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    Suriname Economy - 2003

      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.

      GDP: purchasing power parity - $1.5 billion (2002 est.)

      GDP - real growth rate: 1.2% (2002 est.)

      GDP - per capita: purchasing power parity - $3,500 (2002 est.)

      GDP - composition by sector: agriculture: 13%
      industry: 22%
      services: 65% (2001)

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

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

      Inflation rate (consumer prices): 17% (2002)

      Labor force: 100,000

      Labor force - by occupation: agriculture NA%, industry NA%, services NA%

      Unemployment rate: 17% (2000)

      Budget: revenues: $393 million
      expenditures: $403 million, including capital expenditures of $34 million (1997 est.)

      Industries: bauxite and gold mining, alumina production, oil, lumbering, food processing, fishing

      Industrial production growth rate: 6.5% (1994 est.)

      Electricity - production: 1.959 billion kWh (2001)

      Electricity - production by source: fossil fuel: 25.2%
      hydro: 74.8%
      other: 0% (2001)
      nuclear: 0%

      Electricity - consumption: 1.822 billion kWh (2001)

      Electricity - exports: 0 kWh (2001)

      Electricity - imports: 0 kWh (2001)

      Oil - production: 10,000 bbl/day (2001 est.)

      Oil - consumption: 10,000 bbl/day (2001 est.)

      Oil - exports: NA (2001)

      Oil - imports: NA (2001)

      Oil - proved reserves: 37 million bbl (January 2002 est.)

      Agriculture - products: paddy rice, bananas, palm kernels, coconuts, plantains, peanuts; beef, chickens; forest products; shrimp

      Exports: $445 million f.o.b. (2002)

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

      Exports - partners: US 30.9%, Norway 18.8%, Netherlands 9.2%, France, Japan, UK (2001)

      Imports: $300 million f.o.b. (2002)

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

      Imports - partners: US 58.5%, Netherlands 27.6%, Trinidad and Tobago, Japan, UK, Brazil (2001)

      Debt - external: $321 million (2002 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)

      Currency code: SRG

      Exchange rates: Surinamese guilders per US dollar - 2,346.75 (2002), 2,178.5 (2001), 1,322.47 (2000), 859.437 (1999), 401 (1998)
      note: 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

      NOTE: The information regarding Suriname on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Suriname Economy 2003 should be addressed to the CIA.

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    Revised 20-Sep-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)