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Suriname Economy Profile 2014

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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 has remained at about 4-5% per year in 2010-13, but the government's budget was strained by high inflation in 2010. 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 has receded to about 4% in 2013. 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)$7.12 billion (2013 est.)
$6.801 billion (2012 est.)
$6.492 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$5.009 billion (2013 est.)
GDP - real growth rate4.7% (2013 est.)
4.8% (2012 est.)
4.7% (2011 est.)
GDP - per capita (PPP)$12,900 (2013 est.)
$12,500 (2012 est.)
$12,100 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by end usehousehold consumption: 73.8%
government consumption: 9.9%
investment in fixed capital: 5%
investment in inventories: 19.7%
exports of goods and services: 43.2%
imports of goods and services: -51.6%
(2013 est.)
GDP - composition by sectoragriculture: 8.9%
industry: 36.6%
services: 54.5% (2013 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%
Budgetrevenues: $826.6 million
expenditures: $939.7 million (2010 est.)
Taxes and other revenues16.5% of GDP (2010 est.)
Budget surplus (+) or deficit (-)-2.3% of GDP (2010 est.)
Inflation rate (consumer prices)4.2% (2013 est.)
5% (2012 est.)
Commercial bank prime lending rate12% (31 December 2013 est.)
11.73% (31 December 2012 est.)
Stock of narrow money$1.132 billion (31 December 2012 est.)
$1.075 billion (31 December 2011 est.)
Stock of broad money$3.005 million (31 December 2013 est.)
$2.463 million (31 December 2012 est.)
Stock of domestic credit$939.4 million (31 December 2013 est.)
$1.275 billion (31 December 2012 est.)
Market value of publicly traded shares$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 rate4% (2013 est.)
Current Account Balance$102.5 million (2013 est.)
$241.4 million (2012 est.)
Exports$2.512 billion (2013 est.)
$2.564 billion (2012 est.)
Exports - commoditiesalumina, gold, crude oil, lumber, shrimp and fish, rice, bananas
Exports - partnersUS 25.7%, Belgium 17.4%, UAE 11.5%, Canada 10.3%, Guyana 5.8%, France 5.5%, Barbados 4.2% (2012)
Imports$1.778 billion (2013 est.)
$1.761 billion (2012 est.)
Imports - commoditiescapital equipment, petroleum, foodstuffs, cotton, consumer goods
Imports - partnersUS 26%, Netherlands 16%, China 9.9%, UAE 8.1%, Antigua and Barbuda 6.7%, Netherlands Antilles 4.9%, Japan 4.3% (2012)
Reserves of foreign exchange and gold$1.008 billion (31 December 2012 est.)
$816.9 million (31 December 2011 est.)
Debt - external$860 million (31 December 2013 est.)
$810.8 million (31 December 2012 est.)
Exchange ratesSurinamese dollars (SRD) per US dollar -
3.3 (2012 est.)
3.3 (2012 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 August 23, 2014