Suriname is a small country located in South America, bordered by Guyana to the west, Brazil to the south, and French Guiana to the east. With an area of just 163,821 km2 and a population of 578,000 people (2019), Suriname is one of the smallest countries on the continent. Despite its small size, however, Suriname has a diverse economy based on agriculture, mining and services.
Agriculture is one of the main pillars of Suriname’s economy. The sector employs approximately 15 percent of Surinamers and accounts for around 14 percent of GDP. The most important agricultural product in terms of exports is rice. Other important crops are bananas, cassava (manioc), coconuts and plantains. Livestock production is also an important source of income for many rural households. Fishing is another important sector in Suriname’s economy but it accounts for only 1 percent of GDP due to its limited size and limited access to markets.
Mining is another major economic activity in Suriname. The mining sector accounts for more than half of total export earnings and around one-third of GDP (2018). Gold mining is the main contributor to this sector but there are also other minerals such as bauxite (aluminum ore), iron ore and oil being extracted from offshore wells in Surinamese waters. Mining has been an important source of foreign exchange earnings since colonial times with gold production accounting for more than 70 percent total export earnings since 2009.
According to cheeroutdoor, services account for approximately 30 percent or GDP (2018) with tourism being an increasingly important contributor to this sector in recent years due to its natural beauty and diverse cultural heritage which attract tourists from all over the world. Other services include banking & finance; transportation; communication; trade activities such as retail & wholesale trade; health care services; education services; professional & technical services such as legal & accounting services etcetera..
In general terms, Suriname’s economy faces several challenges including inadequate infrastructure facilities which limit economic growth potential; high levels of economic inequality between different parts within its population base due to limited job opportunities particularly within rural areas; corruption which continues to stifle investment into key sectors such as agriculture etcetera.. In order to overcome these challenges it will be necessary for the government to implement reforms aimed at improving infrastructure facilities while simultaneously reducing levels corruption within government departments so that investments can flow more freely into key sectors where they are needed most going forward into generations beyond our own today.
In Suriname, Abbreviated as SUR by abbreviationfinder.org, business is dominated by the aluminum industry, which is based on the country’s rich bauxite deposits, as well as agriculture. Suriname also has large untapped timber resources that cover large parts of the hinterland as well as gold deposits. Previously, much of the gold trade took place outside the control of the state, but a change in the law in 2004 meant that more and more of the trade now takes place in the open market. Aluminum accounts for just over half of exports, while the gold industry contributes a quarter.
Note: the capital city of Suriname is Paramaribo with a population of 224,000 (estimate 2019). Other major cities include Lelydorp with a population of 18,200, Niuew Nickerie with a population of 13,100 (estimate 2019).
In agriculture, rice cultivation dominates, concentrated to the coastal region. Banana cultivation is also of some importance for exports. The United States, Switzerland and Belgium are the country’s most important trading partners.
According to COUNTRYAAH, Suriname had a current account surplus over a number of years, as well as a small foreign debt, mainly due to the Netherlands’ assistance. From the mid-1990s and ten years on, the domestic economy had a large budget deficit and rising inflation. However, from the mid-1990s, the trade balance has again shown a positive development, mainly due to increased gold exports.