions reports show that nan quantities of prepared aliases preserved food shipped from American Samoa to nan 50 states and nan District of Columbia were 29 percent little successful 2021 compared pinch 2020.
Private inventory investment decreased (table 1.2), reflecting a diminution successful inventory finance of nan tuna canning industry.
Personal depletion expenditures accrued 6.2 percent (table 1.3), chiefly reflecting maturation successful spending connected goods, specified arsenic nutrient and beverages, clothing, and furniture. Consumer spending was supported by authorities assistance payments distributed to households done nan CRRSA Act and nan American Rescue Plan Act.
Government spending accrued 8.0 percent (table 1.3), reflecting maturation successful territorial authorities spending. Territorial authorities spending was supported by national assistance revenues, including Coronavirus Relief Fund payments and Education Stabilization Fund payments authorized by nan CARES Act and nan American Rescue Plan Act.
Private fixed investment accrued 30.8 percent (table 1.3), chiefly reflecting maturation successful residential and nonresidential structures.
GDP by manufacture and compensation by manufacture for 2020
In 2020, GDP accrued 5.0 percent. The recently disposable GDP by manufacture data, which are released connected a 1-year lag, uncover that some nan authorities and backstage assemblage contributed to maturation successful existent GDP successful 2020 (table 2.5).
The government sector accrued 9.1 percent (table 2.4), chiefly reflecting maturation successful compensation for territorial authorities employees.
The private sector accrued 3.1 percent (table 2.4), chiefly reflecting maturation successful manufacturing. The maturation successful manufacturing reflected accrued tuna cannery output.
Total compensation accrued from $309 cardinal to $345 cardinal successful 2020 (table 2.6). The $36 cardinal summation chiefly reflected maturation successful territorial authorities compensation.
Updates to American Samoa GDP and its Components
Estimates for 2019 and 2020 that were released connected November 30, 2021, person been revised to incorporated updates to root data, including nan following:
- Value of imported equipment by type from nan American Samoa Department of Commerce,
- Audited financial statements for nan American Samoa Government and its independent agencies, and
- Wage and employment accusation from nan U.S. Census Bureau County Business Patterns.
The revised estimates grounds a shape of inflation-adjusted GDP maturation akin to nan antecedently published estimates (table 1.7).
Due to lags successful nan readiness of information for various components of GDP, nan statistic presented coming for 2021 are preliminary estimates. For example, information covering authorities spending and imports of equipment for nan 4th fourth of 2021 were not disposable successful clip for incorporation into this year's estimates of GDP. As further root information go available, BEA will incorporated nan accusation and will merchandise updated estimates erstwhile a year.
For much accusation connected nan information sources underlying these estimates, spot Summary of Methodologies: Gross Domestic Product for American Samoa, nan Commonwealth of nan Northern Mariana Islands, Guam and nan U.S. Virgin Islands.
Next release: Summer 2023
Gross Domestic Product for American Samoa, 2022
American Samoa GDP by Industry and Compensation by Industry, 2021
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