Suriname Economy—overview: 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 1996 the WIJDENBOSCH government ended the SAP 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 Surinamese government relations with Holland deteriorated. Suriname's economic prospects for the medium term will depend on renewed commitment to financially responsible monetary and fiscal policies. GDP: purchasing power parity—$1.44 billion (1997 est.) GDP—real growth rate: 4% (1997 est.) GDP—per capita: purchasing power parity—$3 400 (1997 est.) GDP—composition by sector: agriculture: 14% industry: 33% services: 53% (1994) Inflation rate—consumer price index: 8% (1997 est.) Labor force: NA by occupation: agriculture industry services Unemployment rate: 20% (1997) Budget: revenues: $317 million expenditures: $333 million including capital expenditures of $52 million (1997 est.) Industries: bauxite and gold mining alumina and aluminum production lumbering food processing fishing Industrial production growth rate: 6.5% (1994 est.) Electricity—capacity: 425 000 kW (1995) Electricity—production: 1.601 billion kWh (1995) Electricity—consumption per capita: 3 727 kWh (1995) Agriculture—products: paddy rice bananas palm kernels coconuts plantains peanuts; beef chicken; forest products and shrimp of increasing importance Exports: total value: $434.3 million (f.o.b. 1996 est.) commodities: alumina aluminum shrimp and fish rice bananas partners: Norway 33% Netherlands 26% US 13% Japan 6% Brazil 6% UK 3% (1994) Imports: total value: $490 million (f.o.b. 1997 est.) commodities: capital equipment petroleum foodstuffs cotton consumer goods partners: US 40% Netherlands 24% Trinidad and Tobago 11% Japan 3% (1994) Debt—external: $216 million (1996 est.) Economic aid: recipient: the Netherlands provided a 1996 aid package of $224 million to Suriname Aruba and the Netherlands Antilles Currency: 1 Surinamese guilder gulden or florin (Sf.) = 100 cents Exchange rates: Surinamese guilders gulden or florins (Sf.) per US$1—central bank midpoint rate: 401.00 (January 1998) 401.00 (1997) 401.26 (1996) 442.23 (1995) 134.12 (1994); parallel rate: 412 (December 1995) 510 (December 1994) 109 (January 1994) note: beginning July 1994 the central bank midpoint exchange rate was unified and became market determined Fiscal year: calendar year
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