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Suriname Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Suriname Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Suriname’s economy is dominated by the mining industry, with exports of oil and gold accounting for approximately 85% of exports and 27% of government revenues. This makes the economy highly vulnerable to mineral price volatility. The worldwide drop in international commodity prices and the cessation of alumina mining in Suriname significantly reduced government revenue and national income during the past few years. After 99 years of operations, a major US aluminum company recently discontinued its activities in Suriname. Public sector revenues fell, together with exports, international reserves, employment, and private sector investment.Economic growth declined annually from just under 5% in 2012 to -10.4% in 2016. In January 2011, the government devalued the currency by 20% and raised taxes to reduce the budget deficit. Suriname began instituting macro adjustments between September 2015 and 2016; these included another 20% currency devaluation in November 2015 and foreign currency interventions by the Central Bank until March 2016, after which time the Bank allowed the Surinamese dollar (SRD) to float. By December 2016, the SRD had lost 46% of its value against the dollar. High import price pass-through from depreciation and electricity tariff increases caused inflation to increase 55.5% year-over-year in December 2016.Suriname's economic prospects for the medium-term will depend on continued commitment to responsible monetary and fiscal policies and on the introduction of structural reforms to liberalize markets and promote competition. The government's over-reliance on revenue from the extractive sector colors Suriname's economic outlook. One credit bureau forecasted that the economy would contract 2% in 2017. Rising international oil prices and higher production by Suriname’s oil company, Staatsolie’s, will lift oil exports. Two new offshore oil exploration wells will draw 100 million dollars in foreign direct investment inflows. Higher gold prices and increased production from the Merian gold mine also will lift exports. However, investment overall is slowing and unemployment is rising, reflecting government spending cuts, weak business confidence, and the completion of large mining infrastructure projects. Fiscal problems, such as a failure to secure sufficient external financing, could result in additional pressure on the exchange rate and inflation.

GDP (purchasing power parity):
$7.928 billion (2017 est.) $8.023 billion (2016 est.) $8.964 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 165

GDP (official exchange rate):
$3.665 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-1.2% (2017 est.) -10.5% (2016 est.) -2.7% (2015 est.)
country comparison to the world: 209
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$13,900 (2017 est.) $14,200 (2016 est.) $16,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 114

Gross national saving:
50.5% of GDP (2017 est.) 57.1% of GDP (2016 est.) 51.6% of GDP (2015 est.)
country comparison to the world: 1
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 32.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 64.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 26.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 50.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -63.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 11.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 31.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 57.4% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
1.5% (2017 est.)
country comparison to the world: 151
[see also: Industrial production growth rate country ranks ]

Labor force:
144,000 (2014 est.)
country comparison to the world: 177
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 11.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 69.3% (2010)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.1% (2017 est.) 11% (2016 est.)
country comparison to the world: 126
[see also: Unemployment rate country ranks ]

Population below poverty line:
70% (2002 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $545.7 million
[see also: Budget - revenues country ranks ]
expenditures: $805.5 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
14.9% of GDP (2017 est.)
country comparison to the world: 189
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7.1% of GDP (2017 est.)
country comparison to the world: 191
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
64.6% of GDP (2016 est.) 45.7% of GDP (2015 est.)
country comparison to the world: 64
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
22.3% (2017 est.) 55.5% (2016 est.)
country comparison to the world: 218
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
10% (2013) 9% (2012)
country comparison to the world: 22
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
20.5% (31 December 2017 est.) 13.5% (31 December 2016 est.)
country comparison to the world: 14
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.08 billion (31 December 2017 est.) $921.8 million (31 December 2016 est.)
country comparison to the world: 155
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.355 billion (31 December 2017 est.) $2.182 billion (31 December 2016 est.)
country comparison to the world: 149
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.513 billion (31 December 2017 est.) $1.402 billion (31 December 2016 est.)
country comparison to the world: 158
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$344 million (2017 est.) -$102 million (2016 est.)
country comparison to the world: 50
[see also: Current account balance country ranks ]

Exports:
$1.976 billion (2017 est.) $1.449 billion (2016 est.)
country comparison to the world: 140
[see also: Exports country ranks ]

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

Exports - partners:
Switzerland 28.3%, UAE 27.1%, Belgium 9.1%, Guyana 9%, US 4.7%, Trinidad and Tobago 4.5% (2016)

Imports:
$1.57 billion (2017 est.) $1.197 billion (2016 est.)
country comparison to the world: 167
[see also: Imports country ranks ]

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

Imports - partners:
US 21.2%, Netherlands 10.9%, China 10.5%, Trinidad and Tobago 10.1%, St. Lucia 7% (2016)

Reserves of foreign exchange and gold:
$381.1 million (31 December 2016 est.) $330.2 million (31 December 2015 est.)
country comparison to the world: 150
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.7 billion (31 December 2017 est.) $1.625 billion (31 December 2016 est.)
country comparison to the world: 155
[see also: Debt - external country ranks ]

Exchange rates:
Surinamese dollars (SRD) per US dollar - 7.697 (2017 est.) 6.229 (2016 est.) 6.229 (2015 est.) 3.4167 (2014 est.) 3.3 (2013 est.)


NOTE: 1) The information regarding Suriname on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Suriname Economy 2018 information contained here. All suggestions for corrections of any errors about Suriname Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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