BY NED GAGAHE
Minister of Finance and Treasury Harry Kuma has revealed that the Solomon Islands’ economic recovery has surpassed pre-COVID-19 levels.
Speaking in Parliament on Monday during his contribution to the motion to thank the Governor-General for the Speech from the Throne, Minister Kuma stated that Solomon Islands economy grew by 2.7 percent in 2024.
“Mr. Speaker, Sir, the Solomon Islands economy grew by 2.7 percent in 2024, following a 2.9 percent growth rate in 2023. This is well above the pre-COVID-19 level of 1.7 percent recorded in 2019.”
He said that the lower growth in Gross Domestic Product (GDP) in 2024, compared to the previous year, is attributed to a combination of external and internal factors.
These include global market challenges, local disruptions related to the National General Election, stabilization in logging activities, adverse weather conditions affecting agriculture and infrastructure and a decline in construction activity following the completion of the Pacific Games in 2023.
On key economic indicators, Minister Kuma reported that labor market performance improved by 4 percent in 2024 compared to 2023.
The number of active contributing members rose to 59,494 in 2024, up from 57,151 in 2023.
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