Flag of Solomon Islands

Solomon Islands Economy Profile 2017

Home > Factbook > Countries > Solomon Islands

Economy - overviewThe 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)$1.198 billion (2016 est.)
$1.163 billion (2015 est.)
$1.127 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$1.218 billion (2016 est.)
GDP - real growth rate3% (2016 est.)
3.3% (2015 est.)
2% (2014 est.)
GDP - per capita (PPP)$2,000 (2016 est.)
$2,000 (2015 est.)
$2,000 (2014 est.)
note: data are in 2016 dollars
Gross national saving18.7% of GDP (2016 est.)
17.1% of GDP (2015 est.)
14.9% of GDP (2014 est.)
GDP - composition by sectoragriculture: 52.8%
industry: 8%
services: 39.2% (2016 est.)
Population below poverty lineNA%
Labor force202,500 (2007 est.)
Labor force - by occupationagriculture: 75%
industry: 5%
services: 20% (2000 est.)
Unemployment rateNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $421.6 million
expenditures: $458.8 million (2016 est.)
Taxes and other revenues34.6% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-3.1% of GDP (2016 est.)
Inflation rate (consumer prices)2.4% (2016 est.)
-0.6% (2015 est.)
Commercial bank prime lending rate10.1% (31 December 2016 est.)
10.48% (31 December 2015 est.)
Stock of narrow money$445.1 million (31 December 2016 est.)
$405.7 million (31 December 2015 est.)
Stock of broad money$459.6 million (31 December 2016 est.)
$427.4 million (31 December 2015 est.)
Stock of domestic credit$98.3 million (31 December 2016 est.)
$84.69 million (31 December 2015 est.)
Agriculture - productscocoa, coconuts, palm kernels, rice, fruit; cattle, pigs; fish; timber
Industriesfish (tuna), mining, timber
Industrial production growth rate3.2% (2016 est.)
Current Account Balance-$20 million (2016 est.)
-$30 million (2015 est.)
Exports$419.9 million (2015 est.)
$419.9 million (2015 est.)
Exports - commoditiestimber, fish, copra, palm oil, cocoa
Exports - partnersChina 59.8%, India 8.9%, Italy 5.7% (2015)
Imports$425.7 million (2015 est.)
Imports - commoditiesfood, plant and equipment, manufactured goods, fuels, chemicals
Imports - partnersAustralia 25%, China 18.6%, Malaysia 6.4%, Singapore 5.9%, Fiji 4.7%, NZ 4.7%, Papua New Guinea 4.6% (2015)
Debt - external$491.5 million (31 December 2013 est.)
$187.3 million (31 December 2014 est.)
Stock of direct foreign investment - at home$545.6 million (31 December 2016 est.)
$522.1 million (31 December 2015 est.)
Stock of direct foreign investment - abroad$50.1 million (31 December 2016 est.)
$50.1 million (31 December 2015 est.)
Exchange ratesSolomon Islands dollars (SBD) per US dollar -
8.064 (2016 est.)
7.9147 (2015 est.)
7.9147 (2014 est.)
7.3754 (2013 est.)
7.36 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017