Countries
Solomon Islands
Key Economic Indicators
$2.19 billion
$2,675
3%
4.32%
1.43%
$1.761 billion (2024 est.)
16 % of GDP
$-66,230,866
Economic Overview
lower middle-income Pacific island economy; natural resource rich but environmentally fragile; key agrarian sector; growing Chinese economic relationship; infrastructure damage due to social unrest; metal mining operations
All Economic Data
Agricultural products
oil palm fruit, coconuts, sweet potatoes, yams, taro, fruits, pulses, vegetables, cocoa beans, cassava (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$482.24 million (2022 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$436.174 million (2022 est.)
Currency
code:
SBD
name:
Solomon Islands dollar (SBD) [$]
Current account balance
$-66,230,866
Current account balance 2022:
-$218.534 million (2022 est.)
Current account balance 2023:
-$178.197 million (2023 est.)
Current account balance 2024:
-$66.231 million (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$596.15 million
Debt - external 2023:
$184.191 million (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
Solomon Islands dollars (SBD) per US dollar -
Exchange rates 2020:
8.213 (2020 est.)
Exchange rates 2021:
8.03 (2021 est.)
Exchange rates 2022:
8.156 (2022 est.)
Exchange rates 2023:
8.376 (2023 est.)
Exchange rates 2024:
8.455 (2024 est.)
Exports
$642.59 million
Exports 2022:
$411.359 million (2022 est.)
Exports 2023:
$546.025 million (2023 est.)
Exports 2024:
$642.877 million (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
wood, fish, gold, precious metal ore, palm oil (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
China 56%, Australia 11%, Italy 10%, Spain 5%, Netherlands 4% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$32.97 million
GDP - composition, by end use
Exports of goods and services:
26.3% (2022 est.)
Government consumption:
29.2% (2022 est.)
Household consumption:
61.7% (2022 est.)
Imports of goods and services:
-51.7% (2022 est.)
Investment in fixed capital:
24.4% (2022 est.)
Investment in inventories:
-1% (2022 est.)
Note:
<strong>note:</strong> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
33.8% (2022 est.)
Industry:
18.7% (2022 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
47.3% (2022 est.)
GDP (official exchange rate)
$1.761 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$1,934
Gini Index coefficient - distribution of family income
37.1 (2012)
GNI (gross national income)
$1.59 billion
GNI per capita
$1,910
Gross domestic investment
19 % of GDP
Imports
$1.12 billion
Imports 2022:
$764.641 million (2022 est.)
Imports 2023:
$883.611 million (2023 est.)
Imports 2024:
$857.128 million (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, plastic products, fish, broadcasting equipment, iron structures (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 42%, Singapore 13%, Australia 13%, Taiwan 5%, Malaysia 5% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
4.7% (2022 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
fish (tuna), mining, timber
Inflation rate (consumer prices)
4.32%
Inflation rate (consumer prices) 2021:
-0.1% (2021 est.)
Inflation rate (consumer prices) 2022:
5.5% (2022 est.)
Inflation rate (consumer prices) 2023:
5.9% (2023 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
435,600 (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
448,502 persons
Labor force - by occupation
agriculture:
42.47%
industry:
7.58%
services:
49.95%
Public debt
16 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2022:
15.4% of GDP (2022 est.)
Real GDP (purchasing power parity)
$2.19 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$1.967 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$2.019 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$2.07 billion (2024 est.)
Real GDP growth rate
3%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
2.4% (2022 est.)
Real GDP growth rate 2023:
2.7% (2023 est.)
Real GDP growth rate 2024:
2.5% (2024 est.)
Real GDP per capita
$2,675
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$2,500 (2022 est.)
Real GDP per capita 2023:
$2,500 (2023 est.)
Real GDP per capita 2024:
$2,500 (2024 est.)
Remittances
$95.18 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
5.2% of GDP (2022 est.)
Remittances 2023:
5.1% of GDP (2023 est.)
Remittances 2024:
5.4% of GDP (2024 est.)
Reserves of foreign exchange and gold
$688.22 million
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2021:
$694.515 million (2021 est.)
Reserves of foreign exchange and gold 2022:
$661.604 million (2022 est.)
Reserves of foreign exchange and gold 2023:
$688.22 million (2023 est.)
Revenue (excl grants)
25 % of GDP
Tax revenue
22 % of GDP
Taxes and other revenues
20.7% (of GDP) (2022 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
1.43%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
1.5% (2022 est.)
Unemployment rate 2023:
1.5% (2023 est.)
Unemployment rate 2024:
1.5% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
3.4% (2024 est.)
Male:
2.6% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
3% (2024 est.)
Economic Rankings
Gini Index
#88
External Debt
#115
Inflation Rate
#147
Reserves
#151
GDP Growth Rate
#153
Unemployment Rate
#171
Imports
#174
Exports
#175
GDP (Nominal)
#179
GDP per Capita
#180
GDP (PPP)
#182
Quick Facts
Industries
fish (tuna), mining, timber
Agricultural products
oil palm fruit, coconuts, sweet potatoes, yams, taro, fruits, pulses, vegetables, cocoa beans, cassava (2023)
Labor force
435,600 (2024 est.)
Exports - partners
China 56%, Australia 11%, Italy 10%, Spain 5%, Netherlands 4% (2023)
Imports - partners
China 42%, Singapore 13%, Australia 13%, Taiwan 5%, Malaysia 5% (2023)
Exchange rates
Solomon Islands dollars (SBD) per US dollar -
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