Solomon Islands Economy - 2024

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.)