Allo' Expat Suriname - Connecting Expats in Suriname
Main Homepage
Allo' Expat Suriname Logo


Subscribe to Allo' Expat Newsletter
 
Check our Rates
   Information Center Suriname
Suriname General Information
 
History of Suriname
Suriname Culture
Suriname Cuisine
Suriname Geography
Suriname Population
Suriname Government
Suriname Economy
Suriname Communications
Suriname Transportation
Suriname Military
Suriname Transnational Issues
Suriname People, Languages & Religions
Suriname Expatriates Handbook
Suriname and Foreign Government
Suriname General Listings
Suriname Useful Tips
Suriname Education & Medical
Suriname Travel & Tourism Info
Suriname Lifestyle & Leisure
Suriname Business Matters
  Sponsored Links


Check our Rates

Economy of Suriname
 
 
 

General

Suriname's democracy gained some strength after the turbulent 1990s, and its economy became more diversified and less dependent on Dutch financial assistance. Bauxite (aluminium ore) mining continues to be a strong revenue source, and the discovery and exploitation of oil and gold has added substantially to Suriname's economic independence. Agriculture, especially rice and bananas, remains a strong component of the economy, and eco-tourism is providing new economic opportunities. More than 80% of Suriname's land-mass consists of unspoiled rain forest; with the establishment of the Central Suriname Nature Reserve in 1998, Suriname signalled its commitment to conservation of this precious resource. The Central Suriname Nature Reserve became a World Heritage Site in 2000.

The economy of Suriname is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. Other main export products include rice, bananas and shrimp. Suriname has recently started exploiting some of its sizeable oil and gold reserves. Oil is a promising sector. Staatsolie, the state-owned oil company, produced 16,200 barrels a day in 2012. Staatsolie currently refines 7,350 barrels a day at Tout Lui Faut in the District of Wanica and is building more capacity to go to 15,000 barrels a day. About a quarter of the people work in the agricultural sector.

The Surinamese economy is very dependent on commerce, its main trade partners being the Netherlands, the United States, Canada and Caribbean countries, mainly Trinidad & Tobago and the former islands of the Netherlands Antilles.

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. It takes longer on average to register a new business in Suriname than virtually any other country in the world (694 days or about 99 weeks).

Overview

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. Economic growth, which reached about 7% in 2008, owing to sizeable foreign investment in mining and oil, slowed to 2.2% in 2009 as investment waned and the country earned less from its commodity exports when global prices for most commodities fell. Trade picked up, boosting Suriname's economic growth about 4% per year in 2010-12, but the government's budget remained strained. Inflation rose from 1.3% in 2009 to 17.7% in 2011. In January 2011, the government devalued the currency by 20% and raised taxes to reduce the budget deficit. As a result of these measures, inflation receded to 6% in 2012. 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.
GDP (purchasing power parity) : $6.874 billion (2012 est.)
GDP (official exchange rate) : $4.738 billion (2012 est.)
GDP - real growth rate : 4.5% (2012 est.)
GDP - per capita (PPP) : $12,600 (2012 est.)
GDP - composition, by end use : household consumption: 81%

government consumption: 18.4%

investment in fixed capital: 19.7%

investment in inventories: -19.8%

exports of goods and services: 53.9%

imports of goods and services: -53.2%

(2012 est.)
GDP - composition by sector : agriculture: 10.6%

industry: 38.3%

services: 51.2% (2012 est.)
Labour force : 165,600 (2007)
Labour force - by occupation : agriculture: 8%

industry: 14%

services: 78% (2004)
Unemployment rate : 9% (2008)
Population below poverty line : 70% (2002 est.)
Household income or consumption by percentage share : lowest 10%: NA%

highest 10%: NA%
Budget : revenues: $826.6 million

expenditures: $939.7 million (2010 est.)
Taxes and other revenues : 17.4% of GDP (2010 est.)
Budget surplus (+) or deficit (-) : -2.4% of GDP (2010 est.)
Inflation rate (consumer prices) : 5% (2012 est.)
Commercial bank prime lending rate : 11.7% (31 December 2012 est.)
Stock of narrow money : $1.132 billion (31 December 2012 est.)
Stock of broad money : $2.3 billion (31 December 2012 est.)
Stock of domestic credit : $1.364 billion (31 December 2012 est.)
Market value of publicly traded shares : $NA
Agriculture - products : rice, bananas, palm kernels, coconuts, plantains, peanuts; beef, chickens; shrimp; forest products
Industries : bauxite and gold mining, alumina production; oil, lumbering, food processing, fishing
Industrial production growth rate : 5% (2012 est.)
Electricity - production : 1.603 billion kWh (2009 est.)
Electricity - consumption : 1.463 billion kWh (2009 est.)
Electricity - exports : 0 kWh (2010 est.)
Electricity - imports : 0 kWh (2010 est.)
Crude Oil - production : 16,000 bbl/day (2011 est.)
Crude Oil - exports : 0 bbl/day (2009 est.)
Crude Oil - imports : 0 bbl/day (2009 est.)
Crude Oil - proved reserves : 72 million bbl (1 January 2012 est.)
Refined petroleum products - production : 7,407 bbl/day (2008 est.)
Refined petroleum products - consumption : 14,100 bbl/day (2011 est.)
Refined petroleum products - exports : 1,058 bbl/day (2008 est.)
Refined petroleum products - imports : 6,430 bbl/day (2008 est.)
Natural gas - production : 0 cu m (2010 est.)
Natural gas - consumption : 0 cu m (2010 est.)
Natural gas - exports : 0 cu m (2010 est.)
Natural gas - imports : 0 cu m (2010 est.)
Natural gas - proved reserves : 0 cu m (1 January 2011 est.)
Current account balance : $577.2 million (2012 est.)
Exports : $2.563 billion (2012 est.)
Exports - commodities : alumina, gold, crude oil, lumber, shrimp and fish, rice, bananas
Exports - partners : US 26.1%, Belgium 17.6%, UAE 12.1%, Canada 10.4%, Guyana 6.5%, France 5.6%, Barbados 4.7% (2012)
Imports : $1.782 billion (2012 est.)
Imports - commodities : capital equipment, petroleum, foodstuffs, cotton, consumer goods
Imports - partners : US 25.8%, Netherlands 15.8%, China 9.8%, UAE 7.9%, Antigua and Barbuda 7.3%, Netherlands Antilles 5.4%, Japan 4.2% (2012)
Reserves of foreign exchange and gold : $1.008 billion (31 December 2012 est.)
Debt - external : $905 million (31 December 2012 est.)
Exchange rates : Surinamese dollars (SRD) per US dollar - 3.3 (2012 est.); 3.2683 (2011 est.); 2.7454 (2010 est.); 2.745 (2009); 2.745 (2008)
Fiscal year : calendar year

 

 

 
 

 



 


copyrights © AlloExpat.com
2014 | Policy