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Economy of Suriname

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Economy of Suriname
CurrencySurinamese guilder (SRG)
Calendar year
Trade organisations
WTO, CARICOM, Unasur, Mercosur (associate)
Statistics
GDP
  • Increase $3.470 billion (nominal, 2023 est.)[1]
  • Increase $11.508 billion (PPP, 2023 est.)[1]
GDP growth
  • -15.9% (2020e) -2.7% (2021e)
  • 1.3% (2022e) 2.3% (2023e)[1]
GDP per capita
  • Increase $5,557 (nominal, 2023 est.)[1]
  • Increase $18,427 (PPP, 2023 est.)[1]
GDP by sector
agriculture: 10.4%; industry: 36.6%; services: 52.9% (2012 est.)
22 % (2020) [2]
Population below poverty line
70% (2002 est.)
  • Increase 0.724 high (2018)[3] (98th)
  • 0.557 IHDI (2018)[4]
Labour force
220,600 (2020) [5]
Labour force by occupation
agriculture: 8%; industry: 14%; services: 78% (2004)
Unemployment7.47% (2020) [6]
Main industries
bauxite and gold mining, alumina production; oil, lumbering, food processing, fishing
External
ExportsIncrease$2.51 billion (2018)
Export goods
Gold, alumina, Wood, crude oil, lumber, shrimp and fish, rice, bananas
Main export partners
ImportsIncrease$1.84 billion (2018)
Import goods
capital equipment, petroleum, foodstuffs, cotton, consumer goods
Main import partners
$504.3 million (2005 est.)
Public finances
Revenues$826.6 million (2010 est.)
Expenses$939.7 million (2010 est.)
Economic aidNetherlands provided $37 million for project and program assistance, European Development Fund $4 million, Belgium $2 million (2003)
Standard & Poor's:CCC
Outlook: Stable[9]
Moody's:[9]
Caa2
Outlook: Stable
Fitch:[9]
CCC
Outlook: Highly Vulnerable
$647.3 million (2019) [10]
All values, unless otherwise stated, are in US dollars.


The economy of Suriname was largely dependent upon the exports of aluminium oxide and small amounts of aluminium produced from bauxite mined in the country. However, after the departure of Alcoa, the economy depended on the exports of crude oil and gold. Suriname was ranked the 124th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings.[11]

Agriculture[edit]

A member of CARICOM, Suriname also exports in small numbers rice, shrimp, timber, bananas, fruits, and vegetables. Fernandes Group is a soft drinks company bottled by Coca-Cola world-wide.[12]

Other agricultural products of Suriname palm kernels, coconuts, peanuts; beef, chickens; forest products; shrimp.

Rice[edit]

In 2018, Suriname produced 273 thousand tons of rice, 125 thousand tons of sugar cane, in addition to smaller productions of other agricultural products, such as banana (48 thousand tons), orange (19 thousand tons) and coconut (14 thousand tons).[13]

Hardwood[edit]

Some big companies are getting the hardwood out of the jungle. However, proposals for exploitation of the country's tropical forests and undeveloped regions of the interior traditionally inhabited by indigenous and Maroon communities have raised the concerns of environmentalists and human rights activists both in Suriname and abroad. These opposing parties are not yet strong in Suriname.

Bananas[edit]

State-owned banana producer Surland closed its doors on April 5, 2002, after its inability to meet payroll expenses for the second month in a row; it is still unclear if Surland will survive this crisis.[14]

Th banana producer Surland was remodeled as Stichting Behoud Bananen Sector Suriname (SBBS). The rumour was that because of political differences Surland was manipulated in shutting down. The SBBS has made banana profitable for the first time in 20 years.[15] There is also wide production of plantains in Suriname.

Mineral industry[edit]

Main article: Mineral industry of Suriname

Bauxite[edit]

The backbone of Suriname's economy was the export of aluminium oxide (alumina) and small amounts of aluminium produced from bauxite mined in the country. In 1999, the aluminium smelter at Paranam was closed.[16] In November 2015 Suralco ceased the mining of bauxite completely.[17]

Oil[edit]

Petroleum is a promising sector. Staatsolie, the state-owned oil company, produced 16,200 barrels (2,580 m3) a day in 2012.[18] Staatsolie currently refines 7,350 barrels (1,169 m3) a day at Tout Lui Faut in the District of Wanica and is building more capacity to go to 15,000 barrels (2,400 m3) a day.[19]

Currency[edit]

Moreover, in January 2002, the government renegotiated civil servant wages (a significant part of the work force and a significant portion of government expenditure), agreeing to raises as high as 100%. Pending implementation of these wage increases and concerned that the government may be unable to meet these increased expenses, the local currency weakened from Sf 2200 in January 2002 to nearly Sf 2500 in April 2002. On March 26, 2003, the Central Bank of Suriname (CBvS) adjusted the exchange rate of the U.S. dollar. This action resulted in further devaluation of the Surinamese guilder. The official exchange rate of the US$ was SF 2,650 for selling and SF 2,600 for purchasing. With the official exchange rate, the CBvS came closer to the exchange rate on the parallel market which sold the U.S. dollar for SF 3,250.

With the beginning of 2004 the Surinamese dollar (SRD) was introduced with an exchange rate of 1000 Surinamese gulden to 1 Surinamese dollar. Before 2004: Surinamese gulden (SRG) = 100 cent, SRD 1 = SRG 1000; coins had extremely low official value and a much higher collector's value; their official value has now been multiplied by 1000: the value in SRD cent is equal to the former value in SRG cent. The same applies for "currency notes" (SRG 1 and 2.50).

Surinamese guilders per US dollar - 2,346.75 (2002), 2,178.5 (2001), 1,322.47 (2000), 859.44 (1999), 401 (1998)
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 then allowed trading within a band of SRG 500 around the official rate

Between 2004 and 2022, the value of the new Surinamese dollar (SRD) was set by the central bank. The Central Bank of Suriname spent much of Suriname's foreign currency reserves supporting the official exchange rates as inflation and other factors caused the real value of the Surinamese dollar to decline against other reserve currencies. As with the previous Surinamese guilder, the difference between the official exchange rate and the decreasing real value of the currency allowed black market currency trading to thrive. In June 2021, the central bank devalued the SRD by 33% and announced the currency would float freely.[20] By June 2022, official exchange rates began to reflect the real floating exchange rate.[21]

External debt and restructuring[edit]

As of February 2021, Suriname's external debt stands at US$4 billion. Of this amount, the nation sought to restructure a total of US$675 million in loans. Suriname retained French investment bank Lazard to act as its financial advisor during the restructuring.[22]

Stock Exchange[edit]

The Suriname Stock Exchange (SSX) is the stock exchange of Suriname. The exchange was established in 1994 by the Association for Securities Trading in Suriname (VvES), founded on January 1, 1994.[23] Stock trading does not occur daily but twice a month on the first and third Thursday. There are twelve companies listed on the exchange.[24]

Chambers of Commerce[edit]

The Suriname-Netherlands Chamber at the embassy of Suriname in The Hague

The general Chamber of Commerce and Factories (KKF) is located in Paramaribo. It was founded on 1 May 1910 and has nearly 30,000 members in 2019 that provide more than 150,000 jobs.[25] Next to that, there are several international Chambers. One of them is the Suriname-Netherlands Chamber of Commerce that is established at the embassy of Suriname in The Hague. At the Chamber it is possible to found a Surinamese company in the Netherlands.[26][27] Furthermore there is a Suriname-Guyana Chamber of Commerce,[28] a Suriname-India Chamber of Commerce and Industry[29] and a Ghana-Suriname Chamber of Commerce.[30]

Statistics[edit]

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates for 2020–2028). Inflation below 5% is in green.[31]

Uncollapse first
Year GDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

GDP

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth

(real)

Inflation rate

(in Percent)

Unemployment

(in Percent)

Government debt

(in % of GDP)

1980 Increase2.19 n/a Increase1.28 n/a Decrease-6.5% n/a n/a n/a
1981 Increase2.44 n/a Increase1.43 n/a Increase1.9% n/a n/a n/a
1982 Increase2.43 n/a Increase1.47 n/a Decrease-6.3% n/a n/a n/a
1983 Decrease2.39 n/a Decrease1.42 n/a Increase-5.1% n/a n/a n/a
1984 Increase2.41 n/a Decrease1.39 n/a Decrease-3.0% n/a n/a n/a
1985 Increase2.46 n/a Increase1.40 n/a Increase-0.9% n/a n/a n/a
1986 Decrease2.45 n/a Increase1.43 n/a Decrease-2.4% n/a n/a n/a
1987 Decrease2.29 n/a Increase1.57 n/a Decrease-8.8% n/a n/a n/a
1988 Increase2.63 n/a Increase1.86 n/a Increase10.8% n/a n/a n/a
1989 Increase2.79 n/a Increase2.18 n/a Decrease2.3% n/a n/a n/a
1990 Increase2.85 Increase6,984.2 Decrease0.58 Decrease1,413.6 Decrease-1.5% n/a n/a Negative increase72.9%
1991 Decrease2.54 Decrease6,132.3 Increase0.64 Increase1,536.0 Decrease-13.8% Negative increase14.0% n/a Negative increase75.7%
1992 Increase2.70 Increase6,440.0 Decrease0.59 Decrease1,406.6 Increase3.9% Negative increase33.0% n/a Positive decrease64.4%
1993 Increase2.70 Decrease6,352.8 Decrease0.47 Decrease1,093.1 Decrease-2.2% Negative increase139.1% n/a Positive decrease51.1%
1994 Decrease2.57 Decrease5,963.0 Increase0.52 Increase1,213.3 Decrease-7.0% Negative increase255.8% Negative increase12.4% Positive decrease30.5%
1995 Increase2.92 Increase6,676.7 Increase0.99 Increase2,270.8 Increase11.3% Negative increase-49.3% Positive decrease8.4% Positive decrease16.3%
1996 Increase3.31 Increase7,470.8 Increase1.23 Increase2,790.0 Decrease11.2% Increase4.2% Negative increase10.9% Positive decrease11.8%
1997 Increase3.60 Increase8,012.7 Increase1.32 Increase2,945.3 Decrease7.0% Negative increase17.0% Positive decrease9.8% Negative increase16.8%
1998 Increase3.72 Increase8,182.7 Increase1.59 Increase3,495.3 Decrease2.2% Negative increase14.9% Negative increase10.6% Negative increase21.6%
1999 Increase3.74 Increase8,103.4 Decrease1.31 Decrease2,837.2 Decrease-0.9% Negative increase71.9% Negative increase12.0% Negative increase32.3%
2000 Increase3.82 Increase8,180.0 Increase1.36 Increase2,904.5 Decrease-0.1% Negative increase44.7% Negative increase13.8% Negative increase35.7%
2001 Increase4.09 Increase8,646.6 Decrease1.17 Decrease2,464.8 Increase4.9% Increase0.9% Positive decrease13.7% Negative increase37.2%
2002 Increase4.31 Increase9,001.5 Increase1.47 Increase3,075.4 Decrease3.7% Negative increase28.4% Positive decrease9.7% Positive decrease35.6%
2003 Increase4.67 Increase9,650.7 Increase1.73 Increase3,571.6 Increase6.1% Negative increase13.1% Positive decrease6.5% Positive decrease31.3%
2004 Increase5.15 Increase10,444.0 Increase2.0 Increase4,057.7 Increase7.4% Negative increase9.1% Negative increase8.4% Positive decrease29.5%
2005 Increase5.57 Increase11,171.8 Increase2.39 Increase4,800.8 Decrease4.9% Negative increase20.1% Negative increase11.1% Positive decrease27.1%
2006 Increase6.07 Increase12,042.7 Increase2.81 Increase5,577.1 Increase5.8% Increase4.8% Negative increase12.3% Positive decrease22.5%
2007 Increase6.56 Increase12,853.2 Increase3.14 Increase6,165.5 Decrease5.1% Negative increase8.3% Positive decrease10.7% Positive decrease16.4%
2008 Increase6.96 Increase13,456.3 Increase3.78 Increase7,316.5 Decrease4.1% Negative increase9.4% Positive decrease9.4% Positive decrease14.8%
2009 Increase7.21 Increase13,762.5 Increase4.15 Increase7,917.3 Decrease3.0% Increase1.3% Positive decrease8.7% Positive decrease14.6%
2010 Increase7.68 Increase13,453.2 Increase4.68 Increase8,806.0 Increase5.2% Negative increase10.3% Positive decrease7.2% Negative increase17.3%
2011 Increase8.30 Increase15,363.4 Increase4.74 Decrease8,770.3 Increase5.8% Negative increase5.2% Negative increase7.5% Negative increase18.7%
2012 Increase9.15 Increase16,889.6 Increase5.33 Increase9,844.7 Decrease2.7%Decrease Increase4.3% Negative increase8.1% Negative increase20.1%
2013 Increase9.85 Increase17,908.8 Increase5.51 Increase10,013.7 Increase2.9% Increase0.6% Positive decrease6.6% Negative increase27.9$
2014 Increase10.23 Increase18,301.2 Increase5.61 Increase10,042.7 Decrease0.3% Increase3.9% Positive decrease5.5% 25.2%
2015 Decrease9.62 Decrease16,962.5 Decrease5.13 Decrease9,036.3 Decrease-3.4% Negative increase25.1% Negative increase7.0% Negative increase41.1%
2016 Decrease8.51 Decrease14,777.8 Decrease3.32 Decrease5,761.8 Decrease-4.9% Negative increase52.4% Negative increase10.0% Negative increase74.8%
2017 Increase10.23 Increase17,879.6 Increase3.59 Increase6,156.5 Increase1.6% Negative increase9.3% Positive decrease7.0% Positive decrease71.5%
2018 Decrease9.62 Increase18,997.3 Increase4.00 Increase6,772.1 Increase4.9% Negative increase5.4% Negative increase9.0% Positive decrease66.1%
2019 Decrease8.51 Increase19,292.1 Decrease3.98 Decrease6,662.9 Decrease1.1% Increase4.2% Positive decrease8.8% Negative increase80.8%
2020 Increase9.83 Decrease16,311.2 Decrease2.88 Decrease4,786.8 Decrease-15.9% Negative increase60.7% Negative increase11.1% Negative increase143.8%
2021 Increase9.99 Increase16,379.9 Increase2.99 Decrease4,896.1 Increase-2.7% Negative increase60.7% Negative increase11.2% Positive decrease117.0%
2022 Increase10.83 Increase17,549.9 Increase3.52 Increase5,705.7 Increase1.3% Negative increase54.6% Positive decrease10.9% Negative increase123.2%
2023 Increase11.51 Increase18,427.1 Decrease3.47 Decrease5,556.5 Increase2.3% Negative increase28.2% Positive decrease10.6% Positive decrease112.2%
2024 Increase12.11 Increase19,871.4 Increase3.78 Increase5,980.7 Steady3.0% Negative increase15.1% Positive decrease10.3% Positive decrease103.2%
2025 Increase12.71 Decrease19,163.2 Increase3.96 Increase6,198.4 Steady3.0% Negative increase11.1% Positive decrease10% Positive decrease96.2%
2026 Increase13.33 Increase19,871.4 Increase4.19 Increase6,468.5 Steady3.0% Negative increase8.3% Positive decrease9.9% Positive decrease89.6%
2027 Increase13.98 Increase20,601.6 Increase4.44 Increase6,772.2 Steady3.0% Negative increase6.0% Positive decrease9.0% Positive decrease83.6%
2028 Increase14.68 Increase22,138.3 Increase4.69 Increase7,070.5 Steady3.0% Negative increase5.0% Positive decrease8.5% Positive decrease78.9%

Energy[edit]

Here follows the energy statistics of Suriname.[32]

Uncollapse first
Electricity access
electrification - total population: 97.4% (2018)
electrification - urban areas: 99% (2018)
electrification - rural areas: 94.3% (2018)
Electricity capacity
installed generating capacity: 542,000 kW (2020 est.)
consumption: 2,938,391,000 kWh (2019 est.)
exports: 0 kWh (2019 est.)
imports: 808 million kWh (2019 est.)
transmission/distribution losses: 234 million kWh (2019 est.)
Electricity generation sources
fossil fuels: 40.5% of total installed capacity (2020 est.)
nuclear: 0% of total installed capacity (2020 est.)
solar: 0.4% of total installed capacity (2020 est.)
wind: 0% of total installed capacity (2020 est.)
hydroelectricity: 58.8% of total installed capacity (2020 est.)
tide and wave: 0% of total installed capacity (2020 est.)
geothermal: 0% of total installed capacity (2020 est.)
biomass and waste: 0.3% of total installed capacity (2020 est.)
Coal and gas
No production, consumption, exports, imports of reserves (2020 est.)
Petroleum
total petroleum production: 14,800 bbl/day (2021 est.)
refined petroleum consumption: 15,800 bbl/day (2019 est.)
crude oil and lease condensate exports: 0 bbl/day (2018 est.)
crude oil and lease condensate imports: 200 bbl/day (2018 est.)
crude oil estimated reserves: 89 million barrels (2021 est.)
Refined petroleum products - production

7,571 bbl/day (2015 est.) country comparison to the world: 101

Refined petroleum products - exports

14,000 bbl/day (2015 est.) country comparison to the world: 74

Refined petroleum products - imports

10,700 bbl/day (2015 est.) country comparison to the world: 145

Carbon dioxide emissions

2.372 million metric tonnes of CO2 (2019 est.)

from coal and metallurgical coke: 0 metric tonnes of CO2 (2019 est.)
from petroleum and other liquids: 2.361 million metric tonnes of CO2 (2019 est.)
from consumed natural gas: 11,000 metric tonnes of CO2 (2019 est.)country comparison to the world: 156
Energy consumption per capita

82.356 million Btu/person (2019 est.) country comparison to the world: 71

See also[edit]

References[edit]

  1. ^ Jump up to: a b c d e "World Economic Outlook Database, April 2023". IMF.org. International Monetary Fund. Retrieved 26 May 2023.
  2. ^ "SRD - Surinamese Dollar". Xe.currency. Retrieved 11 December 2020.
  3. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  4. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  5. ^ "Suriname: Labor force". theglobaleconomy. Retrieved 11 December 2020.
  6. ^ "Suriname: Unemployment rate". theglobaleconomy. Retrieved 11 December 2020.
  7. ^ "Where does Suriname export to? (2018)".
  8. ^ "Where does Suriname import from? (2018)".
  9. ^ Jump up to: a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 28 May 2011.
  10. ^ "Total reserves". World bank. Retrieved 11 Dec 2020.
  11. ^ "Euromoney Country Risk". Euromoney Institutional Investor PLC. Retrieved 15 August 2011.
  12. ^ "Fernandes on the move : market screening tool for Fernandes". University of Twente. June 2009. Retrieved 8 May 2021.
  13. ^ "Suriname production in 2018, by FAO".
  14. ^ "Hét branchemedium voor de AGF-sector". Agf.nl. Retrieved 7 November 2017.
  15. ^ "Parbode Surinaams opinie maandblad". Archived from the original on 2013-04-11. Retrieved 2013-02-12.
  16. ^ "Alcoa in Surinam". Alcoa. Retrieved 2013-04-21.
  17. ^ CIA Factbook, Suriname - Economie, geraadpleegd juli 2019
  18. ^ "Annual Report 2012" (PDF). Staatsolie. Archived from the original (PDF) on December 6, 2013. Retrieved September 10, 2013.
  19. ^ "Company Profile" (PDF). Staatsolie. Archived from the original (PDF) on February 3, 2013. Retrieved September 10, 2013.
  20. ^ "Surinam devalues its currency by 33%". Archived from the original on 2022-12-02. Retrieved 2023-02-07.
  21. ^ "Surinamese Dollar to US Dollar Exchange Rate Chart | Xe".
  22. ^ Suriname taps Lazard to advise on debt restructuring plan, Reuters, October 8, 2020
  23. ^ Dagblad Suriname, Vereniging voor Effectenhandel in Suriname herdenkt 25-jarig bestaan, 13 January 2019 (in Dutch)
  24. ^ SSX, Bulletins (in Dutch)
  25. ^ United News, KKF viert 109-jarig bestaan, 18 juli 2019 (in Dutch)
  26. ^ STVS, Suriname-Nederland Kamer van Koophandel opgericht, 11 May 2018 (in Dutch)
  27. ^ De Ware Tijd, Handelskamer moet ondernemerschap Suriname en Nederland bevorderen, 12 April 2018 (in Dutch)
  28. ^ Suriname Herald, Suriname en Guyana slaan handen ineen voor oprichting Kamer van Koophandel, 31 August 2023 (in Dutch)
  29. ^ De Ware Tijd, ‘Bedrijfsleven gaat mee met hechtere relaties Suriname-India’, Ivan Cairo, 6 November 2018 (in Dutch)
  30. ^ Dagblad Suriname, Surinaamse Diaspora Dr. Barryl Biekman benoemd tot voorzitter van de Ghana Suriname Kamer van Koophandel, 17 August 2020 (in Dutch)
  31. ^ "Report for Selected Countries and Subjects". IMF. Retrieved 2023-05-25.
  32. ^ "Suriname", The World Factbook, Central Intelligence Agency, 2023-05-16, retrieved 2023-05-26Public Domain This article incorporates text from this source, which is in the public domain.

External links[edit]

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