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Solomon Islands Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Solomon Islands Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 28, 2014

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 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's efforts to restore law and order and economic stability have led to modest growth as the economy rebuilds.

GDP (purchasing power parity):
$1.858 billion (2012 est.)
country comparison to the world: 194

$1.773 billion (2011 est.)
$1.602 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$983.5 million (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.8% (2012 est.)
country comparison to the world: 73

10.7% (2011 est.)
7.8% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,300 (2012 est.)
country comparison to the world: 174

$3,200 (2011 est.)
$3,000 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 51.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 9.2%
services: 39% (2012 est.)

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

Industries:
fish (tuna), mining, timber

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Labor force:
202,500 (2007)
country comparison to the world: 170
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 75%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 5%
services: 20% (2000 est.)

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $411.1 million
[see also: Budget revenues country ranks ]
expenditures: $391.6 million (2012 est.)

Taxes and other revenues:
41.8% of GDP (2012 est.)
country comparison to the world: 35
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
2% of GDP (2012 est.)
country comparison to the world: 25
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.6% (2012 est.)
country comparison to the world: 73

7.4% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
11.28% (31 December 2012 est.)
country comparison to the world: 64

13.17% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$326.3 million (31 December 2012 est.)
country comparison to the world: 168

$254.5 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$386.4 million (31 December 2012 est.)
country comparison to the world: 183

$353.8 million (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$37.73 million (31 December 2012 est.)
country comparison to the world: 178

$50.01 million (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Current account balance:
$-1.2 million (2012 est.)
country comparison to the world: 58

$-60.6 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:

$415.2 million (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
China 50.8%, Australia 17.5% (2012)

Imports:
$446 million (2012 est.)
country comparison to the world: 192

$421.2 million (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Singapore 27.2%, Australia 25.7%, China 7.1%, NZ 4.9%, Malaysia 4.8% (2012)

Debt - external:
$255.5 million (31 December 2011 est.)
country comparison to the world: 185

$166 million (2004)
[see also: Debt - external country ranks ]

Exchange rates:
Solomon Islands dollars (SBD) per US dollar -

7.3552 (2012 est.)
7.6413 (2011 est.)
8.0645 (2010 est.)


NOTE: 1) The information regarding Solomon Islands on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Solomon Islands Economy 2014 information contained here. All suggestions for corrections of any errors about Solomon Islands Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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