Economy - overview The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. Following a dismal year in 1994 - which saw the value of the Surinamese guilder plummet by about 70%, inflation rise to more than 600%, and national output fall for the fifth consecutive year - nearly all economic indicators improved in 1995-97. The VENETIAAN government unified the exchange rate as part of its structural adjustment program (SAP). After assuming power in the fall of 1996, the WIJDENBOSCH government ended the SAP claiming it was unfair to the poorer elements of society. Tax revenues fell as old taxes lapsed and the government failed to implement new tax alternatives. By the end of 1997, the allocation of new Dutch development funds was frozen as Surinamese government relations with Holland deteriorated. Suriname's economic prospects for the medium term will depend on renewed commitment to financially responsible monetary and fiscal policies.

GDP purchasing power parity - $1.44 billion (1997 est.)

GDP - real growth rate 4% (1997 est.)

GDP - per capita purchasing power parity - $3,400 (1997 est.)

GDP - composition by sector
agriculture: 14%
industry: 33%
services: 53% (1994)

Inflation rate - consumer price index 8% (1997 est.)

Labor force NA
by occupation: agriculture, industry, services

Unemployment rate 20% (1997)

Budget
revenues: $317 million
expenditures: $333 million, including capital expenditures of $52 million (1997 est.)

Industries bauxite and gold mining, alumina and aluminum production, lumbering, food processing, fishing

Industrial production growth rate 6.5% (1994 est.)

Electricity - capacity 425,000 kW (1995)

Electricity - production 1.601 billion kWh (1995)

Electricity - consumption per capita 3,727 kWh (1995)

Agriculture - products paddy rice, bananas, palm kernels, coconuts, plantains, peanuts; beef, chicken; forest products and shrimp of increasing importance

Exports
total value: $434.3 million (f.o.b., 1996 est.)
commodities: alumina, aluminum, shrimp and fish, rice, bananas
partners: Norway 33%, Netherlands 26%, US 13%, Japan 6%, Brazil 6%, UK 3% (1994)

Imports
total value: $490 million (f.o.b., 1997 est.)
commodities: capital equipment, petroleum, foodstuffs, cotton, consumer goods
partners: US 40%, Netherlands 24%, Trinidad and Tobago 11%, Japan 3% (1994)

Debt - external $216 million (1996 est.)

Economic aid
recipient: the Netherlands provided a 1996 aid package of $224 million to Suriname, Aruba, and the Netherlands Antilles

Currency 1 Surinamese guilder, gulden, or florin (Sf.) = 100 cents

Exchange rates Surinamese guilders, gulden, or florins (Sf.) per US$1 - central bank midpoint rate: 401.00 (January 1998), 401.00 (1997), 401.26 (1996), 442.23 (1995), 134.12 (1994); parallel rate: 412 (December 1995), 510 (December 1994), 109 (January 1994)
note: beginning July 1994, the central bank midpoint exchange rate was unified and became market determined

Fiscal year calendar year

NOTE: The information regarding Suriname on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Suriname Economy 1998 information contained here. All suggestions for corrections of any errors about Suriname Economy 1998 should be addressed to the CIA.