Suriname Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$9.46 billion (2020 est.)

$11.07 billion (2019 est.)

$10.95 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.9% (2017 est.)

-5.1% (2016 est.)

-2.6% (2015 est.)

Real GDP per capita

$16,100 (2020 est.)

$19,000 (2019 est.)

$19,000 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$3.419 billion (2017 est.)

Inflation rate (consumer prices)

22% (2017 est.)

55.5% (2016 est.)

Credit ratings

Fitch rating: C (2020)

Moody's rating: Caa3 (2020)

Standard & Poors rating: SD (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 11.6% (2017 est.)

industry: 31.1% (2017 est.)

services: 57.4% (2017 est.)

GDP - composition, by end use

household consumption: 27.6% (2017 est.)

government consumption: 11.7% (2017 est.)

investment in fixed capital: 52.5% (2017 est.)

investment in inventories: 26.5% (2017 est.)

exports of goods and services: 68.9% (2017 est.)

imports of goods and services: -60.6% (2017 est.)

Agricultural products

rice, sugar cane, bananas, oranges, vegetables, plantains, coconuts, poultry, cassava, eggs

Industries

gold mining, oil, lumber, food processing, fishing

Industrial production growth rate

1% (2017 est.)

Labor force

144,000 (2014 est.)

Labor force - by occupation

agriculture: 11.2%

industry: 19.5%

services: 69.3% (2010)

Unemployment rate

8.9% (2017 est.)

9.7% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 26.5%

male: 18.7%

female: 39.9% (2016 est.)

Population below poverty line

70% (2002 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 560.7 million (2017 est.)

expenditures: 827.8 million (2017 est.)

Budget surplus (+) or deficit (-)

-7.8% (of GDP) (2017 est.)

Public debt

69.3% of GDP (2017 est.)

75.8% of GDP (2016 est.)

Taxes and other revenues

16.4% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$2 million (2017 est.)

-$169 million (2016 est.)

Exports

$2.29 billion (2019 est.) note: data are in current year dollars

$2.24 billion (2018 est.) note: data are in current year dollars

Exports - partners

Switzerland 39%, United Arab Emirates 31%, Belgium 10% (2019)

Exports - commodities

gold, lumber, refined petroleum, fish, cigarettes (2019)

Imports

$2.41 billion (2019 est.) note: data are in current year dollars

$2.07 billion (2018 est.) note: data are in current year dollars

Imports - partners

United States 22%, Netherlands 14%, China 13%, Trinidad and Tobago 7%, Antigua and Barbuda 5% (2019)

Imports - commodities

refined petroleum, delivery trucks, excavation machinery, cars, construction vehicles (2019)

Reserves of foreign exchange and gold

$424.4 million (31 December 2017 est.)

$381.1 million (31 December 2016 est.)

Debt - external

$1.7 billion (31 December 2017 est.)

$1.436 billion (31 December 2016 est.)

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: The information regarding Suriname on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Suriname 2022 information contained here. All suggestions for corrections of any errors about Suriname 2022 should be addressed to the CIA or the source cited on each page.