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» Economic Overview of Suriname :

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. Both the oil and gold sector continued their strong performances in 2008, while the world economic downturn instigated a restructuring of the bauxite sector. 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. Economic growth reached about 6% in 2007 and 2008, owing to sizeable foreign investment in mining and oil. The International Monetary Fund (IMF) expected Suriname’s economy to grow in 2009 by 3%, while the Economist Intelligence Unit Country Report predicted the country’s GDP would contract by 2%. Suriname’s economic outlook for 2010 has improved, but the government’s budget is likely to remain strained, with increased social spending in this election year. 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.

Major Facts:

Exports: $1.391 billion

Export goods: alumina, gold, crude oil, lumber, shrimp and fish, rice, bananas

Main export partners: Canada 36.1%, Belgium 12.5%, Norway 12.4%, UAE 8.9%, U.S. 7.7% (2008)

Imports: $1.297 billion

Import goods: capital equipment, petroleum, foodstuffs, cotton, consumer goods

Main import partners: U.S. 31.1%, Netherlands 15.5%,Trinidad and Tobago 14.1%, China7.7%, Japan 6.4% (2008)

Main industries: bauxite and gold mining, alumina production; oil, lumbering, food processing, fishing

Agriculture accounts for about 15% of the country’s gross domestic product. Rice is the principal crop, and bananas, palm kernels, coconuts, plantains, and peanuts are also cultivated. The mining industry dominates the economy, accounting for about a third of the country’s gross domestic product. Bauxite and gold are the principal minerals. Other industries include alumina and oil production, lumbering, food processing, and fishing. The main exports are alumina, crude oil, lumber, shrimp and fish, rice, and bananas. Capital equipment, petroleum, foodstuffs, cotton, and consumer goods are imported. Fluctuations in world mineral prices have a strong impact on the country’s economy. The United States, Norway, the Netherlands, and Canada are the main trading partners.

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