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, taro, yams, fruits, pulses, vegetables, cocoa beans, cassava (2022).
More about the economy of Solomon Islands
Labor force 382,000 (2023 est.)
Industrial production growth rate 4.7% (2022 est.)
Industries fish (tuna), mining, timber
Population below poverty line
Taxes and other revenues 20.67% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency Solomon Islands dollars (SBD) per US dollar -
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.)
Exchange rates 2019 8.173 (2019 est.)
Debt - external
Debt - external 2022 $117.742 million (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2022 $661.604 million (2022 est.)
Reserves of foreign exchange and gold 2021 $694.515 million (2021 est.)
Reserves of foreign exchange and gold 2020 $660.996 million (2020 est.)
Current account balance
Current account balance 2023 -$178.197 million (2023 est.)
Current account balance 2022 -$218.534 million (2022 est.)
Current account balance 2021 -$78.192 million (2021 est.)
Public debt
Public debt 2022 15.39% of GDP (2022 est.)
Budget
Revenues $436.2 million (2022 est.)
Expenditures $423.726 million (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 5.18% of GDP (2023 est.)
Remittances 2022 5.18% of GDP (2022 est.)
Remittances 2021 3.35% of GDP (2021 est.)
Imports
Imports 2023 $883.611 million (2023 est.)
Imports 2022 $764.641 million (2022 est.)
Imports 2021 $619.46 million (2021 est.)
Imports (partners) China 37%, Singapore 16%, Malaysia 12%, Australia 10%, NZ 4% (2022)
Comodities Imports force refined petroleum, plastic products, fish, iron structures, construction vehicles (2022)
Exports
Imports 2023 $883.611 million (2023 est.)
Imports 2022 $764.641 million (2022 est.)
Imports 2021 $619.46 million (2021 est.)
Exports (partners) China 51%, India 9%, Italy 8%, Australia 5%, Netherlands 4% (2022)
Comodities Exports force wood, fish, palm oil, gold, coconut oil (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $2.025 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $1.967 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $1.921 billion (2021 est.)
GDP (official exchange rate) $1.631 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $2,700 (2023 est.)
Real GDP per capita 2022 $2,700 (2022 est.)
Real GDP per capita 2021 $2,700 (2021 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.) NA
Exports of goods and services 26.3% (2022 est.)
Imports of goods and services -51.7% (2022 est.)
Unemployment rate
Unemployment rate 2023 1.55% (2023 est.)
Unemployment rate 2022 1.58% (2022 est.)
Unemployment rate 2021 0.87% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 3% (2023 est.)
Male 2.6% (2023 est.)
Female 3.5% (2023 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