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Suriname Economy 1996

Overview:

The economy is dominated by the bauxite industry, which accounts for 15% of GDP and about 70% of export earnings. Paramaribo has failed to initiate the economic reforms necessary to stabilize the economy or win renewed Dutch aid disbursements. The government continues to finance deficit spending with monetary emissions. As a result, high inflation, high unemployment, widespread black market activity, and hard currency shortfalls continue to mark the economy.

National product:

GDP - purchasing power parity - $1.2 billion (1994 est.)

National product real growth rate:

-0.8% (1994 est.)

National product per capita:

$2,800 (1994 est.)

Inflation rate (consumer prices):

225% (1994 est.)

Unemployment rate:

Budget:

revenues:

$300 million

expenditures:

$700 million, including capital expenditures of $70 million (1994 est.)

Exports:

$443.3 million (f.o.b., 1993 est.)

commodities:

alumina, aluminum, shrimp and fish, rice, bananas

partners:

Norway 33%, Netherlands 26%, US 13%, Japan 6%, Brazil 6%, UK 3% (1992)

Imports:

$520.5 million (f.o.b., 1993 est.)

commodities:

capital equipment, petroleum, foodstuffs, cotton, consumer goods

partners:

US 42%, Netherlands 22%, Trinidad and Tobago 10%, Brazil 5% (1992)

External debt:

$180 million (March 1993 est.)

Industrial production:

growth rate 3.5% (1992 est.); accounts for 18% of GDP

Electricity:

capacity:

420,000 kW

production:

1.4 billion kWh

consumption per capita:

3,123 kWh (1993)

Industries:

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

Agriculture:

accounts for 15% of GDP and 25% of export earnings; paddy rice planted on 85% of arable land and represents 60% of total farm output; other products - bananas, palm kernels, coconuts, plantains, peanuts, beef, chicken; shrimp and forestry products of increasing importance; self-sufficient in most foods

Illicit drugs:

transshipment point for South American drugs destined for the US and Europe

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-83), $2.5 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $1.5 billion

Currency:

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

Exchange rates:

Surinamese guilders, gulden, or florins (Sf.) per US$1 - 1.7850 (fixed rate); parallel rate 510 (December 1994), 109 (January 1994)

Fiscal year:

calendar year

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