Economy
Economic 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. The government of the Solomon Islands is nearing financial insolvency. In mid-1995 the central bank suspended interest and principal payments on government bonds and treasury bills held by financial institutions and the general public. The government has taken no steps to restrain expenditure or address the deficit, which is expected to be considerably higher than the $20 million forecasted in the 1996 budget.
GDP:
purchasing power parity - $1 billion (1992 est.)
GDP real growth rate:
8% (1992 est.)
GDP per capita:
$2,590 (1992 est.)
GDP composition by sector:
agriculture:
NA%
industry:
NA%
services:
NA%
Inflation rate (consumer prices):
13% (1994)
Labor force:
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:
$81.3 million
expenditures:
$101.9 million, including capital expenditures of $NA (1995 est.)
Industries:
copra, fish (tuna)
Industrial production growth rate:
-3.8% (1991 est.)
Electricity:
capacity:
21,000 kW
production:
30 million kWh
consumption per capita:
80 kWh (1993)
Agriculture:
cocoa, beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit; cattle, pigs; timber; fish
Exports:
$94 million (f.o.b., 1993)
commodities:
fish 46%, timber 31%, palm oil 5%, cocoa, copra
partners:
Japan 39%, UK 23%, Thailand 9%, Australia 5%, US 2% (1991)
Imports:
$101 million (c.i.f., 1993)
commodities:
plant and machinery, manufactured goods, food and live animals, fuel
partners:
Australia 34%, Japan 16%, Singapore 14%, NZ 9%
External debt:
$128 million (1988 est.)
Economic aid:
recipient:
ODA, $NA
Currency:
1 Solomon Islands dollar (SI$) = 100 cents
Exchange rates:
Solomon Islands dollars (SI$) per US$1 - 3.3713 (2d quarter 1995), 3.2914 (1994), 3.1877 (1993), 2.9281 (1992), 2.7148 (1991)
Fiscal year:
calendar year
