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Suriname Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Suriname Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

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. In November 2015, a major US aluminum company discontinued its mining activities in Suriname after 99 years of operation. 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. Depreciation of the Surinamese dollar and increases in tariffs on electricity caused domestic prices in Suriname to rise 22.0% year-over-year by December 2017.

Suriname's economic prospects for the medium-term will depend on its 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. Following two years of recession, the Fitch Credit Bureau reported a positive growth of 1.2% in 2017 and the World Bank predicted 2.2% growth in 2018. Inflation declined to 9%, down from 55% in 2016 , and increased gold production helped lift exports. Yet continued budget imbalances and a heavy debt and interest burden resulted in a debt-to-GDP ratio of 83% in September 2017. Purchasing power has fallen rapidly due to the devalued local currency. The government has announced its intention to pass legislation to introduce a new value-added tax in 2018. Without this and other measures to strengthen the country’s fiscal position, the government may face liquidity pressures.

GDP (purchasing power parity):
$8.688 billion (2017 est.)
$8.526 billion (2016 est.)
$8.988 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 162
[see also: GDP country ranks ]

GDP (official exchange rate):
$3.419 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.9% (2017 est.)
-5.1% (2016 est.)
-2.6% (2015 est.)
country comparison to the world: 159
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$14,900 (2017 est.)
$14,800 (2016 est.)
$15,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 114
[see also: GDP - per capita country ranks ]

Gross national saving:
46.6% of GDP (2017 est.)
55.6% of GDP (2016 est.)
53.6% of GDP (2015 est.)
country comparison to the world: 4
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 27.6% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 11.7% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 52.5% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 26.5% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 68.9% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -60.6% (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% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 31.1% (2017 est.)
[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, seabob shrimp, yellow-fin tuna, vegetables

Industries:
gold mining, oil, lumber, food processing, fishing

Industrial production growth rate:
1% (2017 est.)
country comparison to the world: 158
[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:
8.9% (2017 est.)
9.7% (2016 est.)
country comparison to the world: 129
[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
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 560.7 million (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 827.8 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
16.4% (of GDP) (2017 est.)
country comparison to the world: 182
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7.8% (of GDP) (2017 est.)
country comparison to the world: 197
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
69.3% of GDP (2017 est.)
75.8% of GDP (2016 est.)
country comparison to the world: 52
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
22% (2017 est.)
55.5% (2016 est.)
country comparison to the world: 216
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
10% (2013)
9% (2012)
country comparison to the world: 24
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14.43% (31 December 2017 est.)
13.49% (31 December 2016 est.)
country comparison to the world: 46
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.158 billion (31 December 2017 est.)
$921.8 million (31 December 2016 est.)
country comparison to the world: 154
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.158 billion (31 December 2017 est.)
$921.8 million (31 December 2016 est.)
country comparison to the world: 159
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.608 billion (31 December 2017 est.)
$1.404 billion (31 December 2016 est.)
country comparison to the world: 159
[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:
-$2 million (2017 est.)
-$169 million (2016 est.)
country comparison to the world: 69
[see also: Current account balance country ranks ]

Exports:
$2.028 billion (2017 est.)
$1.449 billion (2016 est.)
country comparison to the world: 140
[see also: Exports country ranks ]

Exports - partners:
Switzerland 38%, Hong Kong 21.9%, Belgium 10.1%, UAE 7.2%, Guyana 6.1% (2017)

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

Imports:
$1.293 billion (2017 est.)
$1.203 billion (2016 est.)
country comparison to the world: 176
[see also: Imports country ranks ]

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

Imports - partners:
US 30.6%, Netherlands 14.8%, Trinidad and Tobago 11.4%, China 7.6% (2017)

Reserves of foreign exchange and gold:
$424.4 million (31 December 2017 est.)
$381.1 million (31 December 2016 est.)
country comparison to the world: 158
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.7 billion (31 December 2017 est.)
$1.436 billion (31 December 2016 est.)
country comparison to the world: 156
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
(31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
Surinamese dollars (SRD) per US dollar -
7.53 (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 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Suriname Economy 2019 information contained here. All suggestions for corrections of any errors about Suriname Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They 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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