Short facts about the economy in Suriname
| 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. |
| GDP: |
purchasing power parity - $1.48 billion
(1999 est.) |
| GDP - real
growth rate: |
-1% (1999
est.) |
| GDP - per
capita: |
purchasing power parity - $3,400 (1999
est.) |
| GDP -
composition by sector: |
agriculture: 13%
industry: 22%
services: 65% (1998
est.) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| Inflation
rate (consumer prices): |
78% (2000
est.) |
| Labor force
- by occupation: |
agriculture NA%, industry NA%, services
NA% |
| Unemployment
rate: |
20%
(1997) |
| Budget: |
revenues: $393 million
expenditures: $403 million, including capital
expenditures of $34 million (1997 est.) |
| Industries: |
bauxite and gold mining, alumina
production, lumbering, food processing, fishing |
| Industrial
production growth rate: |
6.5% (1994
est.) |
| Electricity
- production: |
1.937 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 25.92%
hydro: 74.08%
nuclear:
0%
other: 0% (1999) |
| Electricity
- consumption: |
1.801 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
paddy rice, bananas, palm kernels,
coconuts, plantains, peanuts; beef, chickens; forest products;
shrimp |
| Exports: |
$443 million (f.o.b.,
1999) |
| Exports -
commodities: |
alumina, crude oil, lumber, shrimp and
fish, rice, bananas |
| Exports -
partners: |
US 23%, Norway 19%, Netherlands 11%,
France, Japan, UK (1999) |
| Imports: |
$525 million (f.o.b.,
1999) |
| Imports -
commodities: |
capital equipment, petroleum,
foodstuffs, cotton, consumer goods |
| Imports -
partners: |
US 35%, Netherlands 15%, Trinidad and
Tobago 12%, Japan, UK, Brazil (1999) |
| Debt -
external: |
$512 million (2000
est.) |
| Economic aid
- recipient: |
Netherlands provided $37 million for
project and program assistance, European Development Fund $4 million, Belgium $2
million (1998) |
| Currency: |
Surinamese guilder
(SRG) |
| Exchange
rates: |
Surinamese guilders per US dollar -
2,178.50 (December 2000), 987.50 (December 1999), 401.00 (December 1998), 401.00
(December 1997), 401.26 (December 1996)
note: beginning in July
1994, the central bank midpoint exchange rate was unified and became market
determined; during 1998, the exchange rate splintered into four distinct rates;
in January 1999 the government floated the guilder, but subsequently fixed it
when the black-market rate plunged; the government currently allows trading
within a band of SRG 500 around the official
rate |
| Fiscal
year: |
calendar year | Source: World Factbook |
