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Suriname Economy Profile 2013

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Economy - overviewThe economy is dominated by the mining industry, with exports of alumina, gold, and oil accounting for about 85% of exports and 25% of government revenues, making the economy highly vulnerable to mineral price volatility. Economic growth, which reached about 7% in 2008, owing to sizeable foreign investment in mining and oil, slowed to 2.2% in 2009 as investment waned and the country earned less from its commodity exports when global prices for most commodities fell. Trade picked up, boosting Suriname's economic growth about 4% per year in 2010-12, but the government's budget remained strained. Inflation rose from 1.3% in 2009 to 17.7% in 2011. 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 6% in 2012. 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.
GDP (purchasing power parity)$6.874 billion (2012 est.)
$6.58 billion (2011 est.)
$6.285 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$4.738 billion (2012 est.)
GDP - real growth rate4.5% (2012 est.)
4.7% (2011 est.)
4.1% (2010 est.)
GDP - per capita (PPP)$12,600 (2012 est.)
$12,200 (2011 est.)
$11,800 (2010 est.)
note: data are in 2012 US dollars
GDP - composition, by end usehousehold consumption: 81%
government consumption: 18.4%
investment in fixed capital: 19.7%
investment in inventories: -19.8%
exports of goods and services: 53.9%
imports of goods and services: -53.2%
(2012 est.)
GDP - composition by sectoragriculture: 10.6%
industry: 38.3%
services: 51.2% (2012 est.)
Population below poverty line70% (2002 est.)
Labor force165,600 (2007)
Labor force - by occupationagriculture: 8%
industry: 14%
services: 78% (2004)
Unemployment rate9% (2008)
12.1% (2006)
Unemployment, youth ages 15-24total: 21.5% (2004)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Investment (gross fixed)19.7% of GDP (2012 est.)
Budgetrevenues: $826.6 million
expenditures: $939.7 million (2010 est.)
Taxes and other revenues17.4% of GDP (2010 est.)
Budget surplus (+) or deficit (-)-2.4% of GDP (2010 est.)
Inflation rate (consumer prices)5% (2012 est.)
17.7% (2011 est.)
Commercial bank prime lending rate11.7% (31 December 2012 est.)
11.75% (31 December 2011 est.)
Stock of narrow money$1.132 billion (31 December 2012 est.)
$1.075 billion (31 December 2011 est.)
Stock of broad money$2.3 billion (31 December 2012 est.)
$2.033 billion (31 December 2011 est.)
Stock of domestic credit$1.364 billion (31 December 2012 est.)
$1.026 billion (31 December 2011 est.)
Market value of publicly traded shares$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 rate5% (2012 est.)
Current Account Balance$577.2 million (2012 est.)
$251.1 million (2011 est.)
Exports$2.563 billion (2012 est.)
$2.467 billion (2011 est.)
Exports - commoditiesalumina, gold, crude oil, lumber, shrimp and fish, rice, bananas
Exports - partnersUS 26.1%, Belgium 17.6%, UAE 12.1%, Canada 10.4%, Guyana 6.5%, France 5.6%, Barbados 4.7% (2012)
Imports$1.782 billion (2012 est.)
$1.679 billion (2011 est.)
Imports - commoditiescapital equipment, petroleum, foodstuffs, cotton, consumer goods
Imports - partnersUS 25.8%, Netherlands 15.8%, China 9.8%, UAE 7.9%, Antigua and Barbuda 7.3%, Netherlands Antilles 5.4%, Japan 4.2% (2012)
Reserves of foreign exchange and gold$1.008 billion (31 December 2012 est.)
$816.9 million (31 December 2011 est.)
Debt - external$905 million (31 December 2012 est.)
$869 million (31 December 2011 est.)
Exchange ratesSurinamese dollars (SRD) per US dollar -
3.3 (2012 est.)
3.2683 (2011 est.)
2.7454 (2010 est.)
2.745 (2009)
2.745 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of February 21, 2013