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 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):
$1.565 billion (2009 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$668 million (2009 est.)
GDP - real growth rate:
0% (2009 est.)
GDP - per capita (PPP):
$2,600 (2009 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 42%
industry:
11%
services:
47% (2005 est.)
Labor force:
202,500 (2007)
Labor force - by occupation:
agriculture: 75%
industry:
5%
services:
20% (2000 est.)
Unemployment rate:
NA% est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%:
NA%
Budget:
revenues: $49.7 million
expenditures:
$75.1 million (2003)
Inflation rate (consumer prices):
6.3% (2007 est.)
Commercial bank prime lending rate:
14.44% (31 December 2008)
Stock of money:
$86.96 million (31 December 2008)
Stock of quasi money:
$96.79 million (31 December 2008)
Stock of domestic credit:
$166.1 million (31 December 2008)
Agriculture - products:
cocoa beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit; timber; cattle, pigs; fish
Industries:
fish (tuna), mining, timber
Industrial production growth rate:
NA%
Electricity - production:
71 million kWh (2007 est.)
Electricity - consumption:
66.03 million kWh (2007 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
0 bbl/day (2008 est.)
Oil - consumption:
2,000 bbl/day (2008 est.)
Oil - exports:
0 bbl/day (2007 est.)
Oil - imports:
1,323 bbl/day (2007 est.)
Oil - proved reserves:
0 bbl (1 January 2009 est.)
Natural gas - production:
0 cu m (2008 est.)
Natural gas - consumption:
0 cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
0 cu m (2008 est.)
Natural gas - proved reserves:
0 cu m (1 January 2009 est.)
Current account balance:
$-143 million (2007 est.)
Exports:
$237 million (2006 est.)
Exports - commodities:
timber, fish, copra, palm oil, cocoa
Exports - partners:
China 47.7%, Thailand 6.7%, Spain 5.4%, South Korea 5.2%, Philippines 4.6% (2008)
Imports:
$256 million (2006 est.)
Imports - commodities:
food, plant and equipment, manufactured goods, fuels, chemicals
Imports - partners:
Singapore 26.7%, Australia 18.1%, India 7.5%, Fiji 4.4%, Malaysia 4.4%, Papua New Guinea 4.3%, NZ 4% (2008)
Debt - external:
$166 million (2004 est.)
Exchange rates:
Solomon Islands dollars (SBD) per US dollar - NA (2007), 7.3447 (2006), 7.5299 (2005), 7.4847 (2004), 7.5059 (2003)
NOTE: The information regarding Solomon Islands on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Solomon Islands Economy 2010 information contained here. All suggestions for corrections of any errors about Solomon Islands Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10