Economy of Solomon Islands
Population: 0.65 M (2018)
GDP per Capita: 2,138 USD (2018)
1,400 M.

GDP USD

(2018)

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520 M.

EXPORTS USD

(2015)

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620 M.

IMPORTS USD

(2015)

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10.00 %

PUBLIC DEBT

(2019)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 3.85 % (2018)
GDP of 2010 USD USD 1.00 B. (2018)
GDP Current USD USD 1.40 B. (2018)
GDP per Capita Current USD USD 2,138 (2018)
GDP per capita, PPP USD 2,150 (2018)
GDP per Capita, 2010 USD USD 1,483 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 39.19 % (2006)
Government Spending USD 0.18 B. (2006)
Government Debt % GDP 10.00 % (2019)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 88.51 (2018)
Trade Openness 98.39 % (2015)
Exports of Goods and Services % GDP 45.07 % (2015)
Exports Goods & Services USD 0.52 B. (2015)
Exports Annual Growth Solomon Islands
Imports as % GDP 53.32 % (2015)
Total Imports USD 0.62 B. (2015)
Foreign Direct Investment % GDP 0.86 % (2018)
Foreign Direct Investment USD 0.01 B. (2018)
Current Account Balance % GDP USD -3.62 % (2018)
Current Account Balance USD -0.05 B. (2018)
Trade Balance % GDP % (2018)
Trade Balance USD -0.07 B. (2018)
Foreign Exchange Reserves incl Gold USD 0.62 B. (2018)
Remittances % GDP 1.39 % (2018)
Remittances USD 11 M. (2018)
Balance of Payments USD 48 M. (2018)

Labor Market

Indicator Value
Labor Force 0.29 M. (2019)
Unemployment Rate 1.79 % (2019)
Unemployment Rate Females 0.60 % (2019)
Unemployment Rate Males 0.56 % (2019)
Youth Unemployment (ages 15-24) 4.48 % (2019)
Labor Force Participation Rate 71.37 % (2019)
Labor Force (Percent Female) 48.84 % (2019)
Female Labor Force Participation Rate 62.35 % (2019)
Male Labor Force Participation Rate 80.24 % (2019)
Dependent People 78.06 % (2018)

Agriculture Sector

Indicator Value
Forest Area 77.90 % (2016)
Forest Area km² 21,794 km² (2016)
Agricultural Land 3.86 % (2016)
Agricultural Land km² 1,080 km² (2016)
Employment 61.15 % (2019)
Value added % GDP 35.03 % (2006)
Agriculture Value added USD 0.16 B. (2006)
Crop Production Index 112.90 (2016)
Precipitation 3,028 mm (2014)
Arable Land 1 % (2016)
Cereal Yield 1,622 kg/hectare (2017)
Food production index 112 (2016)
Rural Population 76 % (2018)
Fertilizer use of Arable Land 112 (2016)
Livestock Production Index 106 (2016)
Economy of Solomon Islands

According to the World Bank and its latest published data, the economy of the Solomon Islands presents a growth rate of 3.85 % (2018) to the previous year.

With a population that reaches 0.65 M (2018) and a gross domestic product of USD 1.40 B. (2018), it translates a Gross Domestic Product per Capita of USD 2,138 placing its inhabitants on the threshold of an Lower middle income country (according to the World Bank's updated classification).

Solomon Islands also has a workforce of 0.29 M. (2019) with an unemployment rate of 1.79 % (2019), where women represent 0.60 % (2019) and men 0.56 % (2019), the unemployment rate for young people between 15-24 years old stood at 4.48 % (2019). The total number of dependent people stands at 78.06 % (2018).

The central government spent 39.19 % (2006) of its gross domestic product that year, which in absolute terms is USD 0.18 B. (2006). Its consolidated public debt reached 10.00 of its GDP, not exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Solomon Islands exported USD 0.52 B. (2015), which represents 45.07 % (2015) of its gross domestic product, in that same sense its imports reached USD 0.62 B. (2015) with a direct foreign investment of USD 0.01 B. (2018).

Solomon Islands has a forest area of 21,794 km² (2016), which represents 77.90 % (2016) of its total area, an average rainfall of 3,028 mm (2014) per year and a population of 76 % (2018) living in rural areas. With a total area of 1,080 km² (2016) available for agriculture and 61.15 % (2019) of its employments, the agricultural sector contributes to the economy of the Solomon Islands about USD 0.16 B. (2006) (35.03 % (2006) of its GDP).