| Date - Field | Suriname - Economy - overview |
2008 January
Economy - overview | The economy is dominated by the mining industry, with exports of alumina, gold, and oil accounting for about 55% of GDP, 85% of exports, and 25% of government revenues, making the economy highly vulnerable to mineral price volatility. 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. 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. These economic policies are likely to remain in effect during VENETIAAN's third term. Prospects for local onshore oil production are good as a drilling program is underway. Offshore oil drilling was given a boost in 2004 when the State Oil Company (Staatsolie) signed exploration agreements with Repsol, Maersk, and Occidental. Bidding on these new offshore blocks was completed in July 2006. |
2007 January
Economy - overview | The economy is dominated by the mining industry, which accounts for more than a third of GDP and subjects government revenues to mineral price volatility. 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. 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. The government of Ronald VENETIAAN, in his first term, implemented an austerity program, raised taxes, and attempted to control spending. Economic policies are likely to remain the same during VENETIAAN's second term. Prospects for local onshore oil production are good, as a drilling program is underway. Offshore oil drilling was given a boost in 2004 when the State Oil Company (Staatsolie) signed exploration agreements with Repsol, Mearsk, and Occidental. Bidding on these new offshore blocks was completed in July 2006. |
2006 January
Economy - overview | The economy is dominated by the alumina industry, which accounts for more than 15% of GDP and 70% of export earnings. 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. The government of Ronald VENETIAAN has begun an austerity program, raised taxes, and attempted to control spending. While - in 2002 - President VENETIAAN agreed to a large pay raise for civil servants, threatening his earlier gains in stabilizing the economy, he has not repeated this promise in the run-up to the May 2005 elections. The Dutch Government has agreed to restart the aid flow, which will allow Suriname to access international development financing, but plans to phase out funds over the next five years. 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. Prospects for local onshore oil production are good, as a drilling program is underway. Offshore oil drilling was given a boost in 2004 when the State Oil Company (Staatsolie) signed exploration agreements with Repsol and Mearsk. |
2005 January
Economy - overview | The economy is dominated by the alumina industry, which accounts for more than 15% of GDP and 70% of export earnings. 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. The government of Ronald VENETIAAN has begun an austerity program, raised taxes, and attempted to control spending. While - in 2002 - President VENETIAAN agreed to a large pay raise for civil servants, threatening his earlier gains in stabilizing the economy, he has not repeated this promise in the run-up to the May 2005 elections. The Dutch Government has agreed to restart the aid flow, which will allow Suriname to access international development financing, but plans to phase out funds over the next five years. 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. Prospects for local onshore oil production are good, as a drilling program is underway. Offshore oil drilling was given a boost in 2004 when the State Oil Company (Staatsolie) signed exploration agreements with Repsol and Mearsk. |
2004 January
Economy - overview | The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. Suriname's economic prospects for the medium term will depend on renewed commitment to responsible monetary and fiscal policies and to the introduction of structural reforms to liberalize markets and promote competition. The government of Ronald VENETIAAN has begun an austerity program, raised taxes, and attempted to control spending. However, in 2002, President VENETIAAN agreed to a large pay raise for civil servants, which threatens his earlier gains in stabilizing the economy. The Dutch Government has agreed to restart the aid flow, which will allow Suriname to access international development financing. 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. |
2003 January
Economy - overview | The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. Suriname's economic prospects for the medium term will depend on renewed commitment to responsible monetary and fiscal policies and to the introduction of structural reforms to liberalize markets and promote competition. The government of Ronald VENETIAAN has begun an austerity program, raised taxes, and attempted to control spending. However, in 2002, President VENETIAAN agreed to a large pay raise for civil servants, which threatens his earlier gains in stabilizing the economy. The Dutch Government has agreed to restart the aid flow, which will allow Suriname to access international development financing. 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. |
2002 January
Economy - overview | The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. Suriname's economic prospects for the medium term will depend on renewed commitment to responsible monetary and fiscal policies and to the introduction of structural reforms to liberalize markets and promote competition. The government of Ronald VENETIAAN has begun an austerity program, raised taxes, and attempted to control spending. The Dutch Government has restarted the aid flow, which will allow Suriname to access international development financing. |
2001 January
Economy - overview | The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. After assuming power in the fall of 1996, the WIJDENBOSCH government ended the structural adjustment program of the previous government, claiming it was unfair to the poorer elements of society. Tax revenues fell as old taxes lapsed and the government failed to implement new tax alternatives. By the end of 1997, the allocation of new Dutch development funds was frozen as Surinamese Government relations with the Netherlands deteriorated. Economic growth slowed in 1998, with decline in the mining, construction, and utility sectors. Rampant government expenditures, poor tax collection, a bloated civil service, and reduced foreign aid in 1999 contributed to the fiscal deficit, estimated at 11% of GDP. The government sought to cover this deficit through monetary expansion, which led to a dramatic increase in inflation and exchange rate depreciation. Suriname's economic prospects for the medium term will depend on renewed commitment to responsible monetary and fiscal policies and to the introduction of structural reforms to liberalize markets and promote competition. The new government of Ronald VENETIAAN has begun an austerity program, raised taxes, and attempted to control spending. the exchange rate has responded by stabilizing. The Dutch Government has restarted the aid flow, which will allow Suriname to access international development financing. |
2000 January
Economy - overview | The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. After assuming power in the fall of 1996, the WIJDENBOSCH government ended the structural adjustment program of the previous government, claiming it was unfair to the poorer elements of society. Tax revenues fell as old taxes lapsed and the government failed to implement new tax alternatives. By the end of 1997, the allocation of new Dutch development funds was frozen as Surinamese Government relations with the Netherlands deteriorated. Economic growth slowed in 1998, with decline in the mining, construction, and utility sectors. Rampant government expenditures, poor tax collection, a bloated civil service, and reduced foreign aid in 1999 contributed to the fiscal deficit, estimated at 11% of GDP. The government sought to cover this deficit through monetary expansion, which led to a dramatic increase in inflation and exchange rate depreciation. Suriname's economic prospects for the medium term will depend on renewed commitment to responsible monetary and fiscal policies and to the introduction of structural reforms to liberalize markets and promote competition. |
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This page was last updated on 23 July, 2008 |
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