25 May 2007

Solomons economy performing above forecast

10:58 am on 25 May 2007

The Solomon Islands Ministry of Finance and Treasury says the economy is performing well above 2007 budget forecast, with growth continuing at about 6 percent.

A ministry report says the major contribution to the growth of the strong economy and rising standards of living is the Government's economic reform programs followed by improved business confidence and stronger law and order situation.

The latest Central Bank of Solomon Islands' estimates provided to the IMF indicates a 6.1 per cent growth for 2006 and 6.4 per cent for 2007.

This figures now put Solomon Islands as one of the fastest growing economy in the Asia Pacific region.

The report also says the strongest growth sector in 2007 is logging, which is predicted to increase by at least 12.5 per cent.

It says also construction and manufacturing are also growing strongly.