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World > Oceania > Solomon Islands > Economy (Facts)

Solomon Islands - Economy (Facts)
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 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 - real growth rate: 4.4% (2005 est.)
GDP (purchasing power parity): $800 million (2002 est.)
GDP (official exchange rate): $286 million (2005)
GDP - per capita (PPP): $600 (2005 est.)
GDP - composition by sector: agriculture: 42%
industry: 11%
services: 47% (2000 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 6.6% (2005 est.)
Labor force: 249,200 (1999)
Labor force - by occupation: agriculture: 75%
industry: 5%
services: 20% (2000 est.)
Unemployment rate: NA
Budget: revenues: $49.7 million
expenditures: $75.1 million; including capital expenditures of NA (2003)
Industries: fish (tuna), mining, timber
Industrial production growth rate: NA
Electricity - production: 55 million kWh (2004)
Electricity - consumption: 51.15 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 1,280 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: cocoa beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit; timber; cattle, pigs; fish
Exports: $171 million f.o.b. (2004 est.)
Exports - commodities: timber, fish, copra, palm oil, cocoa
Exports - partners: China 45.2%, South Korea 13.9%, Japan 8.4%, Philippines 4.5%, Thailand 4.4%, Italy 4.2% (2006)
Imports: $159 million f.o.b. (2004 est.)
Imports - commodities: food, plant and equipment, manufactured goods, fuels, chemicals
Imports - partners: Australia 25.2%, Singapore 23.3%, Japan 7.8%, NZ 5%, Fiji 4.2%, Papua New Guinea 4.1% (2006)
Debt - external: $166 million (2004)
Economic aid - recipient: $122 million annually, mainly from Australia (2004 est.)
Currency: Solomon Islands Dollar (SBD)
Currency code: SBD
Exchange rates: Solomon Islands dollars per US dollar - 7.3447 (2006), 7.5299 (2005), 7.4847 (2004), 7.5059 (2003), 6.7488 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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