Economy Of Suriname
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Economy overview
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The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. Suriname's economic prospects for the medium term will depend on renewed 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 has begun an austerity program, raised taxes, and attempted to control spending. However, in 2002, President VENETIAAN agreed to a large pay raise for civil servants, which threatens his earlier gains in stabilizing the economy. The Dutch Government has agreed to restart the aid flow, which will allow Suriname to access international development financing. 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.
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GDP
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purchasing power parity - $1.752 billion (2004 est.)
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GDP - real growth rate
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5% (2004 est.)
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GDP - per capita
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purchasing power parity - $4,000 (2004 est.)
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GDP - composition by sector
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agriculture: 13%
industry: 22%
services: 65% (2001 est.)
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Investment gross fixed
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Population below poverty line
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70% (2002 est.)
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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17% (2002 est.)
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Labor force
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100,000
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Labor force by occupation
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agriculture NA, industry NA, services NA
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Unemployment rate
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17% (2000)
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Budget
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revenues: $393 million
expenditures: $403 million, including capital expenditures of $34 million (1997 est.)
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Public debt
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Agriculture products
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paddy rice, bananas, palm kernels, coconuts, plantains, peanuts; beef, chickens; forest products; shrimp
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Industries
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bauxite and gold mining, alumina production, oil, lumbering, food processing, fishing
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Industrial production growth rate
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6.5% (1994 est.)
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Electricity production
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1.959 billion kWh (2001)
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Electricity production by source
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fossil fuel: 25.2%
hydro: 74.8%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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1.822 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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10,000 bbl/day (2001 est.)
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Oil consumption
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10,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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37 million bbl (1 January 2002)
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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0 cu m (1 January 2002)
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Current account balance
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Exports
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$495 million f.o.b. (2002)
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Exports commodities
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alumina, crude oil, lumber, shrimp and fish, rice, bananas
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Exports partners
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US 23.3%, Norway 18.4%, Belgium 12.5%, France 10.1%, Trinidad and Tobago 7.1%, Iceland 4.7%, Italy 4.3%, Netherlands 4.2% (2003)
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Imports
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$604 million f.o.b. (2002)
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Imports commodities
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capital equipment, petroleum, foodstuffs, cotton, consumer goods
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Imports partners
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US 31.5%, Netherlands 18.2%, Trinidad and Tobago 12.5%, China 6.8%, Japan 6.4% (2003)
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Reserves of foreign exchange gold
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Debt external
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$321 million (2002 est.)
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Economic aid recipient
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Netherlands provided $37 million for project and program assistance, European Development Fund $4 million, Belgium $2 million (1998)
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Currency
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Surinamese guilder (SRG)
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Currency code
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SRG
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Exchange rates
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Surinamese guilders per US dollar - NA (2003), 2,346.75 (2002), 2,178.5 (2001), 1,322.47 (2000), 859.437 (1999)
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; the government currently allows trading within a band of SRG 500 around the official rate
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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