Suriname Economy - 2006

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.

GDP (purchasing power parity):
$2.081 billion (2005 est.)

GDP (official exchange rate):
$1.355 billion (2005 est.)

GDP - real growth rate:
2% (2005 est.)

GDP - per capita (PPP):
$4,100 (2005 est.)

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

Labor force:
156,700 (2004)

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

Unemployment rate:
9.5% (2004)

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

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

Inflation rate (consumer prices):
9.5% (2005 est.)

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

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:
2.014 billion kWh (2003)

Electricity - consumption:
1.873 billion kWh (2003)

Electricity - exports:
0 kWh (2003)

Electricity - imports:
0 kWh (2003)

Oil - production:
12,000 bbl/day (2004 est.)

Oil - consumption:
14,000 bbl/day (2004 est.)

Oil - exports:
1,370 bbl/day (2003)

Oil - imports:
1,644 bbl/day (2003)

Oil - proved reserves:
150 million bbl (2005)

Natural gas - production:
0 cu m (2003 est.)

Natural gas - consumption:
0 cu m (2003 est.)

Natural gas - proved reserves:
0 cu m (2005)

Exports:
$881 million f.o.b. (2004 est.)

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

Exports - partners:
Norway 29.4%, US 15.2%, Canada 12.5%, Belgium 10.2%, France 8.5%, UAE 6.2% (2004)

Imports:
$750 million f.o.b. (2004 est.)

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

Imports - partners:
US 26.2%, Netherlands 19.3%, Trinidad and Tobago 13.5%, Japan 6.6%, China 4.6%, Brazil 4.1% (2004)

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

Economic aid - recipient:
Netherlands provided $37 million for project and program assistance, European Development Fund $4 million, Belgium $2 million (2003)

Currency (code):
Surinam dollar (SRD)

Exchange rates:
Surinamese dollars per US dollar - 2.7317 (2005), Surinamese guilders per US dollar - 2.7336 (2004), 2.6013 (2003), 2.3468 (2002), 2.1785 (2001)
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; in January 2004, the government introduced the Surinamese dollar as replacement for the guilder, tied to a US dollar-dominated currency basket