Suriname Economy
Is Suriname a wealthy country?
Economic overview of Suriname:
Economy and GDP: Suriname's economy is classified as an upper-middle-income economy. Its GDP (Gross Domestic Product) is primarily driven by the extractive industries, including mining and oil production. Other important sectors include agriculture, manufacturing, construction, and services.
Natural Resources: Suriname is rich in natural resources, including bauxite, gold, oil, and hardwood forests. These resources play a significant role in the country's economy, attracting foreign investments and generating export revenues.
Mining Sector: Suriname has a well-developed mining sector, with bauxite being its most significant mineral export. Bauxite mining and alumina production are key contributors to the country's economy and provide employment opportunities. Gold mining is also a prominent industry, with Suriname being one of the top gold producers in South America.
Oil and Energy Sector: Suriname has recently emerged as an oil-producing nation. Significant offshore oil discoveries have led to the development of oil fields, attracting international oil companies and investment. The oil sector has the potential to significantly impact Suriname's economy in the coming years.
Agriculture: Agriculture plays an important role in Suriname's economy, employing a significant portion of the population. Key agricultural products include rice, bananas, citrus fruits, vegetables, and shrimp. The government has made efforts to promote sustainable agriculture and expand export opportunities for agricultural products.
Services Sector: The services sector is an important contributor to Suriname's economy. It encompasses a wide range of activities, including trade, transportation, finance, tourism, and telecommunications. The government has been focusing on diversifying the services sector to reduce reliance on extractive industries.
Infrastructure and Investment: Suriname has been investing in infrastructure development to support economic growth. Improvements in transportation, energy, telecommunications, and ports are crucial for attracting investments, enhancing trade, and fostering economic development.
Challenges: Suriname faces several economic challenges, including high public debt, inflation, and unemployment. The country is working towards fiscal consolidation, promoting sustainable economic growth, and attracting foreign investment through policy reforms and initiatives.
Regional Integration: Suriname is a member of the Caribbean Community (CARICOM) and the Union of South American Nations (UNASUR). Regional integration and cooperation play a role in facilitating trade, investment, and economic development in Suriname.
Suriname Economy Data
What is the GDP of Suriname?
| Currency Name and Code | Suriname Guilder (SRG) |
| GDP - Gross Domestic Product (PPP) | $9,460,000,000 (USD) |
| GDP - official exchange rate | $5,050,000,000 (USD) |
| GDP - real growth rate | 1.5% |
| GDP Per Capita | $16,700.00 (USD) |
| GDP by Sector- agriculture | 6.2% |
| GDP by Sector- Industry | 48.7% |
| GDP by Sector- services | 45.1% |
| GDP - composition, by end use |
household consumption: 52% government consumption: 11.2% investment in fixed capital: 11.9% investment in inventories: 26.5% exports of goods and services: 24.2% imports of goods and services: -25.8% |
| Population Below Poverty Line | 70% |
| Inflation Rate | 6.4% |
| Labor Force | 165,600 |
| Labor Force By Occupation- agriculture | 8% |
| Labor Force By Occupation- industry | 14% |
| Labor Force By Occupation- services | 78% |
| Unemployment Rate | 9.5% |
| Fiscal Year | calendar year |
| Annual Budget | $392,600,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -2.3% |
| Taxes and other revenues - percent of GDP | 16.5% |
| Major Industries | bauxite and gold mining, alumina production, oil, lumbering, food processing, fishing |
| Industrial Growth Rate | 6.5% |
| Agriculture Products | paddy rice, bananas, palm kernels, coconuts, plantains, peanuts; beef, chickens; forest products; shrimp |
| Exchange Rate per US Dollar | Surinamese Dollar (SRD) |
| Child Labor - % of children ages 5-14 | 6% |
| Child Labor - # of children ages 5-14 | 6,094 |
| Commercial Bank Prime Lending Rate | 12% |