Solomon Islands Economy - 2022

GEOGRAPHICAL NAMES 

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 The Regional Assistance Mission to the Solomon Islands (RAMSI), severe ethnic violence, the closure of key businesses, and an empty government treasury culminated in economic collapse. RAMSI's efforts, which concluded in Jun 2017, to restore law and order and economic stability have led to modest growth as the economy rebuilds.

Real GDP (purchasing power parity)

$1.71 billion (2020 est.)

$1.78 billion (2019 est.)

$1.76 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.5% (2017 est.)

3.5% (2016 est.)

2.5% (2015 est.)

Real GDP per capita

$2,500 (2020 est.)

$2,700 (2019 est.)

$2,700 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.298 billion (2017 est.)

Inflation rate (consumer prices)

0.5% (2017 est.)

0.5% (2016 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

3.6% (2017 est.)

Labor force

202,500 (2007 est.)

Labor force - by occupation

agriculture: 75%

industry: 5%

services: 20% (2000 est.)

Unemployment rate

N/A

Youth unemployment rate (ages 15-24)

total: 1.3%

male: 1%

female: 1.6% (2013)

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

Budget

revenues: 532.5 million (2017 est.)

expenditures: 570.5 million (2017 est.)

Budget surplus (+) or deficit (-)

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

Public debt

9.4% of GDP (2017 est.)

7.9% of GDP (2016 est.)

Taxes and other revenues

41% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$54 million (2017 est.)

-$49 million (2016 est.)

Exports

$430 million (2020 est.) note: data are in current year dollars

$590 million (2019 est.) note: data are in current year dollars

$680 million (2018 est.) note: data are in current year dollars

Exports - partners

China 65%, Italy 9%, India 6% (2019)

Exports - commodities

lumber, fish, aluminum, palm oil, cocoa beans (2019)

Imports

$560 million (2020 est.) note: data are in current year dollars

$750 million (2019 est.) note: data are in current year dollars

$750 million (2018 est.) note: data are in current year dollars

Imports - partners

China 24%, Australia 13%, South Korea 12%, Singapore 12%, Malaysia 10% (2019)

Imports - commodities

refined petroleum, fish, insulated wiring, broadcasting equipment, excavation machinery (2019)

Reserves of foreign exchange and gold

$0 (31 December 2017 est.)

$421 million (31 December 2016 est.)

Debt - external

$757 million (31 December 2017 est.)

$643 million (31 December 2016 est.)

Exchange rates

Solomon Islands dollars (SBD) per US dollar -

8.06126 (2020 est.)

8.10373 (2019 est.)

8.01282 (2018 est.)

7.9147 (2014 est.)

7.3754 (2013 est.)

NOTE: The information regarding Solomon Islands on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Solomon Islands 2022 information contained here. All suggestions for corrections of any errors about Solomon Islands 2022 should be addressed to the CIA or the source cited on each page.