Solomon Islands - Economy
How is the economy of Solomon Islands? Based on the information we have, Solomon Islands has a 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. Key agricultural products in this country include: oil palm fruit, coconuts, sweet potatoes, yams, taro, fruits, pulses, vegetables, cocoa beans, cassava (2023).
More about the economy of Solomon Islands
Labor force 435,600 (2024 est.)
Industrial production growth rate 4.7% (2022 est.)
Industries fish (tuna), mining, timber
Population below poverty line
Taxes and other revenues 20.7% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency Solomon Islands dollars (SBD) per US dollar -
Exchange rates 2024 8.455 (2024 est.)
Exchange rates 2023 8.376 (2023 est.)
Exchange rates 2022 8.156 (2022 est.)
Exchange rates 2021 8.03 (2021 est.)
Exchange rates 2020 8.213 (2020 est.)
Debt - external
Debt - external 2023 $184.191 million (2023 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $688.22 million (2023 est.)
Reserves of foreign exchange and gold 2022 $661.604 million (2022 est.)
Reserves of foreign exchange and gold 2021 $694.515 million (2021 est.)
Current account balance
Current account balance 2024 -$66.231 million (2024 est.)
Current account balance 2023 -$178.197 million (2023 est.)
Current account balance 2022 -$218.534 million (2022 est.)
Public debt
Public debt 2022 15.4% of GDP (2022 est.)
Budget
Revenues $436.174 million (2022 est.)
Expenditures $482.24 million (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2024 5.4% of GDP (2024 est.)
Remittances 2023 5.1% of GDP (2023 est.)
Remittances 2022 5.2% of GDP (2022 est.)
Imports
Imports 2024 $857.128 million (2024 est.)
Imports 2023 $883.611 million (2023 est.)
Imports 2022 $764.641 million (2022 est.)
Imports (partners) China 42%, Singapore 13%, Australia 13%, Taiwan 5%, Malaysia 5% (2023)
Comodities Imports force refined petroleum, plastic products, fish, broadcasting equipment, iron structures (2023)
Exports
Imports 2024 $857.128 million (2024 est.)
Imports 2023 $883.611 million (2023 est.)
Imports 2022 $764.641 million (2022 est.)
Exports (partners) China 56%, Australia 11%, Italy 10%, Spain 5%, Netherlands 4% (2023)
Comodities Exports force wood, fish, gold, precious metal ore, palm oil (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $2.07 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $2.019 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $1.967 billion (2022 est.)
GDP (official exchange rate) $1.761 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $2,500 (2024 est.)
Real GDP per capita 2023 $2,500 (2023 est.)
Real GDP per capita 2022 $2,500 (2022 est.)
GDP - composition, by sector of origin
Agriculture 33.8% (2022 est.)
Industry 18.7% (2022 est.)
Services 47.3% (2022 est.)
GDP - composition, by end use
Household consumption 61.7% (2022 est.)
Government consumption 29.2% (2022 est.)
Investment in fixed capital 24.4% (2022 est.)
Investment in inventories -1% (2022 est.)
Exports of goods and services 26.3% (2022 est.)
Imports of goods and services -51.7% (2022 est.)
Unemployment rate
Unemployment rate 2024 1.5% (2024 est.)
Unemployment rate 2023 1.5% (2023 est.)
Unemployment rate 2022 1.5% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 3% (2024 est.)
Male 2.6% (2024 est.)
Female 3.4% (2024 est.)
All Important Facts about Solomon Islands

Want to know more about Solomon Islands? Check all different factbooks for Solomon Islands below.

Solomon Islands is found in Melanesia