Solomon Islands Economy:
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 (purchasing power parity):
$800 million (2002 est.)
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)
Labor force:
26,840 (1999 est.)
Labor force — by occupation:
agriculture: 75%, industry: 5%, services: 20% (2000 est.)
Unemployment rate:
NA
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
10% (2003 est.)
Budget:
revenues: $49.7 million
expenditures: $75.1 million including capital expenditures of $0 (2003 est.)
Agriculture — products:
Cocoa beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit; cattle, pigs; timber; fish
Industries:
fish (tuna), mining, timber
Industrial production growth rate:
NA
Electricity — production:
32 million kWh (2002 est.)
Electricity — consumption:
29.76 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
1,250 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
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 est.)
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 est.)
Economic aid — recipient:
$28 million mainly from Australia (2003 est.)
Currency:
Solomon Islands dollar (SBD)
Exchange rates:
Solomon Islands dollars per US$: 7.48 (2004 est.), 7.51 (2003 est.), 6.75 (2002 est.), 5.28 (2001 est.), 5.09 (2000 est.)
Fiscal year:
calendar year
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