SI ECONOMY EXPECTS 0.9% LOW GROWTH FOR 2014

A graph showing Solomon Islands’ GDP growth. Photo credit: ADB.

The Solomon Islands economy is expected to grow by only zero-point-nine percent this year, compared to last year’s growth of three-point-two percent.

Chief Manager of Economic Research and Statistics at the Central Bank, Michael Kikiolo announced the growth rate yesterday, during the launch of the Bank’s 2013 Annual Report.

Presenting on the indicators of economic growth for last year, Mr Kikiolo said only non-commodity sectors contributed to the economy last year.

He adds, after revising their numbers following the April floods, the Central Bank expects a lower growth of zero-point-nine percent.

“The columns showed the contributions by different sectors, the most notable one would be from the non-commodities sectors contributing to the overall growth of 3.2 percent, forestry and Minerals declined last year. Looking forward into 2014, after the post flood we’ve revised our numbers downward, doesn’t look very good, still positive but a lower growth of around 0.9 percent.”

Solomon Islands non-commodity sectors include construction, manufacturing, transport, communication and services businesses.