Includes The Solomon Islands real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about The Solomon Islands economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of The Solomon Islands best banks and safest banks are also available.
Basic Information
Government Type: Parliamentary democracy under a constitutional monarchy; a Commonwealth realm
Capital City: Honiara
GDP & Economic Information
Macroeconomy & Sovereign Data
| Central Bank | Central Bank of Solomon Islands |
|---|---|
| Currency | Solomon Islands dollars (SBD) |
| International Reserves |
USD 0.6 billion (2018) International Monetary Fund (IMF), data retrieved October 2019 |
| Gross Domestic Product – GDP | USD 1.4 billion (2018, estimate) |
| GDP (Purchasing Power Parity) | Intl$ 1.4 billion (2018, estimate) |
GDP Data
| Real GDP growth |
2007 6.4% 2008 7.1% 2009 -4.7% 2010 6.8% 2011 13.2% 2012 4.6% 2013 3% 2014 2.3% 2015 2.5% 2016:* 3.5% 2017:* 3.5% 2019:* 3.4% *Estimate |
|---|---|
| GDP per capita – current prices | USD 2,270.8 (2018, estimate) |
| GDP per capita – PPP | Intl$ 2,242.0 (2018, estimate) |
| GDP (PPP) – share of world total |
1980 0% 1990 0% 2000 0% 2010 0% 2019* 0% *Estimate |
| GDP – composition by sector |
agriculture: 34.3% industry: 7.6% services: 58.1% (2017 estimate) |
| Gross domestic expenditure on R&D; (% of GDP) | N/A |
| Inflation |
2015 -0.6%% 2016 0.5% 2017 0.5% 2018* 2.7% 2019* 0.4% *Estimate |
The Solomon Islands
Inflation & Debt
| Inflation |
2015 -0.6%% 2016 0.5% 2017 0.5% 2018* 2.7% 2019* 0.4% *Estimate |
|---|---|
| Government Bond Ratings |
Standard & Poor’s: N/A Moody’s: B3 Standard & Poor’s / Moody’s |
| Unemployment rate |
2015 N/A 2016 N/A 2017 N/A 2018* N/A 2019* N/A *Estimate |
| Household saving rates | N/A |
| Public debt (General government gross debt as a % of GDP) |
2015 10.1% 2016 7.9% 2017 9.5% 2018* 9.4% 2019* 10.9% *Estimate |
| Public deficit (General government net lending/borrowing as a % of GDP) |
2015 0% 2016 -3.9% 2017 -4.4% 2018* 0.7% 2019* -2.3% *Estimate |
| Market value of publicly traded shares |
2016 N/A 2017 N/A 2018 N/A |
| Largest Companies | N/A |
Import/Export
| Exports as percent of GDP (Exports of goods and services) | N/A |
|---|---|
| Shares in world total merchandising export | 0.003% (2018) |
| Shares in world total commercial services export | 0.003% (2018) |
| Total exports | USD 672.7 million (2018 estimate) |
| Export commodities | Timber, fish, copra, palm oil, cocoa, coconut oil |
| Total imports | USD 730.6 million (2018 estimate) |
| Import commodities | Food, plant and equipment, manufactured goods, fuels, chemicals |
| Exports – major partners | China 64.5%, Italy 6.2%, Switzerland 4.6%, Philippines 4.4% (2017) |
| Imports – major partners | China 21.9%, Australia 19.6%, Singapore 10.7%, Vietnam 7.5%, NZ 6.2%, Papua New Guinea 5%, South Korea 4.7% (2017) |
Competitiveness & Trade
| Current account balance | USD -0.1 billion (2017 estimate) |
|---|---|
| Current account balance by percentage of GDP | -5.2 % (2018 estimate) |
| FDI inflows |
2016 USD 39 million 2017 USD 43 million 2018 USD 12 million |
| FDI Outflows |
2016 USD 1.3 million 2017 USD 7.1 million 2018 USD 9.0 million |
| Value of cross-border M&A, by country of purchaser |
2015 2016 N/A 2017 N/A 2018 N/A |
| Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
| Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
| Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 136 out of 190 countries Subcategories: Starting a Business: 110 out of 190 countries Dealing with Construction Permits: 172 out of 190 countries Getting Electricity: 112 out of 190 countries Registering Property: 155 out of 190 countries Getting Credit: 104 out of 190 countries Protecting Minority Investors: 136 out of 190 countries Paying Taxes: 41 out of 190 countries Trading across Borders: 160 out of 190 countries Enforcing Contracts: 157 out of 190 countries Resolving Insolvency: 145 out of 190 countries |
| Global competitiveness ranking | N/A |
| Index of Economic Freedom |
Ranking: 133 / Score: 54.6 (Mostly unfree) (100=totally free 0=totally repressed) |
Population & Geographic Data
| Total Area |
28,748 sq km 28,896 sq km |
|---|---|
| Total Population |
1990 0.31 Million 2000 0.41 Million 2010 0.53 Million 2015 0.59 Million 2020 0.66 Million |
| Urban population as % of total population |
1960 5.8% 1980 10.6% 2000 15.8% 2018 23.7% |
| Population median age |
22.8 years CIA World Factbook / Population median age |
| Population growth rate | 1.9% (2018 estimate) |
| Life expectancy | 75.8 years (2018 estimate) |
| % of population living on less than $3.10 a day | 58.8% (last available estimate, 2013) |
| Inequality of wealth distribution (Gini index) | 37.1 (last available estimate, 2013) |
| Freedom House rating |
Free Political Rights: 2 Civil Liberties: 2 (2019) (1 represents the most free, 7 the least free rating) |
| Total telephone subscribers as % of population |
Fixed: 1.1% Mobile: 73.8% (2018) (fixed-telephone subscribers and mobile-cellular subscribers) |
| Internet users as % of total population | 11.92 % (2017) |
Language & Religon
| Languages | Melanesian pidgin (in much of the country is lingua franca), English (official but spoken by only 1%-2% of the population), 120 indigenous languages |
|---|---|
| Literacy |
Total population: 84.1% Male: 88.9% Female: 79.2% Definition: age 15 and over can read and write (2009 est.) |
| Religions | Protestant 73.4% (Church of Melanesia 31.9%, South Sea Evangelical 17.1%, Seventh Day Adventist 11.7%, United Church 10.1%, Christian Fellowship Church 2.5%), Roman Catholic 19.6%, other Christian 2.9%, other 4%, none 0.03%, unspecified 0.1% (2009 est.) |
World Rankings
| Population | 0.66 million |
|---|---|
| Mercer Cost of living index | N/A |
| C02 Emissions per capita |
0.34 metric tons per capita (2014) |
Global Finance Rankings & Awards: The Solomon Islands
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
