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Suriname:
Economy

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Economy - overview
Definition
The 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. 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 has received aid for these projects from Netherlands, Belgium, and the European Development Fund. 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)
Definition - World rank and map
$4.073 billion (2007 est.)
GDP (official exchange rate)
Definition
$2.404 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
5.5% (2007 est.)
GDP - per capita
Definition - World rank and map
$7,800 (2007 est.)
GDP - composition by sector
Definition
agriculture: 10.8%
industry: 24.4%
services: 64.8% (2005 est.)
Labor force
Definition
156,700 (2004)
Labor force - by occupation
Definition
agriculture: 8%
industry: 14%
services: 78% (2004)
Unemployment rate
Definition - World rank and map
9.5% (2004)
Population below poverty line
Definition
70% (2002 est.)
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
6.4% (2007 est.)
Budget
Definition
revenues: $392.6 million
expenditures: $425.9 million (2004)
Agriculture - products
Definition
paddy rice, bananas, palm kernels, coconuts, plantains, peanuts; beef, chickens; shrimp; forest products
Industries
Definition
bauxite and gold mining, alumina production; oil, lumbering, food processing, fishing
Industrial production growth rate
Definition - World rank and map
6.5% (1994 est.)
Electricity - production
Definition - World rank and map
1.53 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
1.423 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
2,989.6 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
9,461 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
12,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
25.2 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
3,151 bbl/day (2004)
Oil - imports
Definition - World rank and map
6,032 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
111 million bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$24 million (2007 est.)
Exports
Definition - World rank and map
$1.391 billion f.o.b. (2006 est.)
Exports - commodities
Definition
alumina, gold, crude oil, lumber, shrimp and fish, rice, bananas
Exports - partners
Definition
Canada 24.5%, Norway 19.5%, Belgium 8.9%, US 8.5%, UAE 7.6%, France 6.9%, Venezuela 4.2% (2006)
Imports
Definition - World rank and map
$1.297 billion f.o.b. (2006 est.)
Imports - commodities
Definition
capital equipment, petroleum, foodstuffs, cotton, consumer goods
Imports - partners
Definition
US 27.3%, Netherlands 17.4%, Trinidad and Tobago 14.4%, China 5.9%, Japan 5.1% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$263.3 million (2006)
Debt - external
Definition - World rank and map
$504.3 million (2005 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$43.97 million (2005)
Currency (code)
Definition
Surinam dollar (SRD)
Exchange rates
Definition
Surinamese dollars per US dollar - 2.745 (2007), 2.745 (2006), 2.7317 (2005), 2.7336 (2004), 2.6013 (2003)
note: in January 2004, the government replaced the guilder with the Surinamese dollar, tied to a US dollar-dominated currency basket
Fiscal year
Definition
calendar year


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