Solomon Islands' Economy | Solomon Islander Economy

Economy - overview: The bulk of the population depends on agriculture, fishing, and forestry for at least part of their 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 has enabled a return to law and order, a new period of economic stability, and modest growth as the economy rebuilds.

GDP: NA

GDP - real growth rate: 5.8% (2003 est.)

GDP - per capita: purchasing power parity - $1,700 (2002 est.)

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

Population below poverty line: NA

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: 26,840 (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, including capital expenditures of $0 (2003)

Industries: fish (tuna), mining, timber

Industrial production growth rate: NA

Electricity - production: 32 million kWh (2002)

Electricity - production by source:

Electricity - consumption: 29.76 million kWh (2002)

Electricity - exports: 0 kWh (2002)

Electricity - imports: 0 kWh (2002)

Oil - production: 0 bbl/day (2001 est.)

Oil - consumption: 1,250 bbl/day (2001 est.)

Oil - exports: NA

Oil - imports: NA

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

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

Exports: $74 million f.o.b. (2003 est.)

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

Exports - partners: China 27.8%, South Korea 17.1%, Thailand 15.7%, Japan 9.7%, Philippines 4.8% (2004)

Imports: $67 million f.o.b. (2003)

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

Imports - partners: Australia 24.6%, Singapore 23.1%, New Zealand 7.7%, Fiji 4.8%, Papua New Guinea 4.7% (2004)

Debt - external: $180.4 million (2002)

Economic aid - recipient: $28 million annually, mainly from Australia (2003 est.)

Currency:

Currency code:

Exchange rates: Solomon Islands dollars per US dollar - 7.4847 (2004), 7.5059 (2003), 6.7488 (2002), 5.278 (2001), 5.0889 (2000)

Fiscal year: calendar year



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