Wednesday, 13 August 2008 3:43 PM

Solomon Islands Experience Economic Growth

The Solomon Islands Finance Minister, Hon. Snyder Rini announced in Parliament yesterday that the Solomon Islands economy grew at a rate of 10.3% in 2007.

This was according to the Central Bank's 2007 Annual Report, which was considered in Parliament when the parliament dissolved into a Committee of the Whole House.

Hon. Snyder Rini, in Parliament yesterday, stated that the economic growth was pushed up mainly by the high rate of logging. Mainly with the exports of round logs reaching twenty-eight per cent.

Although, the rate of log exports had contributed positively to the country's rate of employment, export receipts and government revenue, Hon. Rini also stated that the rate of the removal of the country's valuable natural resource is at an unsustainable rate.

Hon. Rini also stated in parliament that, according to the Central Bank report, CBSI is forecasting an eight per cent economic growth rate for the country by the end of this year, 2008.