Solomon Islands Economy - 2024

GEOGRAPHICAL NAMES 

Economic overview

lower middle-income Pacific island economy; natural resource rich but environmentally fragile; key agrarian sector; growing Chinese economic relationship; infrastructure damage due to social unrest; metal mining operations

Real GDP (purchasing power parity)

$1.703 billion (2021 est.)
$1.707 billion (2020 est.)
$1.766 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-0.2% (2021 est.)
-3.38% (2020 est.)
1.75% (2019 est.)

Real GDP per capita

$2,400 (2021 est.)
$2,500 (2020 est.)
$2,600 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.298 billion (2017 est.)

Inflation rate (consumer prices)

-0.12% (2021 est.)
2.96% (2020 est.)
1.63% (2019 est.)

Credit ratings

Moody's rating: B3 (2015)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 34.3% (2017 est.)

industry: 7.6% (2017 est.)

services: 58.1% (2017 est.)

GDP - composition, by end use

household consumption: NA

government consumption: NA

investment in fixed capital: NA

investment in inventories: NA

exports of goods and services: 25.8% (2011 est.)

imports of goods and services: -49.6% (2011 est.)

Agricultural products

oil palm fruit, sweet potatoes, coconuts, taro, yams, fruit, pulses, vegetables, cocoa, cassava

Industries

fish (tuna), mining, timber

Industrial production growth rate

-3.84% (2020 est.)

Labor force

366,000 (2021 est.)

Unemployment rate

1.03% (2021 est.)
0.92% (2020 est.)
0.75% (2019 est.)

NA

Youth unemployment rate (ages 15-24)

total: 1.9% (2021 est.)

male: 1.6%

female: 2.3%

Population below poverty line

12.7% (2012 est.)

Gini Index coefficient - distribution of family income

37.1 (2013 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

3.13% of GDP (2021 est.)
1.79% of GDP (2020 est.)
1.57% of GDP (2019 est.)

Budget

revenues: $514 million (2019 est.)

expenditures: $537 million (2019 est.)

Budget surplus (+) or deficit (-)

-2.9% (of GDP) (2017 est.)

Public debt

11.46% of GDP (2020 est.)
7.74% of GDP (2019 est.)
7.69% of GDP (2018 est.)

Taxes and other revenues

21.05% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$78.192 million (2021 est.)
-$25.06 million (2020 est.)
-$153.998 million (2019 est.)

Exports

$413.657 million (2021 est.) note: data are in current year dollars
$428.834 million (2020 est.) note: data are in current year dollars
$591.293 million (2019 est.) note: data are in current year dollars

Exports - partners

China 59%, Italy 9%, India 6%, Netherlands 4%, Australia 3% (2021)

Exports - commodities

lumber, tuna, palm oil, coconut oil, gold (2021)

Imports

$619.46 million (2021 est.) note: data are in current year dollars
$556.26 million (2020 est.) note: data are in current year dollars
$752.909 million (2019 est.) note: data are in current year dollars

Imports - partners

China 36%, Singapore 13%, Australia 12%, Malaysia 10%, New Zealand 6% (2021)

Imports - commodities

refined petroleum, scrap iron, fish, iron structures, poultry meats, rice (2021)

Reserves of foreign exchange and gold

$694.515 million (31 December 2021 est.)
$660.996 million (31 December 2020 est.)
$571.632 million (31 December 2019 est.)

Debt - external

$757 million (31 December 2017 est.)
$643 million (31 December 2016 est.)

Exchange rates

Solomon Islands dollars (SBD) per US dollar -

Exchange rates:
8.03 (2021 est.)
8.213 (2020 est.)
8.173 (2019 est.)
7.953 (2018 est.)
7.887 (2017 est.)

NOTE: The information regarding Solomon Islands on this page is re-published from the 2024 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Solomon Islands 2024 information contained here. All suggestions for corrections of any errors about Solomon Islands 2024 should be addressed to the CIA or the source cited on each page.