Suriname
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| Introduction - Suriname: | | Location - Suriname: | | People - Suriname: | | Government - Suriname: | | Economy - Suriname: | Economy overview | The economy is dominated by the mining industry, which accounts for more than a third of GDP and subjects government revenues to mineral price volatility. The short-term economic outlook depends on the governments ability to control inflation and on the development of projects in the bauxite and gold mining sectors. Surinames 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 of Ronald VENETIAAN, in his first term, implemented an austerity program, raised taxes, and attempted to control spending. Economic policies are likely to remain the same during VENETIAANs second 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 | $3.136 billion (2006 est.) | | Gdp official exchange rate | $1.398 billion (2006 est.) | | Gdp real growth rate | 5% (2006 est.) | | Gdp per capita ppp | $7,100 (2006 est.) | | Gdp composition by sector | agriculture: 13%
industry: 22%
services: 65% (2001 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 | 1.509 billion kWh (2004) | | Electricity consumption | 1.403 billion kWh (2004) | | Electricity exports | 0 kWh (2004) | | Electricity imports | 0 kWh (2004) | | Oil production | 9,462 bbl/day (2004 est.) | | Oil consumption | 11,200 bbl/day (2004 est.) | | Oil exports | 3,151 bbl/day (2004) | | Oil imports | 6,032 bbl/day (2004) | | Oil proved reserves | 111 million bbl (1 January 2005) | | Natural gas production | 0 cu m (2004 est.) | | Natural gas consumption | 0 cu m (2004 est.) | | Natural gas proved reserves | 0 cu m (1 January 2005 est.) | | Exports | $881 million f.o.b. (2004 est.) | | Exports commodities | alumina, crude oil, lumber, shrimp and fish, rice, bananas | | Exports partners | Norway 24.7%, Canada 16.6%, US 13.6%, Belgium 10.5%, France 9.1%, UAE 7.5%, Iceland 4.5% (2006) | | Imports | $750 million f.o.b. (2004 est.) | | Imports commodities | capital equipment, petroleum, foodstuffs, cotton, consumer goods | | Imports partners | US 29%, Netherlands 18.6%, Trinidad and Tobago 14.6%, Japan 5%, Brazil 5%, China 4.9% (2006) | | Debt external | $504.3 million (2005 est.) | | Economic aid recipient | $46 million
note: Netherlands provided $37 million for project and program assistance, European Development Fund $4 million, Belgium $2 million (2003) | | Currency code | Surinam dollar (SRD) | | Exchange rates | Surinamese dollars per US dollar - (2006), 2.7317 (2005), 2.7336 (2004), 2.6013 (2003), 2.3468 (2002)
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 | |
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This page was last updated on 16 September, 2007
Source: CIA >>> |
