PRESS RELEASES

Three new faces elected to SICCI Board

SICCI have three new faces on its Board of Directors, following the latest elections of Board Members. This was during the Chamber’s Annual General Meeting (AGM) on Wednesday 25th March 2020 at the Heritage Park Hotel in Honiara. Read more

Government regulates basic goods’ prices

The Government has regulated the prices of basic essential goods to control the price in the country through the “Price Control (Product Substitute Goods) Order 2020” issued by the Minister for Commerce, Industry, Labour and Immigration. Read more

See Gazette and list of products here

 

MEMBERS' UPDATE

Labour Advisory Board meeting

• From its meeting on Thursday 26^th March, the LAB agreed that as a country the impact COVID-19 will not be small, and moreover it will test our resilience as private citizens, as workers, and as employers to weather the storm.
  
  
• Information will be shared to understand the situation better and workers are encouraged to engage with their employers to work through their unique issues and solutions based on trust and not fear.
  
  
• With no precedent to guide workplace relations discussions during time of a pandemic, the LAB notes that some interim measures will mean that employment will be disrupted.
• The discussions also noted that employers are encouraged to be flexible and establish in agreement with their employees and workers, solutions that will work best for them including in work systems, processes and procedures. It encourages employers to re-engage workers when normalcy returns.
  
  
• The LAB also agreed to recommend to Government to assist in repatriation and return to provinces, and eventual return to work once conditions improve, of employees and their families, where their employers face financial difficulties.
  
  
• The LAB will liaise with government on workplace details it thinks is important to consider, for gazetting where necessary and especially for sharing for all parties.

Meeting with Banks

There was a meeting between banks held on 25th March at the offices of the Central Bank, together with SIG Ministry of Finance and Treasury.

Commercial banks and financial institutions were present. The general advice is that customers whether private/personal or businesses clients of banks are encouraged to talk to their banks to understand any support and leniency offered in this time.

Bred Bank has started implementing its support, BSP is encouraging clients to get in touch with them and negotiate unique arrangements. 

ANZ in the last week announced its own measures including reductions in interest rates. Please meet with staff or account manager from your banks to understand better their measures.

 

GROSS DOMESTIC PTODUCT

The National Statistics Office has released the provisional Gross Domestic Product (GDP) estimates from 2003-2017 based on a new 2012 base year.

View the full Statistical Bulletin here

View the GDP 2003 – 2017 Published Tables here

Gov’t sector shrink in GDP share as formal and informal sector picks-up

Government sector has recorded a downturn of 11.6 per cent share in Gross Domestic Product (GDP) while the formal sector and informal sector made significant improvement in 2012. Read more

New GDP 2017 grows by 5.3%

The country’s new Gross Domestic Product (GDP) has grown by 5.3 per cent in Read more

Primary Sector increases contribution to GDP

The primary sector that comprises of the Agriculture, fishery and forestry-logging sector has expanded its sectoral contribution towards the local economy after the rebasing of the Gross Domestic Product (GDP) from 2004 constant prices to 2012 constant prices. Read more

 

 

Solomons GDP rises 30% after rebase

The country’s Gross Domestic Product (GDP) has noted an increase of 30 per cent in value after the government statistical agency, Solomon Islands National Statistics Office (SINSO) rebased the economy. Similar magnitude of increases is also seen in per capita terms. Read more