A NEW analysis has revealed that Financial Intermediation and Insurance Services were the only industries in Solomon Islands to record negative real GDP growth between 2023 and 2024.
Business services firm, DPHK Consulting, examined the latest economic activity data from the Solomon Islands National Statistics Office, using constant 2012 prices, and found that both industries declined by 1.6 per cent.
Financial Intermediation fell from $SBD294.4 million in 2023 to $SBD289.6 million in 2024, while Insurance Services declined from $SBD49.9 million to $SBD49.1 million.
The findings contrast with the broader economy, where the average real GDP change across all industries analysed was positive at 4.2 per cent.
“What stands out is how concentrated the decline was,” a DPHK Consulting spokesperson said.
“Most Solomon Islands industries recorded real growth between 2023 and 2024, but Financial Intermediation and Insurance Services moved against that trend. Both are finance-linked sectors, which makes their shared decline especially notable in an otherwise expanding economy.”
DPHK Consulting said it used the latest data from the Solomon Islands National Statistics Office to rank industries by the percentage change in GDP between 2023 and 2024.
Source: DPHK Consulting
