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Travel & Tourism . Tourist Guide to the Country

Solomon Islands Economy




Solomon Islands    Economy Top of Page
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. However, severe ethnic violence, the closing of key business enterprises, and an empty government treasury have led to a continuing economic downslide. Deliveries of crucial fuel supplies (including those for electrical generation) by tankers have become sporadic due to the government's inability to pay and attacks against ships. Telecommunications are threatened by the lack of technical and maintenance staff many of whom have left the country.
GDP: purchasing power parity - $900 million (2000 est.)
GDP - real growth rate: 1% (2000 est.)
GDP - per capita: purchasing power parity - $2,000 (2000 est.)
GDP - composition by sector: agriculture:  50%

industry:  3.5%

services:  46.5% (1995)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 10% (1999 est.)
Labor force: 26,842
Labor force - by occupation: agriculture NA%, industry NA%, services NA%
Unemployment rate: NA%
Budget: revenues:  $147 million

expenditures:  $168 million, including capital expenditures of $NA (1997 est.)
Industries: fish (tuna), mining, timber
Industrial production growth rate: NA%
Electricity - production: 30 million kWh (1999)
Electricity - production by source: fossil fuel:  100%

hydro:  0%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 27.9 million kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: cocoa, beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit; cattle, pigs; timber; fish
Exports: $165 million (f.o.b., 1999 est.)
Exports - commodities: timber, fish, palm oil, cocoa, copra
Exports - partners: Japan 35.5%, other Asian countries 47.3% (1999)
Imports: $152 million (f.o.b., 1999 est.)
Imports - commodities: plant and equipment, manufactured goods, food and live animals, fuels, chemicals
Imports - partners: Australia 38.5%, Singapore 15%, Japan 10.6%, NZ 6.2% (1999)
Debt - external: $152.4 million (1998)
Economic aid - recipient: $47 million (1999 est.), mainly from Japan, Australia, China, and NZ
Currency: Solomon Islands dollar (SBD)
Currency code: SBD
Exchange rates: Solomon Islands dollars per US dollar - 5.0968 (November 2000), 5.0864 (2000), 4.8381 (1999), 4.8156 (1998), 3.7169 (1997), 3.5664 (1996)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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