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SOLOMON ISLANDS ECONOMIC PERFORMANCE IN 2013

SOLOMON ISLANDS ECONOMIC PERFORMANCE IN 2013. LAUNCH OF THE CBSI 2013 ANNUAL REPORT KITANO MENDANA HOTEL JUNE 5 2014. ECONOMIC GROWTH 3.2% IN 2013 BUT EXPECTED TO SLOW DOWN IN 2014. PRODUCTION INDEX Improved in the second half of 2013. Weak prices & supply shocks.

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SOLOMON ISLANDS ECONOMIC PERFORMANCE IN 2013

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  1. SOLOMON ISLANDS ECONOMIC PERFORMANCE IN 2013 LAUNCH OF THE CBSI 2013 ANNUAL REPORT KITANO MENDANA HOTEL JUNE 5 2014

  2. ECONOMIC GROWTH3.2% IN 2013 BUT EXPECTED TO SLOW DOWN IN 2014

  3. PRODUCTION INDEXImproved in the second half of 2013 Weak prices & supply shocks

  4. TRADE PERFORMANCETrade (in goods & services) deficit

  5. GROSS FOREIGN RESERVES… cover 11.2 months of import

  6. EXCHANGE RATESBD appreciated against AUD Appreciates SBD mid 2013Q3 Source: CBSI

  7. CREDIT TO PRIVATE SECTORROSE 15% YoY to $1.46Bn

  8. MONETARY CONDITIONSExcess liquidity fell as PSC rises Source: ODCs & CBSI

  9. FISCAL BALANCE….A smaller prelim surplus of $133m

  10. INTEREST RATESHOVERED AROUND 10% IN 2013

  11. INFLATION RATE…..Picked up in 2014 after slowing down in 2013Q4 Source: SINSO & CBSI

  12. SUMMARY 2013 • Economy rebounded in the second half • Trade deficit • Adequate External Reserves to finance trade • Another fiscal surplus • Private sector credit rebounded • Inflationary risks eased last year • Public Investments continued Outlook • Near Term Risks (higher inflation and slow growth) • Medium term – expecting growth

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