Samoa's gross domestic product (G.D.P.) this quarter produced an increased economic performance with total value added of $472.5million making it the fourth quarter of positive economic growth, according to Samoa Bureau of Statistics.

The SBS June 2023 Quarter report on the G.D.P. released stated that economic activity in Samoa, as measured by the country's G.D.P. increased by 8.4 per cent in the June 2022 quarter.

"Economic activity as measured by Gross Domestic Product (GDP) for June 2023 quarter produced a total value added of $472.5million in real terms," reads the SBS report.

"Economic performance increased by 8.4 per cent compared to the same period of 2022 and marks a full set of consecutive quarters of positive growth following quarters of economic declines which were evident impacts of the 2019 pandemic."

This growth in G.D.P report follows a revised growth rate of 7.9 per cent for the March 2023 quarter.

According to the S.B.S. report, the quarter that came under review was boosted heavily through international travel which increased significantly when compared to the June 2022 quarter and minor adjustments were incorporated to clearly reflect the peak in arrivals.

"As positive contributors to the economy's recovery, the accommodation and restaurants industry continues to show promising performance as a result of the influx of visitors arrivals within the reviewed period.

"Business services through professional, scientific, technical activities, and equipment rentals to name a few have also increased in growth which coincides with international travels as well as the growth in infrastructural developments conduced within the reviewed quarter compared to the corresponding quarter of the previous year."

As a result of the ongoing growth for consecutive quarters of the nation's economy, the services sector which makes 64.2 per cent of the economy increased by 8.5 per cent on a year on year basis.

"Of the eight industries categorised under this sector, five industries experienced positive growth and was thus the major contributor to the quarter," stated the report.

"Public administration which accounts for 10.3 per cent of the economy's aggregated real GDP also recorded an increase in growth of 0.9 per cent in value added compared to the same quarter of 2022.

The GDP for Samoa for the June 2023 Quarter remained at constant purchaser prices which amounted to $472.5 million.

Meanwhile, Samoa's recovery from the COVID-19 pandemic is on track with data recently released by the Central Bank of Samoa (CBS) showing growth in various economic sectors. 

The CBS Board met last Thursday to discuss and set an appropriate monetary policy stance for the fiscal year 2023/2024 and acknowledged the strong growth since Samoa reopened its borders in August last year.

"Annual Real GDP growth is presently around 3.2 per cent at the end of March 2023 and is expected to be around 6.5 per cent by June 2023," reads a media release issued by CBS.

"The source of this robust recovery comes from strong expansions in sectors such as commerce, business services, personal and other services, accommodation and restaurants and transport services."