Commodities lead Solomons economic revival
Jemima Garrett
Last Updated:
The Solomon Islands economy has rebounded strongly with an increase in exports and production, and falling inflation.
Solomon Islands was one of the Pacific countries hardest hit by the global economic crisis, mainly due to a huge drop in log exports to China.
In its latest Solomon Islands country update, the ANZ Bank says production in August surged in almost all commodities.
Exports of logs, copra, alluvial gold and palm oil are up and inflation dropped significantly to 3.4%. Higher exports along with some revaluation gains have strengthed the countries foreign reserves and its fiscal position.
During October, the Solomons dollar declined in value against the Australian and New Zealand dollars but stayed relatively steady against the US dollar.
The ANZ says Solomons relatively high exposure to China should support future growth.
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