Economy

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