Part 705

Flag: five horizontal bands of green (top, double width), white, red (quadruple width), white, and green (double width); there is a large yellow five-pointed star centered in the red band

Economy -------

Economic overview: 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 double digits and tax revenues increased sufficiently to nearly erase the budget deficit. The release of substantial development aid from the Netherlands - which had been held up due to the government's failure to initiate economic reforms - also helped buoy the economy. Suriname's economic prospects for the medium term will depend on continued implementation of needed economic restructuring; the outcome of the national elections in May 1996 will be an important factor in determining future government policy.

GDP: purchasing power parity - $1.3 billion (1995 est.)

GDP real growth rate: 0.7% (1995 est.)

GDP per capita: $2,950 (1995 est.)

GDP composition by sector: agriculture: 21.6% industry: 23.7% services: 54.7% (1994 est.)

Inflation rate (consumer prices): 62% (1995)

Labor force: 98,240 by occupation: agriculture, industry, services

Unemployment rate: NA%

Budget: revenues: $300 million expenditures: $700 million, including capital expenditures of $70 million (1994 est.)

Industries: bauxite mining, alumina and aluminum production, lumbering, food processing, fishing

Industrial production growth rate: NA%

Electricity: capacity: 420,000 kW production: 1.4 billion kWh consumption per capita: 3,123 kWh (1993)

Agriculture: paddy rice, bananas, palm kernels, coconuts, plantains, peanuts; beef, chicken; forest products and shrimp of increasing importance

Illicit drugs: transshipment point for South American drugs destined for the US and Europe

Exports: $293.6 million (f.o.b., 1994 est.) commodities: alumina, aluminum, shrimp and fish, rice, bananas partners: Norway 33%, Netherlands 26%, US 13%, Japan 6%, Brazil 6%, UK 3% (1992)

Imports: $194.3 million (f.o.b., 1994 est.) commodities: capital equipment, petroleum, foodstuffs, cotton, consumer goods partners: US 42%, Netherlands 22%, Trinidad and Tobago 10%, Brazil 5% (1992)

External debt: $180 million (March 1993 est.)

Economic aid: recipient: ODA, $NA

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: 402.32 (December 1995), 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

Transportation --------------

Railways: total: 166 km (single track) standard gauge: 80 km 1.435-m gauge narrow gauge: 86 km 1.000-m gauge

Highways: total: 4,470 km paved: 1,162 km unpaved: 3,308 km (1990)

Waterways: 1,200 km; most important means of transport; oceangoing vessels with drafts ranging up to 7 m can navigate many of the principal waterways

Ports: Albina, Moengo, New Nickerie, Paramaribo, Paranam, Wageningen