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Solomon Islands Business

Business

According to countryaah, most households are still self-sustaining, and only 10 percent of the population is employed in the market economy. In the 1960s, the Kopra area was the only export commodity, but since then business has expanded. The most important export product is now timber and seafood. For its own consumption, root vegetables, rice and vegetables are grown, while palm oil, copra and cocoa are produced for the export market. Fishing licenses to other countries, for example to Taiwan and Japan, for example, also generate income.

Business and Economy of Solomon Islands

During the early 1990s, timber exports increased, but falling world market prices during the last 1990s led to an economic downturn. The Civil War 1999-2000 further exacerbated the suturing. During the 1990s, the country's business community has gradually recovered, but natural disasters in the form of earthquakes and tsunami (2007 and 2010) have caused major material damage. A quarter of the country's budget is covered by development assistance, mainly from Australia and Japan.

For information on GDP and other business statistics, see Landsfakta.

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