Suriname Economy 2008

Economy - overview:
The economy is dominated by the mining industry, with exports of alumina, gold, and oil accounting for about 55% of GDP, 85% of exports, and 25% of government revenues, making the economy highly vulnerable 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. In 2000, the government of Ronald VENETIAAN, returned to office and inherited an economy with inflation of over 100% and a growing fiscal deficit. He quickly implemented an austerity program, raised taxes, attempted to control spending, and tamed inflation. These economic policies are likely to remain in effect during VENETIAAN's third 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, Maersk, and Occidental. Bidding on these new offshore blocks was completed in July 2006.

GDP (purchasing power parity):
$3.449 billion (2007 est.)

GDP (official exchange rate):
$1.515 billion (2007 est.)

GDP - real growth rate:
5.1% (2007 est.)

GDP - per capita (PPP):
$7,800 (2007 est.)

GDP - composition by sector:
agriculture: 10.8%
industry: 24.4%
services: 64.8% (2005 est.)

Labor force:
156,700 (2004)

Labor force - by occupation:
agriculture: 8%
industry: 14%
services: 78% (2004)

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:
1.53 billion kWh (2005)

Electricity - consumption:
1.423 billion kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
9,461 bbl/day (2005 est.)

Oil - consumption:
12,000 bbl/day (2005 est.)

Oil - exports:
3,151 bbl/day (2004)

Oil - imports:
6,032 bbl/day (2004)

Oil - proved reserves:
111 million bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Exports:
$1.391 billion f.o.b. (2006 est.)

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

Exports - partners:
Norway 23%, Canada 15.5%, US 12.6%, Belgium 10.1%, France 8.5%, UAE 6.9%, Iceland 4.2% (2006)

Imports:
$1.297 billion f.o.b. (2006 est.)

Imports - partners:
US 29.4%, Netherlands 18.9%, Trinidad and Tobago 14.9%, Japan 5.1%, China 4.9% (2006)

Economic aid - recipient:
$43.97 million
note: Netherlands provided $37 million for project and program assistance, European Development Fund $4 million, Belgium $2 million (2005)

Reserves of foreign exchange and gold:
$263.3 million (2006)

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

Market value of publicly traded shares:
$NA

Currency (code):
Surinam dollar (SRD)

Exchange rates:
Surinamese dollars per US dollar - NA (2007), (2006), 2.7317 (2005), 2.7336 (2004), 2.6013 (2003)
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 replaced the guilder with the Surinamese dollar, tied to a US dollar-dominated currency basket