Currency | Surinamese guilder (SRG) |
---|---|
Calendar year | |
Trade organisations | WTO, CARICOM, Unasur, Mercosur (associate) |
Statistics | |
GDP | |
GDP growth |
|
GDP per capita | |
GDP by sector | agriculture: 10.4%; industry: 36.6%; services: 52.9% (2012 est.) |
22 % (2020) [2] | |
Population below poverty line | 70% (2002 est.) |
Labour force | 220,600 (2020) [5] |
Labour force by occupation | agriculture: 8%; industry: 14%; services: 78% (2004) |
Unemployment | 7.47% (2020) [6] |
Main industries | bauxite and gold mining, alumina production; oil, lumbering, food processing, fishing |
External | |
Exports | $2.51 billion (2018) |
Export goods | Gold, alumina, Wood, crude oil, lumber, shrimp and fish, rice, bananas |
Main export partners |
|
Imports | $1.84 billion (2018) |
Import goods | capital equipment, petroleum, foodstuffs, cotton, consumer goods |
Main import partners |
|
Gross external debt | $504.3 million (2005 est.) |
Public finances | |
Revenues | $826.6 million (2010 est.) |
Expenses | $939.7 million (2010 est.) |
Economic aid | Netherlands 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] | |
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]
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.
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]
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.
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.
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]
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]
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]
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$675 million in loans. Suriname retained French investment bank Lazard to act as its financial advisor during the restructuring. [22]
The Suriname Stock Exchange (SSX) is the stock exchange of Suriname. The exchange was established in 1994 by the Association for Securities Trading in Suriname (VvES), founded on January 1, 1994. [23] Stock trading does not occur daily but twice a month on the first and third Thursday. There are twelve companies listed on the exchange. [24]
The general Chamber of Commerce and Factories (KKF) is located in Paramaribo. It was founded on 1 May 1910 and has nearly 30,000 members in 2019 that provide more than 150,000 jobs. [25] Next to that, there are several international Chambers. One of them is the Suriname-Netherlands Chamber of Commerce that is established at the embassy of Suriname in The Hague. At the Chamber it is possible to found a Surinamese company in the Netherlands. [26] [27] Furthermore there is a Suriname-Guyana Chamber of Commerce, [28] a Suriname-India Chamber of Commerce and Industry [29] and a Ghana-Suriname Chamber of Commerce. [30]
The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates for 2020–2028). Inflation below 5% is in green. [31]
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Year | GDP (in Bil. US$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 | 2.19 | n/a | 1.28 | n/a | -6.5% | n/a | n/a | n/a |
1981 | 2.44 | n/a | 1.43 | n/a | 1.9% | n/a | n/a | n/a |
1982 | 2.43 | n/a | 1.47 | n/a | -6.3% | n/a | n/a | n/a |
1983 | 2.39 | n/a | 1.42 | n/a | -5.1% | n/a | n/a | n/a |
1984 | 2.41 | n/a | 1.39 | n/a | -3.0% | n/a | n/a | n/a |
1985 | 2.46 | n/a | 1.40 | n/a | -0.9% | n/a | n/a | n/a |
1986 | 2.45 | n/a | 1.43 | n/a | -2.4% | n/a | n/a | n/a |
1987 | 2.29 | n/a | 1.57 | n/a | -8.8% | n/a | n/a | n/a |
1988 | 2.63 | n/a | 1.86 | n/a | 10.8% | n/a | n/a | n/a |
1989 | 2.79 | n/a | 2.18 | n/a | 2.3% | n/a | n/a | n/a |
1990 | 2.85 | 6,984.2 | 0.58 | 1,413.6 | -1.5% | n/a | n/a | 72.9% |
1991 | 2.54 | 6,132.3 | 0.64 | 1,536.0 | -13.8% | 14.0% | n/a | 75.7% |
1992 | 2.70 | 6,440.0 | 0.59 | 1,406.6 | 3.9% | 33.0% | n/a | 64.4% |
1993 | 2.70 | 6,352.8 | 0.47 | 1,093.1 | -2.2% | 139.1% | n/a | 51.1% |
1994 | 2.57 | 5,963.0 | 0.52 | 1,213.3 | -7.0% | 255.8% | 12.4% | 30.5% |
1995 | 2.92 | 6,676.7 | 0.99 | 2,270.8 | 11.3% | -49.3% | 8.4% | 16.3% |
1996 | 3.31 | 7,470.8 | 1.23 | 2,790.0 | 11.2% | 4.2% | 10.9% | 11.8% |
1997 | 3.60 | 8,012.7 | 1.32 | 2,945.3 | 7.0% | 17.0% | 9.8% | 16.8% |
1998 | 3.72 | 8,182.7 | 1.59 | 3,495.3 | 2.2% | 14.9% | 10.6% | 21.6% |
1999 | 3.74 | 8,103.4 | 1.31 | 2,837.2 | -0.9% | 71.9% | 12.0% | 32.3% |
2000 | 3.82 | 8,180.0 | 1.36 | 2,904.5 | -0.1% | 44.7% | 13.8% | 35.7% |
2001 | 4.09 | 8,646.6 | 1.17 | 2,464.8 | 4.9% | 0.9% | 13.7% | 37.2% |
2002 | 4.31 | 9,001.5 | 1.47 | 3,075.4 | 3.7% | 28.4% | 9.7% | 35.6% |
2003 | 4.67 | 9,650.7 | 1.73 | 3,571.6 | 6.1% | 13.1% | 6.5% | 31.3% |
2004 | 5.15 | 10,444.0 | 2.0 | 4,057.7 | 7.4% | 9.1% | 8.4% | 29.5% |
2005 | 5.57 | 11,171.8 | 2.39 | 4,800.8 | 4.9% | 20.1% | 11.1% | 27.1% |
2006 | 6.07 | 12,042.7 | 2.81 | 5,577.1 | 5.8% | 4.8% | 12.3% | 22.5% |
2007 | 6.56 | 12,853.2 | 3.14 | 6,165.5 | 5.1% | 8.3% | 10.7% | 16.4% |
2008 | 6.96 | 13,456.3 | 3.78 | 7,316.5 | 4.1% | 9.4% | 9.4% | 14.8% |
2009 | 7.21 | 13,762.5 | 4.15 | 7,917.3 | 3.0% | 1.3% | 8.7% | 14.6% |
2010 | 7.68 | 13,453.2 | 4.68 | 8,806.0 | 5.2% | 10.3% | 7.2% | 17.3% |
2011 | 8.30 | 15,363.4 | 4.74 | 8,770.3 | 5.8% | 5.2% | 7.5% | 18.7% |
2012 | 9.15 | 16,889.6 | 5.33 | 9,844.7 | 2.7% | 4.3% | 8.1% | 20.1% |
2013 | 9.85 | 17,908.8 | 5.51 | 10,013.7 | 2.9% | 0.6% | 6.6% | 27.9$ |
2014 | 10.23 | 18,301.2 | 5.61 | 10,042.7 | 0.3% | 3.9% | 5.5% | 25.2% |
2015 | 9.62 | 16,962.5 | 5.13 | 9,036.3 | -3.4% | 25.1% | 7.0% | 41.1% |
2016 | 8.51 | 14,777.8 | 3.32 | 5,761.8 | -4.9% | 52.4% | 10.0% | 74.8% |
2017 | 10.23 | 17,879.6 | 3.59 | 6,156.5 | 1.6% | 9.3% | 7.0% | 71.5% |
2018 | 9.62 | 18,997.3 | 4.00 | 6,772.1 | 4.9% | 5.4% | 9.0% | 66.1% |
2019 | 8.51 | 19,292.1 | 3.98 | 6,662.9 | 1.1% | 4.2% | 8.8% | 80.8% |
2020 | 9.83 | 16,311.2 | 2.88 | 4,786.8 | -15.9% | 60.7% | 11.1% | 143.8% |
2021 | 9.99 | 16,379.9 | 2.99 | 4,896.1 | -2.7% | 60.7% | 11.2% | 117.0% |
2022 | 10.83 | 17,549.9 | 3.52 | 5,705.7 | 1.3% | 54.6% | 10.9% | 123.2% |
2023 | 11.51 | 18,427.1 | 3.47 | 5,556.5 | 2.3% | 28.2% | 10.6% | 112.2% |
2024 | 12.11 | 19,871.4 | 3.78 | 5,980.7 | 3.0% | 15.1% | 10.3% | 103.2% |
2025 | 12.71 | 19,163.2 | 3.96 | 6,198.4 | 3.0% | 11.1% | 10% | 96.2% |
2026 | 13.33 | 19,871.4 | 4.19 | 6,468.5 | 3.0% | 8.3% | 9.9% | 89.6% |
2027 | 13.98 | 20,601.6 | 4.44 | 6,772.2 | 3.0% | 6.0% | 9.0% | 83.6% |
2028 | 14.68 | 22,138.3 | 4.69 | 7,070.5 | 3.0% | 5.0% | 8.5% | 78.9% |
Here follows the energy statistics of Suriname. [32]
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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 |
The economy of Guyana is one of the fastest growing in the world with a gross domestic product (GDP) growth of 19.9% in 2021. In 2023, Guyana had a per capita gross domestic product of Int$60,648 and an average GDP growth of 4.2% over the previous decade. Guyana's economy was transformed in 2015 with the discovery of an offshore oil field in the country’s waters about 120 miles from Georgetown. Making the first commercial grade crude oil draw in December 2019, sending it abroad for refining.
The Surinamese dollar has been the currency of Suriname since 2004. It is divided into 100 cent. The Surinamese dollar is normally abbreviated with the dollar sign $, or alternatively Sr$ to distinguish it from other dollar-denominated currencies. In spoken Surinamese Dutch, it is widely referred to by its acronym SRD, with "dollar" generally being understood as meaning the US dollar.
Petrocurrency is a word used with three distinct meanings, often confused:
The guilder or florin was the currency of the Netherlands from 1434 until 2002, when it was replaced by the euro.
The Netherlands Antillean guilder is the currency of Curaçao and Sint Maarten, which until 2010 formed the Netherlands Antilles along with Bonaire, Saba, and Sint Eustatius. It is subdivided into 100 cents. The guilder was replaced on 1 January 2011 on the islands of Bonaire, Saba and Sint Eustatius by the United States dollar.
The rijksdaalder was a Dutch coin first issued by the Republic of the Seven United Netherlands in the late 16th century during the Dutch Revolt which featured an armored half bust of William the Silent. It was the Dutch counterpart of the Reichsthaler of the Holy Roman Empire but weighed slightly less, at 29.03 g of 0.885 fine silver, reduced to 0.875 fine by the 17th century. Friesland, Gelderland, Holland, Kampen, Overijssel, Utrecht, West Friesland, Zeeland, and Zwolle minted armored half bust rijksdaalders until the end of the 17th century.
The guilder was the currency of Suriname until 2004, when it was replaced by the Surinamese dollar. It was divided into 100 cents. Until the 1940s, the plural in Dutch was cents, with centen appearing on some early paper money, but after the 1940s the Dutch plural became cent.
The West Irian rupiah was a distinct currency of West Irian between 1963 and 1973. It replaced the West New Guinea gulden at par and was replaced by the Indonesian rupiah at the rate of 1 West Irian rupiah = 18.9 Indonesian rupiah.
Paranam is a town in the Para District, Suriname. Paranam was created in 1938 for a bauxite factory. In 1965, an aluminium smelter was added. The factories closed down in 2017.
Aluminium in Africa originates from bauxite, and within Africa is primarily found in Guinea, Mozambique and Ghana. Guinea is by far the biggest producer in Africa, and is a world leader in bauxite production.
Diplomatic relations between the United States and Suriname were established on 23 January 1976. Suriname has an embassy in Washington, D.C. since 1976, and a consulate in Miami. The United States had a consulate in Paramaribo since 25 November 1975, the date of independence which was upgraded to an embassy on 18 February 1976.
Robert Ameerali is a Surinamese politician who was the Vice President of Suriname from 2010 to 2015. Previously he was the chairman of the Chamber of Commerce. He was nominated by the General Liberation and Development Party, which was founded and is still chaired by Ronnie Brunswijk. He was inaugurated as Vice President on 12 August 2010 and left office on 12 August 2015.
Surinam, also unofficially known as Dutch Guiana, was a Dutch plantation colony in the Guianas, bordered by the equally Dutch colony of Berbice to the west, and the French colony of Cayenne to the east. It later bordered British Guiana from 1831 to 1966.
Krishnakoemarie "Krishna" Mathoera is a Surinamese senior policewoman who became a politician in 2015. She was a member of the National Assembly in Suriname for the Progressive Reform Party (VHP). On 16 July 2020, Mathoera was appointed as Minister of Defense.
Karin B. Refos is a Surinamese former model, entrepreneur, and public speaker on child welfare and women's rights. She founded the brand consultancy STAS International.
The Suriname-Guyana Chamber of Commerce (SGCC) is an international chamber of commerce that is aiming at strengthening the economic ties between Suriname and Guyana.
The Chamber of Commerce and Factories, native name Kamer van Koophandel en Fabrieken (KKF), is a Surinamese institution that offers advice to companies before, during and afther the start, and registers them in the company register. The company register is being published at the website of Suriname Directory.
The Suriname-Netherlands Chamber of Commerce, native name Suriname-Nederland Kamer van Koophandel, is a chamber of commerce with the goal to improve the entrepreneurial infrastructure en promote commerce between Suriname and the Netherlands.
The Ghana-Suriname Chamber of Commerce, Surinamese name Ghana-Suriname Kamer van Koophandel, is a chamber of commerce with the goal to improve the trade relation between Suriname and Ghana.
The Embassy of Suriname in The Hague is located at 2 Alexander Gogelweg.