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Independence from the Netherlands was granted in 1975. Five years later the civilian government was replaced by a military regime that soon declared a socialist republic. It continued to rule through a succession of nominally civilian administrations until 1987, when international pressure finally forced a democratic election. In 1990, the military overthrew the civilian government, but a democratically elected government returned to power in 1991.
Economy - overview:
The economy is dominated by the mining industry, which accounts for more than a third of GDP and subjects government revenues to mineral price volatility. The short-term economic outlook depends on the government's ability to control inflation and on the development of projects in the bauxite and gold mining sectors. Suriname's economic prospects for the medium term will depend on continued commitment to responsible monetary and fiscal policies and to the introduction of structural reforms to liberalize markets and promote competition. The government of Ronald VENETIAAN, in his first term, implemented an austerity program, raised taxes, and attempted to control spending. Economic policies are likely to remain the same during VENETIAAN's second term. Prospects for local onshore oil production are good, as a drilling program is underway. Offshore oil drilling was given a boost in 2004 when the State Oil Company (Staatsolie) signed exploration agreements with Repsol, Mearsk, and Occidental.
GDP (purchasing power parity): $2.818 billion (2005 est.)
GDP (official exchange rate): $1.3 billion (2005 est.)
GDP - real growth rate: 2% (2005 est.)
GDP - per capita (PPP): $4,100 (2005 est.)
GDP - composition by sector: agriculture: 13% industry: 22% services: 65% (2001)
Labor force: 156,700 (2004)
Labor force - by occupation: agriculture: 8% industry: 14% services: 78%
Unemployment rate: 9.5% (2004)
Population below poverty line: 70% (2002 est.)
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%
Exports - partners: Norway 29.4%, US 15.2%, Canada 12.5%, Belgium 10.2%, France 8.5%, UAE 6.2% (2004)
Imports: $750 million f.o.b. (2004 est.)
Imports - commodities: capital equipment, petroleum, foodstuffs, cotton, consumer goods
Imports - partners: US 26.2%, Netherlands 19.3%, Trinidad and Tobago 13.5%, Japan 6.6%, China 4.6%, Brazil 4.1% (2004)
Debt - external: $504.3 million (2005 est.)
Economic aid - recipient: Netherlands provided $37 million for project and program assistance, European Development Fund $4 million, Belgium $2 million (2003)
Currency (code): Surinam dollar (SRD)
Exchange rates: Surinamese dollars per US dollar - 2.7317 (2005), Surinamese guilders per US dollar - 2.7336 (2004), 2.6013 (2003), 2.3468 (2002), 2.1785 (2001) 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; in January 2004, the government introduced the Surinamese dollar as replacement for the guilder, tied to a US dollar-dominated currency basket
Fiscal year: calendar year
Country Energy Data Report
Suriname
Year:
2002
Energy Production (Quads) =
.0383
Energy Consumption (Quads) =
.0397
Oil
(Thousand Barrels per Day)
Refinery
Stock
Production
Output
Imports
Exports
Build
Consumption
Crude Oil
10.00
0.00
1.71
0.00
0.00
NGL's
0.00
0.00
0.00
0.00
0.00
Other Oils
0.00
0.00
0.00
0.00
0.00
Refinery Gain
-.50
Gasoline
0.00
1.58
0.00
0.00
1.58
Jet Fuel
0.00
.47
0.00
0.00
.47
Kerosene
0.00
.09
0.00
0.00
.09
Distillate
.77
2.13
0.00
0.00
2.89
Residual
5.79
0.00
.96
0.00
4.83
LPG's
.01
.67
0.00
0.00
.68
Unspecified
.16
.17
0.00
0.00
.91
TOTALS
9.50
6.73
5.11
2.67
0.00
11.45
Natural Gas
(Billion Cubic Feet and Quadrillion Btu)
Gross Production
(Billion Cubic Feet)
0.00
Dry Imports
(Billion Cubic Feet)
0.00
Vented and Flared
(Billion Cubic Feet)
0.00
Dry Exports
(Billion Cubic Feet)
0.00
Reinjected
(Billion Cubic Feet)
0.00
Marketed Production
(Billion Cubic Feet)
0.00
Dry Production
(Billion Cubic Feet)
0.00
Dry Production
(Quadrillion Btu)
0.0000
Dry Consumption
(Billion Cubic Feet)
0.00
Dry Consumption
(Quadrillion Btu)
0.0000
Coal
(Thousand Short Tons and Quadrillion Btu)
Production
Imports
Exports
Stock Build
(1000 Tons)
(Quads)
(1000 Tons)
(Quads)
(1000 Tons)
(Quads)
(1000 Tons)
(Quads)
Hard Coal
0
0.0000
0
0.0000
0
0.0000
--- Anthracite
0
0.0000
--- Bituminous
0
0.0000
Lignite
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Coke
0
0.0000
0
0.0000
0
0.0000
Total Coal
0
0.0000
0
0.0000
0
0.0000
0
0.0000
Consumption : (1000 Tons) =
0
(Quads) =
0.0000
Electricity
(Million Kilowatts, Billion Kilowatt Hours, and Quadrillion Btu)