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Solomon Islands Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Solomon Islands Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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 closure 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):
$1.317 billion (2017 est.) $1.279 billion (2016 est.) $1.239 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 202

GDP (official exchange rate):
$1.273 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2017 est.) 3.3% (2016 est.) 2.5% (2015 est.)
country comparison to the world: 116
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,100 (2017 est.) $2,100 (2016 est.) $2,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 207

Gross national saving:
16.1% of GDP (2017 est.) 14% of GDP (2016 est.) 14.5% of GDP (2015 est.)
country comparison to the world: 120
[see also: Gross national saving country ranks ]

GDP - composition, by sector of origin:
agriculture: 34.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 7.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 58.1% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
fish (tuna), mining, timber

Industrial production growth rate:
3.7% (2017 est.)
country comparison to the world: 77
[see also: Industrial production growth rate country ranks ]

Labor force:
202,500 (2007 est.)
country comparison to the world: 171
[see also: Labor force country ranks ]

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

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: $434.6 million
[see also: Budget - revenues country ranks ]
expenditures: $471.9 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
34.1% of GDP (2017 est.)
country comparison to the world: 60
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.9% of GDP (2017 est.)
country comparison to the world: 112
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
9% of GDP (2016 est.) 10.5% of GDP (2015 est.)
country comparison to the world: 198
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.5% (2017 est.) 0.5% (2016 est.)
country comparison to the world: 3
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
10.2% (31 December 2017 est.) 10.1% (31 December 2016 est.)
country comparison to the world: 82
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$510 million (31 December 2017 est.) $461 million (31 December 2016 est.)
country comparison to the world: 168
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$520.5 million (31 December 2017 est.) $476.3 million (31 December 2016 est.)
country comparison to the world: 186
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$174.7 million (31 December 2017 est.) $150.7 million (31 December 2016 est.)
country comparison to the world: 186
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$64 million (2017 est.) -$49 million (2016 est.)
country comparison to the world: 74
[see also: Current account balance country ranks ]

Exports:
$419.9 million (2015 est.) $420.7 million (2015 est.)
country comparison to the world: 178
[see also: Exports country ranks ]

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

Exports - partners:
China 62.4%, Italy 7%, UK 4.4% (2016)

Imports:
$425.7 million (2015 est.)
country comparison to the world: 191
[see also: Imports country ranks ]

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

Imports - partners:
China 25.3%, Australia 15.5%, Singapore 9.6%, Malaysia 9.5%, Japan 5.2%, South Korea 5%, NZ 5%, Papua New Guinea 4.4% (2016)

Debt - external:
$491.5 million (31 December 2013 est.) $207.4 million (31 December 2015 est.)
country comparison to the world: 179
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$608.1 million (31 December 2017 est.) $571.2 million (31 December 2016 est.)
country comparison to the world: 121
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$50.1 million (31 December 2017 est.) $50.1 million (31 December 2016 est.)
country comparison to the world: 107
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Solomon Islands dollars (SBD) per US dollar - 8.053 (2017 est.) 7.94 (2016 est.) 7.94 (2015 est.) 7.9147 (2014 est.) 7.3754 (2013 est.)


NOTE: 1) The information regarding Solomon Islands on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Solomon Islands Economy 2018 information contained here. All suggestions for corrections of any errors about Solomon Islands Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The 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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