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Solomon Islands:
Economy

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Solomon Islands Page


Other pages in this profile of the Solomon Islands:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
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 closing 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)
Definition - World rank and map
$948 million (2007 est.)
GDP (official exchange rate)
Definition
$358 million (2007 est.)
GDP - real growth rate
Definition - World rank and map
5.4% (2007 est.)
GDP - per capita
Definition - World rank and map
$1,900 (2007 est.)
GDP - composition by sector
Definition
agriculture: 42%
industry: 11%
services: 47% (2000 est.)
Labor force
Definition
249,200 (1999)
Labor force - by occupation
Definition
agriculture: 75%
industry: 5%
services: 20% (2000 est.)
Unemployment rate
Definition - World rank and map
NA%
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
6.3% (2007 est.)
Budget
Definition
revenues: $49.7 million
expenditures: $75.1 million (2003)
Agriculture - products
Definition
cocoa beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit; timber; cattle, pigs; fish
Industries
Definition
fish (tuna), mining, timber
Industrial production growth rate
Definition - World rank and map
NA%
Electricity - production
Definition - World rank and map
60 million kWh (2005)
Electricity - consumption
Definition - World rank and map
55.8 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
96 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
1,300 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
2.2 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
1,296 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$143 million (2007 est.)
Exports
Definition - World rank and map
$237 million f.o.b. (2006)
Exports - commodities
Definition
timber, fish, copra, palm oil, cocoa
Exports - partners
Definition
China 50.7%, South Korea 8.6%, Thailand 6.5%, Japan 5.7% (2006)
Imports
Definition - World rank and map
$256 million f.o.b. (2006)
Imports - commodities
Definition
food, plant and equipment, manufactured goods, fuels, chemicals
Imports - partners
Definition
Singapore 28.6%, Australia 26.5%, Japan 4.7%, NZ 4.5%, Fiji 4.1% (2006)
Debt - external
Definition - World rank and map
$166 million (2004)
Economic aid - recipient
Definition
$198.2 million annually, mainly from Australia (2005 est.)
Currency (code)
Definition
Solomon Islands dollar (SBD)
Exchange rates
Definition
Solomon Islands dollars per US dollar - NA (2007), 7.3447 (2006), 7.5299 (2005), 7.4847 (2004), 7.5059 (2003)
Fiscal year
Definition
calendar year


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