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The Economy of Solomon Islands

Solomon Islander Economy

Solomon Islands' map

Economy - overview: The bulk of the population depends on agriculture, fishing, and forestry for at least part of its livelihood. Most manufactured goods and petroleum products must be imported. The islands are rich in undeveloped mineral resources such as lead, zinc, nickel, and gold. Prior to the arrival of the Regional Assistance Mission to the Solomon Islands (RAMSI), severe ethnic violence, the closing of key businesses, and an empty government treasury culminated in economic collapse. RAMSI's efforts to restore law and order and economic stability have led to modest growth as the economy rebuilds.

GDP:

GDP - real growth rate: 7.3% (2008 est.) 10.3% (2007 est.) 6.1% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 42% industry: 11% services: 47% (2000 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 249,200 (1999)

Labor force - by occupation: agriculture: 75% industry: 5% services: 20% (2000 est.)

Unemployment rate: NA%

Budget: revenues: $49.7 million expenditures: $75.1 million (2003)

Industries: fish (tuna), mining, timber

Industrial production growth rate: NA%

Electricity - production: 70 million kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 70 million kWh (2007 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 1,320 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 1,426 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: cocoa beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit; timber; cattle, pigs; fish

Exports: $237 million f.o.b. (2006)

Exports - commodities: timber, fish, copra, palm oil, cocoa

Exports - partners: China 50.8%, South Korea 7%, Thailand 6.5%, Japan 5.7%, Philippines 4.3% (2007)

Imports: $256 million f.o.b. (2006)

Imports - commodities: food, plant and equipment, manufactured goods, fuels, chemicals

Imports - partners: Singapore 28.2%, Australia 25.4%, Japan 4.6%, NZ 4.5%, Fiji 4% (2007)

Debt - external: $166 million (2004)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Solomon Islands dollars (SBD) per US dollar - NA (2007), 7.3447 (2006), 7.5299 (2005), 7.4847 (2004), 7.5059 (2003)

Fiscal year: