| Economy | Suriname |
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Economy - overview:
|
The economy is dominated by the mining industry, with exports of alumina, gold, and oil accounting for about 85% of exports and 25% of government revenues, making the economy highly vulnerable to mineral price volatility. Prospects for local onshore oil production are good, and a drilling program is underway. Offshore oil drilling was given a boost in 2004 when the State Oil Company (Staatsolie) signed exploration agreements with several Western oil companies. Bidding on these new offshore blocks was completed in July 2006. The short-term economic outlook depends on the government's ability to control inflation and on the development of projects in the bauxite and gold mining sectors, though investment in these projects may slow with the tightening of global credit markets. Suriname has received aid for these projects from Netherlands, Belgium, and the European Development Fund. Suriname's economic prospects for the medium term will depend on continued commitment to responsible monetary and fiscal policies and to the introduction of structural reforms to liberalize markets and promote competition. In 2000, the government of Ronald VENETIAAN, returned to office and inherited an economy with inflation of over 100% and a growing fiscal deficit. He quickly implemented an austerity program, raised taxes, attempted to control spending, and tamed inflation. The VENETIAAN administration also has created a stabilization fund to insulate future revenue from commodity shocks. These economic policies are likely to remain in effect during VENETIAAN's third term. |
GDP (purchasing power parity):
|
$4.256 billion (2008 est.)
$4.015 billion (2007)
$3.805 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$8,900 (2008 est.)
$8,500 (2007 est.)
$8,200 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$2.984 billion (2008 est.) |
GDP - real growth rate:
|
6% (2008 est.)
5.5% (2007 est.)
4.8% (2006 est.) |
GDP - composition by sector:
|
agriculture: 10.8%
industry: 24.4%
services: 64.8% (2005 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
70% (2002 est.) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
6.4% (2007 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
13.77% (31 December 2007) |
Stock of money:
|
$416.6 million (31 December 2007) |
Stock of money - per capita:
|
866 USD per capita |
Stock of quasi money:
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$824.4 million (31 December 2007) |
Stock of quasi money - per capita:
|
1,713 USD per capita |
Stock of domestic credit:
|
$651 million (31 December 2007) |
Stock of domestic credit - per capita:
|
1,353 USD per capita |
Labor force:
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156,700 (2004) |
Labor force participation rate:
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32.56 % of population |
Labor force - by occupation:
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agriculture: 8%
industry: 14%
services: 78% (2004) |
Unemployment rate:
|
9.5% (2004) |
Budget:
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revenues: $392.6 million
expenditures: $425.9 million (2004) |
Budget revenues per capita:
|
816 USD per capita |
Public debt:
|
void |
Industries:
|
bauxite and gold mining, alumina production; oil, lumbering, food processing, fishing |
Industrial production growth rate:
|
6.5% (1994 est.) |
Electricity - production:
|
1.595 billion kWh (2006 est.) |
Electricity - production per capita:
|
3,315 kWh per capita |
Electricity - consumption:
|
1.457 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
3,028 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
13,000 bbl/day (2007 est.) |
Oil - production per capita:
|
27,013 bbl/day per capita |
Oil - consumption:
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12,370 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
9.38 bbl/year per capita |
Oil - exports:
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2,899 bbl/day (2005) |
Oil - imports:
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6,369 bbl/day (2005) |
Oil - proved reserves:
|
88 million bbl (1 January 2008 est.) |
Natural gas - production:
|
0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
|
paddy rice, bananas, palm kernels, coconuts, plantains, peanuts; beef, chickens; shrimp; forest products |
Current account balance:
|
$24 million (2007 est.) |
Current account balance - per capita:
|
50 USD per capita |
Exports:
|
$1.391 billion f.o.b. (2006 est.) |
Exports per capita:
|
2,891 USD per capita |
Exports - commodities:
|
alumina, gold, crude oil, lumber, shrimp and fish, rice, bananas |
Exports - partners:
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Canada 26.8%, Norway 20.2%, Belgium 9.2%, US 8.9%, UAE 7.9%, France 7.2% (2007) |
Imports:
|
$1.297 billion f.o.b. (2006 est.) |
Imports per capita:
|
2,695 USD per capita |
Imports - commodities:
|
capital equipment, petroleum, foodstuffs, cotton, consumer goods |
Imports - partners:
|
US 27%, Netherlands 17.3%, Trinidad and Tobago 14.3%, China 5.9%, Japan 5.1% (2007) |
Reserves of foreign exchange and gold:
|
$263.3 million (2006) |
Reserves of foreign exchange and gold - per capita:
|
548 USD per capita |
Debt - external:
|
$504.3 million (2005 est.) |
Debt - external - per capita:
|
1,048 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$43.97 million (2005) |
Economic aid - recipient per capita:
|
92 USD per capita |
Currency (code):
|
Surinam dollar (SRD) |
Exchange rates:
|
Surinamese dollars (SRD) per US dollar - 2.745 (2007), 2.745 (2006), 2.7317 (2005), 2.7336 (2004), 2.6013 (2003)
note: in January 2004, the government replaced the guilder with the Surinamese dollar, tied to a US dollar-dominated currency basket |
Fiscal year:
|
calendar year |
|
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