The country’s current economic growth has been consistent with the progress of its recovery, according to Central Bank of Solomon Islands’(CBSI latest monetary policy.
The report stated this consistency falls slightly to the previous prediction made in early March 2015 which was projected at 3.3 percent.
Current prediction of economic growth status sits at 3.2 percent for the year 2015, the report states.
It noted expected catalyst to drive this growth is from transportation and communication, construction, utilities sectors and fisheries.
Forestry sector is expected to be weakening in the second half of the year.
Productions within the first half of this year increases compared to the same time last year.
“Latest monthly production index data showed some pickup with year to July productions surpassing the same level last year.”
This appeared to be having increase despite of a slight fall in June 2015 attributed to the major export commodities – fishing catch plunging 31 percent to 13, 413 tons whilst log fell by 12 percent to 1,077 million cubic meters.
The slight fall according to the report is due to the prolonged unfavorable weather conditions over the first half of the year with subdued international prices.
But it picked up the month after, in July with log rising by 11 percent to 159, 636 cubic meters while fish went up by 3 percent to 2061 metric tonne.
Production of agricultural commodities on the other hand improved during the same period.
Copra production also went up 3 percent to 8248 tons while palm oil up by 6 percent to 17, 245 tons and cocoa making the jump of 10 percent to 2,463 tons, states the report.
It noted the positive production growths made appeared consistent despite some slight short-falls relative to the products price at the international market.
Contracted export prices in year to June for copra fell by 0.4 percent, cocoa down by 1.4 percent, palm oil dropped by 12 percent.
By BRADFORD THEONOMI
