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Economic overview
Suriname — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | The economy is dominated by the bauxite industry, which accounts for about 80% of export earnings and 40% of tax revenues. The economy has been in trouble since the Dutch ended development aid in 1982. A drop in world bauxite prices that started in the late 1970s and continued until late 1986, was followed by the outbreak of a guerrilla insurgency in the interior. The guerrillas targeted the economic infrastructure, crippling the important bauxite sector and shutting down other export industries |
| 1991 | The economy is dominated by the bauxite industry, which accounts for about 70% of export earnings and 40% of tax revenues. The economy has been in trouble since the Dutch ended development aid in 1982. A drop in world bauxite prices that started in the late 1970s and continued until late 1986, was followed by the outbreak of a guerrilla insurgency in the interior. The guerrillas targeted the economic infrastructure, crippling the important bauxite sector and shutting down other export industries |
| 1992 | The economy is dominated by the bauxite industry, which accounts for about 70% of export earnings and 40% of tax revenues. The economy has been in trouble since the Dutch ended development aid in 1982. A drop in world bauxite prices which started in the late 1970s and continued until late 1986 was followed by the outbreak of a guerrilla insurgency in the interior that crippled the important bauxite sector. Although the insurgency has since ebbed and the bauxite sector recovered, a military coup |
| 1993 | The economy is dominated by the bauxite industry, which accounts for 15% of GDP and about 70% of export earnings. The economy has been in trouble since the Dutch ended development aid in 1982. A drop in world bauxite prices which started in the late 1970s and continued until late 1986 was followed by the outbreak of a guerrilla insurgency in the interior that crippled the important bauxite sector. Although the insurgency has since ebbed and the bauxite sector recovered, a military coup in Decemb |
| 1994 | The economy is dominated by the bauxite industry, which accounts for 15% of GDP and about 70% of export earnings. The economy has been in trouble since the Dutch ended development aid in 1982. A drop in world bauxite prices which started in the late 1970s and continued until late 1986 was followed by the outbreak of a guerrilla insurgency in the interior that crippled the important bauxite sector. Although the insurgency has since ebbed and the bauxite sector recovered, Paramaribo has failed to |
| 1995 | The economy is dominated by the bauxite industry, which accounts for 15% of GDP and about 70% of export earnings. Paramaribo has failed to initiate the economic reforms necessary to stabilize the economy or win renewed Dutch aid disbursements. The government continues to finance deficit spending with monetary emissions. As a result, high inflation, high unemployment, widespread black market activity, and hard currency shortfalls continue to mark the economy. |
| 1996 | The economy is dominated by the bauxite industry, which accounts for upwards of 15% of GDP and more than 65% of export earnings. Following a dismal year in 1994 which saw the value of the Surinamese currency plummet by about 80%, inflation rise to more than 600%, and national output fall for the fifth consecutive year, nearly all economic indicators improved in 1995. The VENETIAAN government unified the exchange rate and the currency gained some of its lost value. In addition, inflation fell to |
| 1997 | The economy is dominated by the bauxite industry, which accounts for upwards of 15% of GDP and more than 65% of export earnings. Following a dismal year in 1994 which saw the value of the Surinamese currency plummet by about 80%, inflation rise to more than 600%, and national output fall for the fifth consecutive year, nearly all economic indicators improved in 1995-96. The government unified the exchange rate and maintained a fairly tight monetary policy. Inflation apparently has been eliminate |
| 1998 | The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. Following a dismal year in 1994-which saw the value of the Surinamese guilder plummet by about 70%, inflation rise to more than 600%, and national output fall for the fifth consecutive year-nearly all economic indicators improved in 1995-97. The VENETIAAN government unified the exchange rate as part of its structural adjustment program (SAP). After assuming power in the fall of 1 |
| 1999 | The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. After assuming power in the fall of 1996, the WIJDENBOSCH government ended the structural adjustment program of the previous government, claiming it was unfair to the poorer elements of society. Tax revenues fell as old taxes lapsed and the government failed to implement new tax alternatives. By the end of 1997, the allocation of new Dutch development funds was frozen as Suriname |
| 2000 | The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. After assuming power in the fall of 1996, the WIJDENBOSCH government ended the structural adjustment program of the previous government, claiming it was unfair to the poorer elements of society. Tax revenues fell as old taxes lapsed and the government failed to implement new tax alternatives. By the end of 1997, the allocation of new Dutch development funds was frozen as Suriname |
| 2001 | The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. After assuming power in the fall of 1996, the WIJDENBOSCH government ended the structural adjustment program of the previous government, claiming it was unfair to the poorer elements of society. Tax revenues fell as old taxes lapsed and the government failed to implement new tax alternatives. By the end of 1997, the allocation of new Dutch development funds was frozen as Suriname |
| 2002 | The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. Suriname's economic prospects for the medium term will depend on renewed 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 has begun an austerity program, raised taxes, and attempted to control spending. The Dutch Government has restarted the aid fl |
| 2003 | The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. Suriname's economic prospects for the medium term will depend on renewed 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 has begun an austerity program, raised taxes, and attempted to control spending. However, in 2002, President VENETIAAN agreed |
| 2004 | The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. Suriname's economic prospects for the medium term will depend on renewed 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 has begun an austerity program, raised taxes, and attempted to control spending. However, in 2002, President VENETIAAN agreed |
| 2005 | The economy is dominated by the alumina industry, which accounts for more than 15% of GDP and 70% of export earnings. 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 has begun an austerity program, raised taxes, and attempted to control spending. While - in 2002 - President VENETIAAN agree |
| 2006 | 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 li |
| 2007 | 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 li |
| 2008 | The economy is dominated by the mining industry, with exports of alumina, gold, and oil accounting for about 85% of exports and 25% of government revenues, making the economy highly vulnerable 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 has received aid for these projects from Netherlands, Belgium, and the European Development Fund. Surinam |
| 2009 | The economy is dominated by the mining industry, with exports of alumina, gold, and oil accounting for about 85% of exports and 25% of government revenues, making the economy highly vulnerable to mineral price volatility. Prospects for local onshore oil production are good, and a drilling program is underway. Offshore oil drilling was given a boost in 2004 when the State Oil Company (Staatsolie) signed exploration agreements with several Western oil companies. Bidding on these new offshore block |
| 2010 | The economy is dominated by the mining industry, with exports of alumina, gold, and oil accounting for about 85% of exports and 25% of government revenues, making the economy highly vulnerable to mineral price volatility. In 2000, the government of Ronald VENETIAAN, returned to office and inherited an economy with inflation of over 100% and a growing fiscal deficit. He quickly implemented an austerity program, raised taxes, attempted to control spending, and tamed inflation. Economic growth reac |
| 2011 | The economy is dominated by the mining industry, with exports of alumina, gold, and oil accounting for about 85% of exports and 25% of government revenues, making the economy highly vulnerable to mineral price volatility. In 2000, the government of Ronald VENETIAAN, returned to office and inherited an economy with inflation of over 100% and a growing fiscal deficit. He quickly implemented an austerity program, raised taxes, attempted to control spending, and tamed inflation. Economic growth reac |
| 2012 | The economy is dominated by the mining industry, with exports of alumina, gold, and oil accounting for about 85% of exports and 25% of government revenues, making the economy highly vulnerable to mineral price volatility. Economic growth, which reached about 7% in 2008, owing to sizeable foreign investment in mining and oil, slowed to 2.2% in 2009 as investment waned and the country earned less from its commodity exports when global prices for most commodities fell. Trade picked up, boosting Sur |
| 2013 | The economy is dominated by the mining industry, with exports of alumina, gold, and oil accounting for about 85% of exports and 25% of government revenues, making the economy highly vulnerable to mineral price volatility. Economic growth, which reached about 7% in 2008, owing to sizeable foreign investment in mining and oil, slowed to 2.2% in 2009 as investment waned and the country earned less from its commodity exports when global prices for most commodities fell. Trade picked up, boosting Sur |
| 2014 | The economy is dominated by the mining industry, with exports of alumina, gold, and oil accounting for about 85% of exports and 25% of government revenues, making the economy highly vulnerable to mineral price volatility. Economic growth has remained at about 4-5% per year in 2010-13, but the government's budget was strained by high inflation in 2010. In January 2011, the government devalued the currency by 20% and raised taxes to reduce the budget deficit. As a result of these measures, inflati |
| 2015 | The economy is dominated by the mining industry, with exports of oil, gold, and alumina accounting for about 85% of exports and 27% of government revenues, making the economy highly vulnerable to mineral price volatility. Economic growth has declined from just under 5% in 2012 and 2013 to 4% in 2014. In January 2011, the government devalued the currency by 20% and raised taxes to reduce the budget deficit. As a result of these measures, inflation receded to less than 4% in 2014. Suriname's econo |
| 2016 | The economy is dominated by the mining industry, with exports of oil, gold, and alumina accounting for about 85% of exports and 27% of government revenues, making the economy highly vulnerable to mineral price volatility. | Economic growth has declined annually from just under 5% in 2012 to 1.5% in 2015. In January 2011, the government devalued the currency by 20% and raised taxes to reduce the budget deficit. As a result of these measures, inflation receded to less than 4% in 2015. | Suriname's |
| 2017 | Suriname’s economy is dominated by the mining industry, with exports of oil and gold accounting for approximately 85% of exports and 27% of government revenues. This makes the economy highly vulnerable to mineral price volatility. The worldwide drop in international commodity prices and the cessation of alumina mining in Suriname significantly reduced government revenue and national income during the past few years. After 99 years of operations, a major US aluminum company recently discontinued |
| 2018 | Suriname’s economy is dominated by the mining industry, with exports of oil and gold accounting for approximately 85% of exports and 27% of government revenues. This makes the economy highly vulnerable to mineral price volatility. The worldwide drop in international commodity prices and the cessation of alumina mining in Suriname significantly reduced government revenue and national income during the past few years. In November 2015, a major US aluminum company discontinued its mining activities |
| 2019 | Suriname’s economy is dominated by the mining industry, with exports of oil and gold accounting for approximately 85% of exports and 27% of government revenues. This makes the economy highly vulnerable to mineral price volatility. The worldwide drop in international commodity prices and the cessation of alumina mining in Suriname significantly reduced government revenue and national income during the past few years. In November 2015, a major US aluminum company discontinued its mining activities |
| 2020 | Suriname’s economy is dominated by the mining industry, with exports of oil and gold accounting for approximately 85% of exports and 27% of government revenues. This makes the economy highly vulnerable to mineral price volatility. The worldwide drop in international commodity prices and the cessation of alumina mining in Suriname significantly reduced government revenue and national income during the past few years. In November 2015, a major US aluminum company discontinued its mining activities |
| 2021 | Suriname’s economy is dominated by the mining industry, with exports of oil and gold accounting for approximately 85% of exports and 27% of government revenues. This makes the economy highly vulnerable to mineral price volatility. The worldwide drop in international commodity prices and the cessation of alumina mining in Suriname significantly reduced government revenue and national income during the past few years. In November 2015, a major US aluminum company discontinued its mining activities |
| 2022 | Suriname s economy is dominated by the mining industry, with exports of oil and gold accounting for approximately 85% of exports and 27% of government revenues. This makes the economy highly vulnerable to mineral price volatility. The worldwide drop in international commodity prices and the cessation of alumina mining in Suriname significantly reduced government revenue and national income during the past few years. In November 2015, a major US aluminum company discontinued its mining activities |
| 2023 | upper middle-income South American economy; new floating currency regime; key aluminum goods, gold, and hydrocarbon exporter; new IMF plan for economic recovery and fiscal sustainability; controversial hardwood industry |
| 2024 | upper middle-income South American economy; new floating currency regime; key aluminum goods, gold, and hydrocarbon exporter; new IMF plan for economic recovery and fiscal sustainability; controversial hardwood industry |
| 2025 | upper middle-income South American economy; new floating currency regime; key aluminum goods, gold, and hydrocarbon exporter; new IMF plan for economic recovery and fiscal sustainability; controversial hardwood industry |