The main ingredients in Surinam's economy are
gold and oil, with agriculture as a minor part. The
bauxite industry that previously dominated closed down
in 2015 when the bauxite, which is a raw material for
aluminum, basically ended.
The extraction and trade of gold previously took
place mainly in the informal, black sector. After
changes in the regulations, more and more of the gold
trade is now taking place in the open market. In
addition, in 2004, for the first time, large-scale gold
mining was initiated, in the Rosebel mine eight miles
south of Paramaribo.
Major imports by Suriname, covering a full list of top products imported by the country and trade value for each product category.
Political instability during the 1980s and the second
half of the 1990s did great damage to the economy.
Assistance to Surinam was periodically withdrawn,
government debt grew, growth was weak and inflation
galloped. When President Ronald Venetiaan took office
again in 2000, he resumed the austerity policy he
pursued as early as the early 1990s. The situation then
improved significantly: the currency stabilized,
inflation fell to single digits and growth accelerated.
However, the dependence on aid from the Netherlands in
particular remains high. Growth has been relatively good
during the 2000s and remained above zero even during the
global financial crisis of 2009. However, when the
bauxite industry collapsed, it hit hard on the country
and the economy shrank for two years, before growth
again turned positive in 2017.
The informal sector is large, according to some
calculations as large as the formal economy.
In addition to ore mining and the like, the informal
economy also includes elements of drug trafficking and
other crime. For example, cocaine is smuggled north
through Suriname from South America.
Abbreviationfinder.org: Check this abbreviation website to find three letter ISO codes for all countries in the world, including SUR which represents the country of Suriname. Check findjobdescriptions to learn more about Suriname.
FACTS - FINANCE
GDP per person
US $ 5,950 (2018)
US $ 3,427 million (2018)
2.0 percent (2018)
Agriculture's share of GDP
12.6 percent (2017)
Manufacturing industry's share of GDP
14.6 percent (2017)
The service sector's share of GDP
48.7 percent (2017)
5.5 percent (2019)
Government debt's share of GDP
72.8 percent (2018)
US $ 2,124 million (2018)
US $ 1,499 million (2018)
- US $ 189 million (2018)
Commodity trade's share of GDP
111 percent (2018)
Main export goods
bauxite, aluminum, rice
Largest trading partner
USA, Netherlands, Norway, Trinidad and Tobago