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Suriname Economy Profile 2016

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Economy - overviewThe economy is dominated by the mining industry, with exports of oil, gold, and alumina accounting for about 85% of exports and 27% of government revenues, making the economy highly vulnerable to mineral price volatility.

Economic growth has declined annually from just under 5% in 2012 to 1.5% in 2015. In January 2011, the government devalued the currency by 20% and raised taxes to reduce the budget deficit. As a result of these measures, inflation receded to less than 4% in 2015.

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's reliance on revenue from extractive industries will temper Suriname's economic outlook, especially if gold prices continue their downward trend.
GDP (purchasing power parity)$9.09 billion (2015 est.)
$9.077 billion (2014 est.)
$8.913 billion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$5.192 billion (2015 est.)
GDP - real growth rate0.1% (2015 est.)
1.8% (2014 est.)
2.8% (2013 est.)
GDP - per capita (PPP)$16,300 (2015 est.)
$16,200 (2014 est.)
$16,200 (2013 est.)
note: data are in 2015 US dollars
Gross national saving24.2% of GDP (2015 est.)
24.5% of GDP (2014 est.)
25.7% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 52%
government consumption: 11.2%
investment in fixed capital: 11.9%
investment in inventories: 26.5%
exports of goods and services: 24.2%
imports of goods and services: -25.8% (2015 est.)
GDP - composition by sectoragriculture: 6.2%
industry: 48.7%
services: 45.1% (2015 est.)
Population below poverty line70% (2002 est.)
Labor force165,600 (2007 est.)
Labor force - by occupationagriculture: 11.2%
industry: 19.5%
services: 69.3% (2010)
Unemployment rate8.9% (2014 est.)
8.5% (2013 est.)
Unemployment, youth ages 15-24total: 15.3%
male: 11.6%
female: 21.7% (2013 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $1.061 billion
expenditures: $1.455 billion (2015 est.)
Taxes and other revenues21% of GDP (2015 est.)
Budget surplus (+) or deficit (-)-7.8% of GDP (2015 est.)
Inflation rate (consumer prices)6.9% (2015 est.)
3.4% (2014 est.)
Central bank discount rate10% (2013)
9% (2012)
Commercial bank prime lending rate12.5% (31 December 2015 est.)
12.28% (31 December 2014 est.)
Stock of narrow money$1.55 billion (31 December 2015 est.)
$1.409 billion (31 December 2014 est.)
Stock of broad money$3.461 billion (31 December 2015 est.)
$2.885 billion (31 December 2014 est.)
Stock of domestic credit$2.424 billion (31 December 2015 est.)
$2.029 billion (31 December 2014 est.)
Market value of publicly traded shares$NA
Agriculture - productsrice, bananas, palm kernels, coconuts, plantains, peanuts; beef, chickens; shrimp; forest products
Industriesbauxite and gold mining, alumina production; oil, lumbering, food processing, fishing
Industrial production growth rate2% (2015 est.)
Current Account Balance-$808 million (2015 est.)
-$415 million (2014 est.)
Exports$1.829 billion (2015 est.)
$2.149 billion (2014 est.)
Exports - commoditiesalumina, gold, crude oil, lumber, shrimp and fish, rice, bananas
Exports - partnersSwitzerland 21.8%, UAE 14.5%, India 13.9%, Belgium 9.7%, US 8.9%, France 8.1%, Canada 6.6% (2015)
Imports$2.06 billion (2015 est.)
$1.966 billion (2014 est.)
Imports - commoditiescapital equipment, petroleum, foodstuffs, cotton, consumer goods
Imports - partnersUS 26.8%, Netherlands 14.3%, China 12.2%, Trinidad and Tobago 7.4%, Japan 4.8% (2015)
Reserves of foreign exchange and gold$625.2 million (31 December 2014 est.)
$778.8 million (31 December 2013 est.)
Debt - external$1.067 billion (31 December 2014 est.)
$983 million (31 December 2013 est.)
Exchange ratesSurinamese dollars (SRD) per US dollar -
3.3 (2015 est.)
3.3 (2014 est.)
3.3 (2013 est.)
3.3 (2012 est.)
3.2683 (2011 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on October 8, 2016

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