Economy - overview The bulk of the population depend on subsistence agriculture, fishing, and forestry for at least part of their 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. In recent years the government has poorly managed the country's finances. The new prime minister has vowed to cut expenditures and to promote the private sector to boost economic growth.

GDP purchasing power parity - $1.27 billion (1997 est.)

GDP - real growth rate 3.5% (1997 est.)

GDP - per capita purchasing power parity - $3,000 (1997 est.)

GDP - composition by sector
agriculture: NA%
industry: NA%
services: NA%

Inflation rate - consumer price index 11.8% (1996)

Labor force
total: 26,842
by occupation: services 41.5%, agriculture, forestry, and fishing 23.7%, commerce, transport, and finance 21.7%, construction, manufacturing, and mining 13.1% (1992 est.)

Unemployment rate NA%

Budget
revenues: $147 million
expenditures: $168 million, including capital expenditures of $NA (1997 est.)

Industries copra, fish (tuna)

Industrial production growth rate NA%

Electricity - capacity 12,000 kW (1995)

Electricity - production 30 million kWh (1995)

Electricity - consumption per capita 75 kWh (1995)

Agriculture - products cocoa, beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit; cattle, pigs; timber; fish

Exports
total value: $168 million (f.o.b., 1995)
commodities: timber, fish, palm oil, cocoa, copra
partners: Japan 39%, UK 23%, Thailand 9%, Australia 5%, US 2% (1991)

Imports
total value: $152 million (c.i.f., 1995 est.)
commodities: plant and machinery, manufactured goods, food and live animals, fuel
partners: Australia 34%, Japan 16%, Singapore 14%, NZ 9%

Debt - external $100 million (1995 est.)

Economic aid
recipient: ODA, $8.625 million from Australia (FY96/97 est.); $3.3 million from NZ (FY95/96)

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

Exchange rates Solomon Islands dollars (SI$) per US$1 - 3.7580 (November 1997), 3.5664 (1997), 3.4059 (1995), 3.2914 (1994), 3.1877 (1993)

Fiscal year calendar year

NOTE: The information regarding Solomon Islands on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Solomon Islands Economy 1998 information contained here. All suggestions for corrections of any errors about Solomon Islands Economy 1998 should be addressed to the CIA.