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Economy of Solomon Islands

Solomon Islands is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Solomon Islands may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Solomon Islands exports around $0.49 billion and imports roughly $0.45 billion. 2% of population in the country are unemployed. The total number of unemployed people in Solomon Islands is 12,466. Government expenditure on education is 5.2% of GDP. The Gini Index of the country is 46.1. Solomon Islands is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Solomon Islands has a Human Development Index (HDI) of 0.491. Solomon Islands has a lower medium HDI score. This indicates that the majority of citizens will struggle to attain a desirable life due to flawed economic and social systems. The strength of legal rights index for Solomon Islands is 10. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.

Currency

The currency of Solomon Islands is Solomon Islands dollar. The plural form of the word Solomon Islands dollar is dollars. The symbol used for this currency is $, and it is abbreviated as SBD. The Solomon Islands dollar is divided into Cent; there are 100 in one dollar.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Solomon Islands.

Central bank

In Solomon Islands, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Solomon Islands. The average deposit interest rate offered by local banks in Solomon Islands is 0.2%.

Public debt

Solomon Islands has a government debt of 17.5% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Solomon Islands is set at 30%. Personal income tax ranges from 11% to 40%, depending on your specific situation and income level. VAT in Solomon Islands is 10%, and it is known as Sales Tax.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Solomon Islands is $1094 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Solomon Islands was last recorded at $2 million. PPP in Solomon Islands is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Solomon Islands is 1,073 billion. Based on this statistic, Solomon Islands is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Solomon Islands was last recorded at $2 million. The average citizen in Solomon Islands has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Solomon Islands averaged 0.1% in 2014. According to this percentage, Solomon Islands is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Solomon Islands.

Industry

Major industries in the country are fish (tuna), mining, timber. The total labor force of Solomon Islands is 266,570 people, wherein 2% of population in the country are unemployed. The total number of unemployed people in Solomon Islands is 12,466. The Industrial Production growth rate of Solomon Islands is 3%.To read more about industrial information within Solomon Islands click on industry of Solomon Islands.

Agriculture

There are 171 km2 of arable land in Solomon Islands, and it comprises 1% of the country's total territory. There are 733 km2 of cultivated land in Solomon Islands. The country's major agricultural crops and products are cocoa beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit, timber, cattle, pigs, fish.To read more about agriculture click on agriculture of Solomon Islands.