Solomon Islands: economy

What is the GDP growth rate of the Solomon Islands?

Real GDP in the Solomon Islands grew by 3.0% in 2024, to SBD 10,679.2 million at constant 2012 prices, according to the Central Bank of Solomon Islands, citing the National Statistics Office. Nominal GDP was SBD 13,954.2 million.

For 2026, the central bank has cut its growth forecast to 3.0% from 3.8%, citing higher fuel costs, Tropical Cyclone Maila and El Niño, according to its monetary policy stance of August 2026. It expects 3.7% growth in 2027. Forecasts are revised as new data arrive, and the National Statistics Office's own GDP releases run several years behind.

Official sources: CBSI: GDP · CBSI: monetary policy stance

What is the Central Bank of Solomon Islands interest rate?

The Central Bank of Solomon Islands kept its policy rate at 1.5% at its board meeting on 28 August 2026, and said it would hold it for the next six months, according to its monetary policy stance. The bank said inflation was driven mainly by supply-side and external factors rather than domestic demand.

The rates households see are different. The bank's interest rates page shows an average deposit rate of 0.50% and an average lending rate of 8.60% for July 2026. The full Monetary Policy Report for September 2026 can be downloaded from the stance page.

Official sources: CBSI: monetary policy stance · CBSI: interest rates

What is the Solomon Islands dollar exchange rate?

One Solomon Islands dollar was worth 0.1238 US dollars on 15 October 2026, according to the indicative rates published by the Central Bank of Solomon Islands. A week earlier, on 8 October, it was 0.1237.

The central bank calculates the value of the dollar each day against the US dollar, its intervention currency, and can make discretionary changes within set limits. Rates are published around 9:00 am each working day. The bank's foreign reserves page shows reserves of SBD 6,764 million as at 6 May 2026.

Official sources: CBSI: today's exchange rates · CBSI: foreign reserves

What is the Solomon Islands current account balance?

The Solomon Islands current account is projected to record a deficit of around 2% of GDP in 2026, compared with 0.5% projected at the start of the year, according to the Central Bank of Solomon Islands Monetary Policy Report of September 2026. In the first half of 2026 the trade in goods balance moved to a deficit of $138 million.

The report links the change to higher fuel import and freight costs and lower export earnings, especially for copra and cocoa. Donor inflows for Tropical Cyclone Maila recovery and budget support partly offset this. The capital and financial account recorded a surplus of $44 million in the first half of the year.

Official sources: CBSI: Monetary Policy Report September 2026 (PDF)

How many tourists visit the Solomon Islands?

The Solomon Islands received 25,130 visitors in 2024, according to the National Statistics Office. In the third quarter of 2025, visitor arrivals were 8,173, up 18.4% on a year earlier, and Australians made up the largest group, at 28.5%, according to its quarterly release of December 2025.

Visitors are one part of total international arrivals, which also include returning residents (46.6% of arrivals in the third quarter of 2025) and people intending to live in the country. Total arrivals in that quarter were 15,444. Quarterly figures are released a few months after the quarter ends.

Official sources: SINSO: visitor arrivals 2024 · SINSO: international arrivals third quarter 2025

What is the inflation rate in the Solomon Islands?

Headline inflation in the Solomon Islands was 3.7% in August 2026, measured on a three-month moving average, according to the National Statistics Office's consumer price index for August 2026. The national index rose 1.3% in the month to 136.6, and was 2.5% higher than in August 2025. Imported items rose 3.9% and domestic items 3.5%.

The Central Bank of Solomon Islands put inflation at 4.6% in June 2026 and expects around 5 to 6% by the end of 2026, above its 2 to 5% range, according to its monetary policy stance. Annual inflation for 2025 was 3.4%. The index covers Honiara, Auki, Gizo and Noro.

Official sources: SINSO: National Consumer Price Index, August 2026 (PDF) · Central Bank of Solomon Islands: monetary policy stance

How large are the Solomon Islands' foreign reserves?

Gross foreign reserves of the Solomon Islands rose 5% to SBD 6.951 billion (USD 861.64 million) at the end of June 2026, enough to cover 12.5 months of imports, according to the Central Bank of Solomon Islands Monetary Policy Report of September 2026.

The bank's minimum policy threshold is six months of import cover. It expects reserves to ease slightly to SBD 6.850 billion by the end of 2026, as higher fuel prices raise import payments. Donor inflows, including support after Tropical Cyclone Maila, helped give the balance of payments a surplus of SBD 388 million in the first half of 2026.

Official sources: Central Bank of Solomon Islands: Monetary Policy Report, September 2026 (PDF)

Is bank lending growing in the Solomon Islands?

Credit to the private sector in the Solomon Islands grew 2% to SBD 3.03 billion, or 19.1% of GDP, in the first half of 2026, according to the Central Bank of Solomon Islands Monetary Policy Report of September 2026. Lending to retail trade, personal loans and agriculture rose, and credit to tourism, especially hotels, had the largest increase.

The bank says credit remains slightly below its long-term trend, and forecasts 2% growth. The average lending rate fell from 8.78% to 8.47% over the six months to June 2026, while the average deposit rate was 0.48%, so the margin between them was 7.98%.

Official sources: Central Bank of Solomon Islands: Monetary Policy Report, September 2026 (PDF)

How are farming, fishing and manufacturing doing in the Solomon Islands?

The Central Bank of Solomon Islands production index fell 16% from December 2025 to 109 points in the first half of 2026, and was 9% lower than a year earlier, according to its Monetary Policy Report of September 2026. Its manufacturing index fell 57 points to 292, mainly because lower fish catches cut canned tuna and tuna loin production.

The bank links the fall in primary production to lower copra and cocoa prices and to one fishing vessel not operating; palm oil and forestry held up. Electricity sales fell 3% to 46,857 megawatt hours. These indices are the bank's own short-term indicators, not official GDP figures.

Official sources: Central Bank of Solomon Islands: Monetary Policy Report, September 2026 (PDF)

How many businesses are there in the Solomon Islands?

The Solomon Islands has an estimated 22,567 business establishments, 11,991 formal and 10,576 informal, according to the National Statistics Office's first National Economic Establishment Census (NEEC 2024), released in October 2025. Trade accounts for 78.3% of them, manufacturing 10.3% and accommodation and food services 4.8%.

Malaita has the most establishments (6,697), followed by Honiara (4,991) and Guadalcanal (3,307). The census visited 108 of 183 wards and estimated the rest from 2019 census population. It covers businesses with visible premises; mining and finance are left out, and transport and small construction firms are undercounted.

Official sources: SINSO: NEEC 2024 media release (PDF)

What is the population of the Solomon Islands?

The 2019 census counted about 721,455 people in the Solomon Islands, according to the National Statistics Office's provisional count, more than three times the population at independence in 1978. The World Bank estimates the population at 838,645 in 2025.

The census was taken with reference to census night, 24 November 2019, and counted about 124,247 private households. The 2025 figure is a UN-based estimate projected forward from census data, not a new count.

Official sources: SINSO: 2019 census provisional count · World Bank: population, Solomon Islands

Is the Solomon Islands' economy growing?

The latest figure from the World Bank, for 2025, is 3.6%. The peak was 9.7% in 2010 and the low -3.4% in 2020. It is 15th highest of 29 in East Asia & Pacific, where the median is 3.6%. Worldwide: 81st of 180.

How rich is the Solomon Islands per person?

The World Bank puts GDP per person in the Solomon Islands at $2,086 in 2025. The peak was $2,278 in 2018 and the low $1,144 in 2005. It is 27th highest of 29 in East Asia & Pacific, where the median is $6,547. World rank, highest first: 146th of 180.

What is the Solomon Islands' GDP per person adjusted for prices?

The World Bank puts GDP per person at purchasing power parity in the Solomon Islands at $2,788 in international dollars in 2025. It is the top of the series, which starts in 2005. East Asia & Pacific median: $14,200 in international dollars; the Solomon Islands is 29th highest of 29. Of 179 countries with 2025 data, 169th highest.

What share of the Solomon Islands' economy is exports?

The World Bank puts exports of goods and services in the Solomon Islands at 40.6% of GDP in 2024. Its high point since 2005 was 2011, at 50.2% of GDP; its low point was 2021, at 26.6% of GDP. It is 11th highest of 25 in East Asia & Pacific, where the median is 32.7% of GDP. World rank, highest first: 71st of 162.

What is the Solomon Islands' current account balance?

-4.2% of GDP: that is the current account balance in the Solomon Islands for 2024, according to the IMF (a deficit). Since 2005 it has ranged from -16.3% of GDP (2005) to 2.2% of GDP (2012). Across East Asia & Pacific the middle value was 1.8% of GDP, and the Solomon Islands placed 18th highest of 24. Worldwide: 114th of 162.

How much foreign investment does the Solomon Islands receive?

In 2025, net inflows of foreign direct investment in the Solomon Islands was 3.8% of GDP, according to the IMF. The peak was 18.5% of GDP in 2010 and the low 0.1% of GDP in 2005. East Asia & Pacific median: 1.9% of GDP; the Solomon Islands is 10th highest of 28. World rank, highest first: 49th of 179.

What interest rate do banks charge in the Solomon Islands?

The IMF puts the average bank lending rate in the Solomon Islands at 5.2% in 2021. It is the bottom of the series, which starts in 2005. It is 13th highest of 17 in East Asia & Pacific, where the median is 7.6%. Worldwide: 87th of 106.