The Suriname economy is dominated by the mining industry, with exports of alumina, gold and oil accounting for around 85% of exports and 25% of government revenue. The economy is therefore highly vulnerable to mineral price volatility.
Economic growth remained at about 4-5% per year between 2010 and 2013. In 2011, the government de-valued the currency by 20% and raised taxes in order to try and reduce the budget deficit. As a result, inflation receded to around 4% in 2013.
Suriname’s economic prospects for the medium term are expected to depend on continued commitment to responsible monetary and fiscal policies, and also to the introduction of structural reforms to liberalise markets and promote competition. The government’s reliance on revenue from extractive industries is likely to temper Suriname’s economic outlook, especially if gold prices continue to decrease.
Composition of GDP (2013)