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Wednesday, September 17, 2008

Rise in certain commodities to impact positively on SI economy

Forecast increase production in certain commodities in Solomon Islands is expected to have positive impact in the country's economy as of this year.

Asian Development Bank's 2008 outlook for Solomon Islands predicts a two percent gross domestic product increase from the previous estimate of six percent to eight percent.

It says this is based on the a general expected increase export on log, palm oil, copra, cocoa and fish.

ADB says log export for 2009 is expected to grow by 10 percent, fish 30 percent, palm oil 40 percent, copra 30 percent as well as increases in cocoa production.

However ADB warns that despite these expected growth, high inflation rate and high fuel prices could affect the overall expected revenue.

The Bank says that external reserves have also declined from 118 million US dollars at the end of last to 104 million at July.

It represents a three months import cover compared to the previous five.

Source: SIBC

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