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Solomon Islands Economy 1996

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 economy suffered from a severe cyclone in mid-1986 that caused widespread damage to the infrastructure. In 1993, the government was working with the IMF to develop a structural adjustment program to address the country's fiscal deficit.

National product:

GDP - purchasing power parity - $1 billion (1992 est.)

National product real growth rate:

8% (1992)

National product per capita:

$2,590 (1992 est.)

Inflation rate (consumer prices):

13% (1992 est.)

Unemployment rate:

NA%

Budget:

revenues:

$48 million

expenditures:

$107 million, including capital expenditures of $45 million (1991 est.)

Exports:

$84 million (f.o.b., 1991)

commodities:

fish 46%, timber 31%, palm oil 5%, cocoa, copra

partners:

Japan 39%, UK 23%, Thailand 9%, Australia 5%, US 2% (1991)

Imports:

$110 million (c.i.f., 1991)

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.)

Industrial production:

growth rate -3.8% (1991 est.); accounts for 5% of GDP

Electricity:

capacity:

21,000 kW

production:

30 million kWh

consumption per capita:

80 kWh (1993)

Industries:

copra, fish (tuna)

Agriculture:

including fishing and forestry, accounts for 31% 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:

recipient:

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 - 3.3113 (September 1994), 3.1877 (1993), 2.9281 (1992), 2.7148 (1991), 2.5288 (1990)

Fiscal year:

calendar year

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