Honiara, Solomon Islands — The latest review of the 2021 and 2022 Gross Domestic Product (GDP) estimates from the Solomon Islands National Statistics Office (SINSO) shows that the national economy contracted further into recession during the years following 2020, marking three consecutive years of negative real GDP growth.

While the combined contraction during 2021–2022 did not surpass the 2020 decline of –3.4 percent, real GDP growth remained in negative territory, recording –0.2 percent in 2021 and –2.6 percent in 2022. These declines reflected the lingering economic effects of the COVID-19 pandemic and the Honiara riots of late 2021, which spilled over into 2022.

The economy showed signs of resilience beginning in 2023, rebounding with +2.8 percent real growth, and continued to expand in 2024 with an estimated +3.0 percent growth.

In nominal terms, economic activity contracted by $700 million between 2021 and 2022, before recovering with a rebound exceeding $1.4 billion across 2023–2024. Real GDP followed a similar trend, falling by $300 million during the downturn and recovering by $600 million as the economy regained momentum (See Figures 1 and 2).

Sectoral Performance: Industry Leads the Recovery

Economic growth by major sectors from 2021–2024 highlights the Industry sector—comprising mining & quarrying, manufacturing, electricity & water, and construction—as the primary driver of recovery. Despite ongoing challenges, the sector recorded strong real growth of +3.1 percent (2021), +2.1 percent (2022), +12.5 percent (2023), and +8.3 percent (2024).

This performance was initially driven by the construction industry, which grew +8.5 percent (2021), +7.5 percent (2022), +3.6 percent (2023), and +3.8 percent (2024), largely attributed to major infrastructure projects and preparations for the 2023 Pacific Games.

The mining industry also experienced a remarkable turnaround, quadrupling in 2023 with 303.2 percent growth, before moderating to 48.2 percent in 2024 as production stabilized (see Figure 3).

Primary and Services Sectors Show Gradual Recovery

The Primary sector, comprising agriculture, fishery, and forestry, remained subdued. The forestry-logging industry declined sharply in 2021 (–5.3 percent) and 2022 (–11.3 percent), overshadowing modest gains in subsequent years. The fishery sector also faced consecutive contractions of –3.8 percent (2022) and –4.5 percent (2023), while agriculture showed early signs of a slow recovery.

Meanwhile, the Services sector registered smaller negative growths of –1.3 percent (2021) and –0.1 percent (2022), with a gradual recovery observed throughout 2023–2024.

For more information and to access the full GDP estimates report (2021–2024), please visit:
👉 https://statistics.gov.sb/sinso-releases-gross-domestic-product-gdp-estimates-from-2021-2024