Solomon Islands Economy

Is Solomon Islands a rich country?

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.

Solomon Islands Economy Data

What is the GDP of Solomon Islands?

Currency Name and Code Solomon Island Dollar (SBD)
GDP - Gross Domestic Product (PPP) $1,094,000,000 (USD)
GDP - official exchange rate $1,205,000,000 (USD)
GDP - real growth rate 3.3%
GDP Per Capita $2,000.00 (USD)
GDP by Sector- agriculture 51.2%
GDP by Sector- Industry 10.2%
GDP by Sector- services 38.7%
Inflation Rate 6.3%
Labor Force 202,500
Labor Force By Occupation- agriculture 75%
Labor Force By Occupation- industry 5%
Labor Force By Occupation- services 20%
Fiscal Year calendar year
Annual Budget $49,700,000 (USD)
Budget Surplus or Deficit - percent of GDP 2.5%
Taxes and other revenues - percent of GDP 39.8%
Major Industries fish (tuna), mining, timber
Agriculture Products cocoa beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit; cattle, pigs; timber; fish
Exchange Rate per US Dollar Solomon Islands dollar (SBD)
Commercial Bank Prime Lending Rate 11.2%

Labor Force by Occupation- As reported by Solomon Islands

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