SOLOMONS RECORD A NEGATIVE GDP GROWTH FOR 1997

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HONIARA, Solomon Islands (October 21, 1998 - PACNEWS)---The Solomon Islands recorded a negative growth rate of minus-one percent in the Gross Domestic Product (GDP) for 1997.

Prime Minister Bartholomew Ulufa‘alu revealed this, while answering a question by Leader of Opposition Solomon Mamaloni concerning GDP growth rates since 1992.

Ulufa'alu says estimates from the World Bank show a growth of 3.2 percent per year for the period 1987-1991, and 4.4 percent per annum for 1992-1997.

He says higher rate of growth from 1992 to 1997 reflects the unsustainable logging boom that began in 1992 that " was depleting the natural resources of Solomon Islands."

With the prices and volumes of logs rising from 1992 until 1995 GDP growth was rapid.

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