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Suriname Economy 2010
https://workmall.com/wfb2010/suriname/suriname_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Suriname Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 22, 2010

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. 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. Economic growth reached about 6% in 2007 and 2008, owing to sizeable foreign investment in mining and oil. Suriname has received aid for projects in the bauxite and gold mining sectors from Netherlands, Belgium, and the European Development Fund. The economy contracted in 2009, however, as investment waned and the country earned less from its commodity exports when global prices for most commodities fell. As trade picks up, Suriname's economic outlook for 2010 has improved, but the government's budget is likely to remain strained, with increased social spending in this election year. 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):
$4.182 billion (2009 est.)

$4.277 billion (2008 est.)
$4.034 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$3.147 billion (2009 est.)

GDP - real growth rate:
-2.2% (2009 est.)

6% (2008 est.)
5.5% (2007 est.)

GDP - per capita (PPP):
$8,800 (2009 est.)

$9,000 (2008 est.)
$8,600 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 10.8%
industry: 24.4%
services: 64.8% (2005 est.)

Labor force:
165,600 (2007)

Labor force - by occupation:
agriculture: 8%
industry: 14%
services: 78% (2004)

Unemployment rate:
9.5% (2004 est.)

Population below poverty line:
70% (2002 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $392.6 million
expenditures: $425.9 million (2004)

Inflation rate (consumer prices):
6.4% (2007 est.)

Commercial bank prime lending rate:
12.23% (31 December 2008)

9.71% (31 December 2007)

Stock of money:
$484.7 million (31 December 2008)

$416.6 million (31 December 2007)

Stock of quasi money:
$1.018 billion (31 December 2008)

$824.4 million (31 December 2007)

Stock of domestic credit:
$793.1 million (31 December 2008)

$651 million (31 December 2007)

Market value of publicly traded shares:
$NA

Agriculture - products:
paddy 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:
6.5% (1994 est.)

Electricity - production:
1.605 billion kWh (2007 est.)

Electricity - consumption:
1.467 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
15,280 bbl/day (2008 est.)

Oil - consumption:
14,000 bbl/day (2008 est.)

Oil - exports:
4,308 bbl/day (2007 est.)

Oil - imports:
6,296 bbl/day (2007 est.)

Oil - proved reserves:
79.6 million bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$24 million (2007 est.)

Exports:
$1.391 billion (2006 est.)

Exports - commodities:
alumina, gold, crude oil, lumber, shrimp and fish, rice, bananas

Exports - partners:
Canada 36.2%, Belgium 12.5%, Norway 12.4%, UAE 8.9%, US 7.7% (2008)

Imports:
$1.297 billion (2006 est.)

Imports - commodities:
capital equipment, petroleum, foodstuffs, cotton, consumer goods

Imports - partners:
US 31.2%, Netherlands 15.5%, Trinidad and Tobago 14.2%, China 7.7%, Japan 6.4% (2008)

Reserves of foreign exchange and gold:
$263.3 million (2006 est.)

Debt - external:
$504.3 million (2005 est.)

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


NOTE: The information regarding Suriname on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Suriname Economy 2010 information contained here. All suggestions for corrections of any errors about Suriname Economy 2010 should be addressed to the CIA.






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