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Economy of the Solomon Islands

Economy - overview: The bulk of the population depend on 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. Economic troubles in Southeast Asia led to a steep downturn in the timber industry, and economic output declined by about 10% in 1998. The government instituted public service pay cuts and other retrenchments. The economy partially recovered in 1999 on the strength of rising international gold prices and the first full year of the Gold Ridge mining operation. However, the closure of the country's major palm oil plantation in mid-year cast a shadow over future prospects.

GDP: purchasing power parity - $1.21 billion (1999 est.)

GDP - real growth rate: 3.5% (1999 est.)

GDP - per capita: purchasing power parity - $2,650 (1999 est.)

GDP - composition by sector:
agriculture: 50%
industry: 3.5%
services: 46.5% (1995)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 10% (1999 est.)

Labor force: 26,842

Labor force - by occupation: agriculture NA%, industry NA%, services NA%

Unemployment rate: NA%

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

Industries: fish (tuna), mining, timber

Industrial production growth rate: NA%

Electricity - production: 30 million kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 28 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

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

Exports: $142 million (f.o.b., 1998 est.)

Exports - commodities: timber, fish, palm oil, cocoa, copra

Exports - partners: Japan 50%, Spain 16%, United Kingdom, Thailand 5% (1996)

Imports: $160 million (c.i.f., 1998 est.)

Imports - commodities: plant and equipment, manufactured goods, food and live animals, fuel

Imports - partners: Australia 42%, Japan 10%, Singapore 9%, New Zealand 8%, United States 5% (1996)

Debt - external: $135 million (1997)

Economic aid - recipient: $46.4 million (1995)

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

Exchange rates: Solomon Islands dollars (SI$) per US$1 - 5.0745 (January 2000), 4.8381 (1999), 4.8156 (1998), 3.5664 (1997), 3.4059 (1995)

Fiscal year: calendar year

See also : Solomon Islands



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