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Indicators of economy on the Solomon Islands

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP on the Solomon Islands, on the other hand, reached USD 2,305 per capita, or 1.63 billion USD for the whole country. The Solomon Islands is currently at number 187 among the international economies and is therefore one of the less significant. If this is calculated per inhabitant, taking purchasing power parity into account, then the Solomon Islands rank 167th in the list of the richest countries.

Inflation on the Solomon Islands in 2021 was around -0.12%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.

The index for perceived corruption in the public sector is 42, which is below average by global standards.


Back to overview: Solomon Islands

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic were not insignificant on the Solomon Islands 2020. Overall, gross domestic product in 2020 fell from 1.62 billion US dollars to 1.54 billion US dollars. With a drop of 5.1 percent, the economy on the Solomon Islands suffered more significant losses than other countries. The tourism sector alone slumped by around 91 percent. The unemployment rate rose from 0.7 to 0.9 percent. The country's gross debt increased by 59.7 percent. The consumer inflation rate has risen from 1.6 percent previously to 3.0 percent now.

In 2021, there was already a recovery and the gross domestic product increased to 1.63 billion US dollars (=100.8% of 2019).

Income and purchasing power

The average monthly income on the Solomon Islands is 193 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 7.0 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life on the Solomon Islands than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 96.5 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

 Solomon Islands
Total		Solomon Islands
per capita		EU
Total		EU
per capita
GDP1.63 bn USD2,304.84 USD17.177 tn USD33,384.92 USD
Gross national product1.64 bn USD2,318.22 USD16.895 tn USD32,835.37 USD


Development of gross domestic product in millions of USD 1971 - 2021


› Debt budget development
› Development of inflation
› Corruption on the Solomon Islands
› Cost of living in a global comparison


Imports and Exports 2021

 Solomon Islands
Total		Solomon Islands
per capita		EU
Total		EU
per capita
Imports556.26 m USD785.84 USD8.916 tn USD17,329.02 USD
Exports428.83 m USD605.82 USD9.554 tn USD18,569.19 USD


Development of imports and exports in millions of USD 1975 - 2021

Exports
Imports



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