Solomon Islands--Economy
CIA FactbookThe World Factbook 1993: Solomon Islands Economy

Overview: About 90% of the population depend on subsistence agriculture, fishing, and forestry for at least part of their livelihood. Agriculture, fishing, and forestry contribute about 70% to GDP, with the fishing and forestry sectors being important export earners. The service sector contributes about 25% to GDP. Most manufactured goods and petroleum products must be imported. The islands are rich in undeveloped mineral resources such as lead, zinc, nickel, and gold. The economy suffered from a severe cyclone in mid-1986 that caused widespread damage to the infrastructure.

National product: GDP - exchange rate conversion - $200 million (1990 est.)

National product real growth rate: 6% (1990 est.)

National product per capita: $600 (1990 est.)

Inflation rate (consumer prices): 14.3% (1991)

Unemployment rate: NA%

Budget: revenues $48 million; expenditures $107 million, including capital expenditures of $45 million (1991 est.)

Exports: $74.2 million (f.o.b., 1991 est.) commodities: fish 46%, timber 31%, copra 5%, palm oil 5% partners: Japan 51%, UK 12%, Thailand 9%, Netherlands 8%, Australia 2%, US 2% (1985) Imports: $87.1 million (c.i.f., 1991 est.) commodities: plant and machinery 30%, fuel 19%, food 16% partners: Japan 36%, US 23%, Singapore 9%, UK 9%, NZ 9%, Australia 4%, Hong Kong 4%, China 3% (1985)

External debt: $128 million (1988 est.)

Industrial production: growth rate 0% (1987); accounts for 5% of GDP

Electricity: 21,000 kW capacity; 39 million kWh produced, 115 kWh per capita (1990)

Industries: copra, fish (tuna)

Agriculture: including fishing and forestry, accounts for about 70% of GDP; mostly subsistence farming; cash crops - cocoa, beans, coconuts, palm kernels, timber; other products - rice, potatoes, vegetables, fruit, cattle, pigs; not self-sufficient in food grains; 90% of the total fish catch of 44,500 metric tons was exported (1988)

Economic aid: Western (non-US) countries, ODA and OOF bilateral commitments (1980-89), $250 million

Currency: 1 Solomon Islands dollar (SI$)=100 cents

Exchange rates: Solomon Islands dollars (SI$) per US$1 - 3.1211 (January 1993), 2.9281 (1992), 2.7148 (1991), 2.5288 (1990), 2.2932 (1989), 2.0825 (1988)

Fiscal year: calendar year