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Encyclopedia > Economy of the Solomon Islands

A per capita GDP of $340 ranks Solomon Islands as a lesser developed nation. Over 75% of its labor force are engaged in subsistence farming and fishing. Until 1998, when world prices for tropical timber fell steeply, timber was Solomon Islands main export product, and, in recent years, Solomon Islands forests were dangerously overexploited. Other important cash crops and exports include copra and palm oil. In 1998 Ross Mining of Australia began producing gold at Gold Ridge on Guadalcanal. Minerals exploration in other areas continued. However in the wake of the ethnic violence in June 2000, exports of palm oil and gold ceased while exports of timber fell. The following is a list of subsistence techniques: Hunting and Gathering, also known as Foraging freeganism involves gathering of discarded food in the context of an urban environment gleaning involves the gathering of food that traditional farmers have left behind in their fields Cultivation Horticulture - plant cultivation, based on the... Copra is the dried meat, or kernel, of the coconut. ... Palm oil is a form of edible vegetable oil obtained from the fruit of the Oil palm tree. ... Minerals are natural compounds formed through geological processes. ...


Exploitation of Solomon Islands rich fisheries offers the best prospect for further export and domestic economic expansion. However, a Japanese joint venture, Solomon Taiyo Ltd., which operated the only fish cannery in the country, closed in mid-2000 as a result of the ethnic disturbances. Though the plant has reopened under local management, the export of tuna has not resumed. A country, a land, or a state, is a geographical area that connotes an independent political entity, with its own government, administration, laws, often a constitution, police, military, tax rules, and population, who are one anothers countrymen. ...


Tourism, particularly diving, is an important service industry for Solomon Islands. Growth in that industry is hampered, however, by lack of infrastructure, transportation limitations and security concerns.


Solomon Islands was particularly hard hit by the Asian economic crisis even before the ethnic violence of June 2000. The Asian Development Bank estimates that the crash of the market for tropical timber reduced Solomon Island's GDP by between 15%-25%. About one-half of all jobs in the timber industry were lost. The government has said it will reform timber harvesting policies with the aim of resuming logging on a more sustainable basis. The Asian financial crisis was a financial crisis that started in July 1997 in Thailand, and affected currencies, stock markets, and other asset prices of several Asian countries, many part of the East Asian Tigers. ... The Asian Development Bank (ADB) is a non-profit finance institution with many Asian governments as shareholder members who are also the recipients of funding where appropriate. ...


Since 2000 the Government of Solomon Islands has become increasingly insolvent. It has exhausted its borrowing capacity; in 2001 the deficit reached 8% of GDP. It is unable to meet bi-weekly payrolls and has become extraordinarily dependent on funds from foreign aid accounts, which provided an estimated 50% of government expenditure in 2001. Principal aid donors are Australia, New Zealand, the European Union, Japan, and the Republic of China (Taiwan). The Queen of the Solomon Islands The Solomon Islands is a parliamentary democracy within the Commonwealth, with a unicameral Parliament and a ministerial system of government. ... The Republic of China (Traditional Chinese: 中華民國; Simplified Chinese: 中华民国; Wade-Giles: Chung-hua Min-kuo, Tongyong Pinyin: JhongHuá MínGuó, Hanyu Pinyin: Zhōnghuá Mínguó) is a multiparty democratic state that is de facto composed of the island groups of Taiwan, the Pescadores, Quemoy, and the Matsu. ...


Economy - overview: GDP: purchasing power parity - $1.21 billion (1999 est.) In economics, purchasing power parity (PPP) is a method used to calculate an alternative exchange rate between the currencies of two countries. ...


GDP - real growth rate: 3.5% (1999 est.)


GDP - per capita: purchasing power parity - $2,650 (1999 est.)


GDP - composition by sector:
agriculture: 50%
industry: 3.5%
services: 46.5% (1995) Services are: plural of service Tertiary sector of industry IRC services Web services the name of a first-class cricket team in India This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ...


Population below poverty line: NA% The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ...


Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%


Inflation rate (consumer prices): 10% (1999 est.)


Labor force: 26,842


Labor force - by occupation: agriculture NA%, industry NA%, services NA%


Unemployment rate: NA%


Budget:
revenues: $147 million
expenditures: $168 million, including capital expenditures of $NA (1997 est.) Budget generally refers to a list of all planned expenses. ... Capital expenditures (CAPEX) are expenditures used by a company to acquire or upgrade physical assets such as equipment, property, industrial buildings. ...


Industries: fish (tuna), mining, timber Species Thunnus alalunga Thunnus albacares Thunnus atlanticus Thunnus maccoyii Thunnus obesus Thunnus orientalis Thunnus thynnus Thunnus tonggol Tuna are several species of ocean-dwelling fish in the family Scombridae, mostly in the genus Thunnus. ...


Industrial production growth rate: NA%


Electricity - production: 30 million kWh (1998)


Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)


Electricity - consumption: 28 million kWh (1998)


Electricity - exports: 0 kWh (1998)


Electricity - imports: 0 kWh (1998)


Agriculture - products: cocoa, beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit; cattle, pigs; timber; fish Cocoa may refer to either the dried and partially fermented fatty seeds of the cacao tree, which are used to make chocolate; or, more usually in the United States, to cocoa powder, the dry powder made by grinding the seeds and removing the cocoa butter. ... Green beans Bean is a common name for large plant seeds of several genera of Fabaceae (formerly Leguminosae) used for food or feed. ... Binomial name Cocos nucifera L. Also a song by Harry Nilsson The Coconut Palm (Cocos nucifera), is a member of the family Arecaceae (palm family). ... Species Oryza barthii Oryza glaberrima Oryza latifolia Oryza longistaminata Oryza punctata Oryza rufipogon Oryza sativa References ITIS 41975 2002-09-22 This article is about the food grain, not the university or Condoleezza Rice; see also rice (disambiguation). ... Binomial name Solanum tuberosum L. The potato (Solanum tuberosum) is a perennial plant of the Solanaceae, or nightshade, family, grown for its starchy tuber. ...


Exports: $142 million (f.o.b., 1998 est.)


Exports - commodities: timber, fish, palm oil, cocoa, copra Palm oil is a form of edible vegetable oil obtained from the fruit of the Oil palm tree. ... Cocoa may refer to either the dried and partially fermented fatty seeds of the cacao tree, which are used to make chocolate; or, more usually in the United States, to cocoa powder, the dry powder made by grinding the seeds and removing the cocoa butter. ... Copra is the dried meat, or kernel, of the coconut. ...


Exports - partners: Japan 50%, Spain 16%, United Kingdom, Thailand 5% (1996)


Imports: $160 million (c.i.f., 1998 est.)


Imports - commodities: plant and equipment, manufactured goods, food and live animals, fuel


Imports - partners: Australia 42%, Japan 10%, Singapore 9%, New Zealand 8%, United States 5% (1996)


Debt - external: $135 million (1997)


Economic aid - recipient: $46.4 million (1995) Foreign aid, international aid or development assistance is when one country helps another country through some form of donation. ...


Currency: 1 Solomon Islands dollar (SI$) = 100 cents


Exchange rates: Solomon Islands dollars (SI$) per US$1 - 5.0745 (January 2000), 4.8381 (1999), 4.8156 (1998), 3.5664 (1997), 3.4059 (1995)


Fiscal year: calendar year




The South Pacific Applied Geoscience Commission (SOPAC) is an inter-governmental regional organisation dedicated to providing services to promote sustainable development in the countries it serves. ... SOPAC Flag File links The following pages link to this file: Economy of New Zealand Economy of the Solomon Islands Economy of Australia South Pacific Applied Geoscience Commission Template:South Pacific Applied Geoscience Commission ...

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  Results from FactBites:
 
Solomon Islands - Wikipedia, the free encyclopedia (943 words)
The Solomon Islands is a Constitutional Monarchy with Queen Elizabeth II of the United Kingdom recognised as the head of the State of Solomon Islands, a Commonwealth Realm.
The Solomon Islands are a wide island nation that lies East of Papua New Guinea and consists of many islands: Choiseul, the Shortland Islands; the New Georgia Islands; Santa Isabel; the Russell Islands; the Florida Islands; Malaita; Guadalcanal; Sikaiana; Maramasike; Ulawa; Uki; San Cristobal; Santa Ana; Rennell and Bellona; and the Santa Cruz Islands.
The national flag of Solomon Islands is divided diagonally by a thin yellow stripe from the lower hoist-side corner representing the sun; the upper triangle (hoist side) is blue representing the blue sky with five white five-pointed stars in an X pattern; the lower triangle is green representing the greeny patch of lands.
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