Solomon Islands Economy - 2005

Economy - overview:
The bulk of the population depends on agriculture, fishing, and forestry for at least part of their 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 has enabled a return to law and order, a new period of economic stability, and modest growth as the economy rebuilds.

GDP:
purchasing power parity - $800 million (2002 est.)

GDP - real growth rate:
5.8% (2003 est.)

GDP - per capita:
purchasing power parity - $1,700 (2002 est.)

GDP - composition by sector:
agriculture: 42%
industry: 11%
services: 47% (2000 est.)

Labor force:
26,840 (1999)

Labor force - by occupation:
agriculture 75%, industry 5%, services 20% (2000 est.)

Unemployment rate:
NA%

Population below poverty line:
NA

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
10% (2003 est.)

Budget:
revenues: $49.7 million
expenditures: $75.1 million, including capital expenditures of $0 (2003)

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

Industries:
fish (tuna), mining, timber

Industrial production growth rate:
NA

Electricity - production:
32 million kWh (2002)

Electricity - consumption:
29.76 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
1,250 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Exports:
$74 million f.o.b. (2003 est.)

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

Exports - partners:
China 28.2%, Thailand 15.7%, South Korea 15.7%, Japan 9.7%, Philippines 5.1% (2004)

Imports:
$67 million f.o.b. (2003)

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

Imports - partners:
Australia 25.3%, Singapore 23.8%, New Zealand 5.3%, India 4.8% (2004)

Debt - external:
$180.4 million (2002)

Economic aid - recipient:
$28 million annually, mainly from Australia (2003 est.)

Currency (code):
Solomon Islands dollar (SBD)

Exchange rates:
Solomon Islands dollars per US dollar - 7.4847 (2004), 7.5059 (2003), 6.7488 (2002), 5.278 (2001), 5.0889 (2000)