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Suriname: Economy#

The 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.

Economic Facts#

GDP (purchasing power parity)$8.547 billion (2016 est.)
$9.188 billion (2015 est.)
$9.216 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$4.137 billion (2015 est.)
GDP - real growth rate-7% (2016 est.)
-0.3% (2015 est.)
1.8% (2014 est.)
GDP - per capita (PPP)$15,200 (2016 est.)
$16,500 (2015 est.)
$16,500 (2014 est.)
note: data are in 2016 dollars
Gross national saving57% of GDP (2016 est.)
51% of GDP (2015 est.)
62.6% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 65.4%
government consumption: 15.2%
investment in fixed capital: 16.2%
investment in inventories: 26.5%
exports of goods and services: 43.7%
imports of goods and services: -40.5% (2016 est.)
GDP - composition, by sector of originagriculture: 6.7%
industry: 49.9%
services: 43.4% (2016 est.)
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 rate-2% (2016 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.)
Population below poverty line70% (2002 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $469.9 million
expenditures: $664.3 million (2016 est.)
Taxes and other revenues11.4% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-4.7% of GDP (2016 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)39% (2016 est.)
3% (2015 est.)
Central bank discount rate10% (2013)
9% (2012)
Commercial bank prime lending rate13.6% (31 December 2016 est.)
12.62% (31 December 2015 est.)
Stock of narrow money$882.2 million (31 December 2016 est.)
$1.231 billion (31 December 2015 est.)
Stock of broad money$3.461 billion (31 December 2015 est.)
$2.885 billion (31 December 2014 est.)
Stock of domestic credit$1.653 billion (31 December 2016 est.)
$2.224 billion (31 December 2015 est.)
Market value of publicly traded shares$NA
Current account balance-$174 million (2016 est.)
-$808 million (2015 est.)
Exports$1.699 billion (2016 est.)
$1.666 billion (2015 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$1.914 billion (2016 est.)
$1.973 billion (2015 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$330.2 million (31 December 2015 est.)
$625.2 million (31 December 2014 est.)
Debt - external$1.235 billion (31 December 2016 est.)
$1.15 billion (31 December 2015 est.)
Exchange ratesSurinamese dollars (SRD) per US dollar -
6.172 (2016 est.)
3.4167 (2015 est.)
3.4167 (2014 est.)
3.3 (2013 est.)
3.3 (2012 est.)