Introduction of
Solomon Islands

   

Introduction/ Economic 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 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 (purchasing power parity)

$1.747 billion (2011 est.)
country comparison to the world: 193
$1.599 billion (2010 est.)
$1.494 billion (2009 est.)

note: data are in 2011 US dollars

GDP (official exchange rate)

$840 million (2011 est.)


GDP - real growth rate

9.3% (2011 est.)
country comparison to the world: 9
7% (2010 est.)

-4.7% (2009 est.)

GDP - per capita (PPP)

$3,200 (2011 est.)
country comparison to the world: 170
$3,000 (2010 est.)
$2,900 (2009 est.)

note: data are in 2011 US dollars

GDP - composition by sector

agriculture: 37.7%
industry: 6.4%
services: 55.9% (2011 est.)


Labor force

202,500 (2007)
country comparison to the world: 169

Labor force - by occupation

agriculture: 75%
industry: 5%

services: 20% (2000 est.)

Budget

revenues: $314.1 million

expenditures: $261.7 million (2011 est.)

Taxes and other revenues

37.4% of GDP (2011 est.)
country comparison to the world: 59

Budget surplus (+) or deficit (-)

6.2% of GDP (2011 est.)

country comparison to the world: 15

Inflation rate (consumer prices)

7.4% (2011 est.)
country comparison to the world: 160

1% (2010 est.)

Commercial bank prime lending rate

13.17% (31 December 2011 est.)
country comparison to the world: 50

14.4% (31 December 2010 est.)

Stock of narrow money

$254.5 million (31 December 2011 est.)
country comparison to the world: 176

$166 million (31 December 2010 est.)

Stock of broad money

$353.8 million (31 December 2011 est.)
country comparison to the world: 183

$227.1 million (31 December 2009 est.)

Stock of domestic credit

$176.7 million (31 December 2011 est.)
country comparison to the world: 183

$148.8 million (31 December 2010 est.)

Agriculture - products

cocoa, coconuts, palm kernels, rice, potatoes, vegetables, fruit; cattle, pigs; fish; timber

Industries

fish (tuna), mining, timber

Current account balance

$-372,600,000 (2010 est.)
country comparison to the world: 99

$-207,900,000 (2009 est.)

Exports

$226.5 million (2010 est.)
country comparison to the world: 182

$163.4 million

Exports - commodities

timber, fish, copra, palm oil, cocoa

Exports - partners

China 54%, Australia 12.5%, Thailand 4.6% (2011)

Imports

$360.3 million (2010 est.)
country comparison to the world: 193

$239.2 million (2009 est.)

Imports - commodities

food, plant and equipment, manufactured goods, fuels, chemicals

Imports - partners

Australia 27.3%, Singapore 26.4%, China 6.5%, Malaysia 5.1%, NZ 5.1% (2011)

Debt - external

$166 million (2004)

country comparison to the world: 184

Exchange rates

Solomon Islands dollars (SBD) per US dollar -
7.6413 (2011 est.)
8.0645 (2010 est.)


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Solomon Islands Trade, Investment and Culture Office Hong Kong/ China
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