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Suriname Suriname

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Suriname – Quick View
ECR score33.57 (Mar 2011)
ECR rank124 (Mar 2011)
Economic
GDPUSD 3.28 billion
GNI per capita PPPUSD 7,093
FDI inflowUSD -628.4 million
Inflation (Jan 2011)3.3%
Central bank assetsUSD 1,065,225,073.33
Unemployment rate9%
Government deficitUSD 105.13 million
Tax revenueUSD 649.81 million
Political
Government typeConstitutional Democracy
Recent political crisisNA
Economic freedom score129th
Freedom of information score35th
Corruption perception indexNA
Structural
Birth rate19 per ‘000
Population balanceUnder 14 - 28.9%
Population balanceOver 60 females – 10.3%
Population balanceOver 60 males – 8.1%
Life expectancy yearsMale 72.6 years
Life expectancy yearsFemale 65.4 years
Mortality rate8 per ‘000
Literacy rate91%
Internet access31.36%

[Top] Economic Overview

 

Suriname’s economy is dominated by the mining industry, with its major exports including bauxite, alumina, aluminium, crude oil, timber, shrimp and fish.

 

The Gross Domestic Product (GDP) for 2009 was recorded at SRD 8.93 billion, as compared to SRD 8.41 billion in 2008.

 

(Source: Central Bank of Suriname)                                         

 

 

(Source: Central Bank of Suriname)

 

The GDP growth rate was 3.1% in 2009, as compared to 4.7% in 2008, and has been declining since 2007.

 

(Source: Central Bank of Suriname)

 

The gross national income in 2009 was recorded at SRD 8,941 million, as compared to SRD 8,472 million in 2008. The gross national income per capita was SRD 17,059 in 2009.

 

(Source: Central Bank of Suriname)

 

The nation’s gross national income (GNI) per capita at PPP was USD 7,093 in 2010.                                        

 


(Source: UNDP)

Income tax

 

The highest income tax rate in Suriname is 38%.

 

Corporate tax

 

The highest corporate tax rate in Suriname is 36%.

 

(Source: heritage.org)

 

Inflation rate

 

Inflation rate in Suriname in February 2011 reached 4.4% as compared to 0.4% in February 2010.

 

 

(Source: Central Bank of Suriname)

 

FDI inflow

 

Foreign Direct Investment (USD million)

 

Q4 2010

Q3 2010

Q2 2010

Q1 2010

2009

2008

2007

2006

Direct investment in Suriname

-255.7

-185.6

-122.9

-64.2

-93.4

-231.4

-246.7

-163.4

 

(Source: Central Bank of Suriname)

 

Central bank assets

 

The table below displays the assets of the Central Bank of Suriname.

 

Currency Unit: SRD thousands

 

Balance Sheet – Assets of Central Bank of Suriname (SRD thousands)

 

As of March 25, 2011

Gold

314,763.3

Balances Abroad and other Foreign Assets

1,590,322.4

Special Drawing Rights in the I.M.F.

411,270.6

Reserve Position in the I.M.F.

31,237.5

Advances to the Government

228,876.0

Advances in Current Account (incl. Loans)

18,497.0

The Republic of Suriname Consolidated Floating Government Debt

118,528.0

Capital, Reserve Fund and Special Invested Reserves

7,187.0

Fixed Assets and Inventory

48,880.8

Miscellaneous Accounts

133,024.9

Total Assets

2,902,587.5

 

(Source: CentralBank of Suriname)

 

[Top] Financial Indicators & Government Financial

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[Top] Labour Force and Employment Overview

Suriname’s total labour force in 2008 was 188,961.1, as compared to 185,521.1 in 2007. Furthermore, the labour participation rate in 2008 was 52% of the total population.

The total employment in Suriname in 2009 was 98,972, of which a majority, 40,064 people, were employed in the government sector.

(Source: Central Bank of Suriname, World Bank)

The unemployment rate in the country was 9% in 2008, showing a decrease of 11% from 2007.

                                         Suriname Unemployment rate

(Source: IMF)


Minimum wage

There are no minimum wages in the country.

(Source: state.gov)

Level of unionisation 

 

The major trade unions include:

  • Algemeen Verbond van Vakverenigingen in Suriname "De Moederbond" (MOEDERBOND)
  • Organisatie van Samenwerkende Autonome Vakbonden (OSAV)
  • Progressieve Vakcentrale (C-47)

(Source: ICFTU)

[Top] Political Stability

Suriname is a constitutional democracy. The government is divided into three branches, the executive, the legislative and the judicial. 

 

The president, vice president, and the council of ministers come under the executive branch. The legislative branch is the country’s parliament, known as the National Assembly. The National Assembly is unicameral and has 51 directly elected members.

 

Major political parties in Suriname include:

 

·         National Party of Suriname (NPS)

·         Progressive Reform Party (VHP)

·         General Interior Development Party (ABOP)

·         Brotherhood and Unity in Politics (BEP)

·         Suriname Workers Party (SPA)

·         Democratic Alternative '91 (DA '91)

·         National Democratic Party (NDP)

·         Democratic National Platform 2000 (DNP 2000)

·         Party for Renewal and Development (BVD)

·         Javanese Indonesian Peasants Party (KTPI)

 

(Source: IPU, state.gov)

 

Regulatory environment in Suriname

                                      Suriname Economic Freedom Indices

 

(Source:Heritage.org)

The country’s economic freedom score is 58.1, making it the 129th freest in the 2011 Index of Economic Freedom. Furthermore, Suriname ranks 22nd out of the 29 regional countries in the Central and South America/ Caribbean region. Its overall score is lower than the global and regional averages.

 

Corruption perception

 

Suriname is not ranked in the 2010 Corruption Perceptions Index. However, in the 2009 Index, the country was ranked 75th.

 

(Source: transparency.org)

 

Freedom of information

 

Media in Suriname is free. The government of the country respects the freedom of expression.

 

(Source: BBC)

 

Suriname is ranked 35th in the World Press Freedom Index 2010 with a score of 11.50.

 

(Source: rsf.org)

 

Newspapers

 

·         De Ware Tijd

·         De West

 (Source: BBC)

 

Judicial system

 

The judicial system is headed by the Supreme Court whose members are appointed by the president after consultations with the National Assembly. The court system includes three lower courts, two specialised courts and the Court of Justice as an appeal court. The Caribbean court of justice is the highest court of appeal.

 

The Caribbean court of justice is the regional judicial tribunal of the Caribbean region. It was inaugurated in 2005 at the Port of Spain in Trinidad and Tobago. The Caribbean court of justice was established as a substitute for the Judicial Committee of the Privy Council.

 

(Source: CCJ, spainexchange, law.yale.edu)

[Top] Demographic Overview

The total population of Suriname was 524,143 people in 2009.

(Source: Central Bank of Suriname)

                                                                                                        Suriname Population by gender

 

The gender ratio in the country is balanced, there are about 100.5 males for every 100 females in the country.

In 2009, individuals below 14 years of age accounted for 28.9% of the total population. In the same year 10.3% women and 8.1% men (% of total population) were aged above 60.

(Source: UN)

The mortality rate of infants (per 1,000 live births) was registered at 22.2 births from 2005 to 2010. The crude death rate for adults in 2008 was recorded at 8 deaths (per 1,000 people).

The crude birth rate was recorded at 19 births (per thousand). The average life expectancy in Suriname for men was 65.4 years, and for women it was 72.6 years (2005-2010).

(Source: UN, World Bank)

International migrant stock till mid-2010 was recorded at 39,500 individuals, or 7.5% of the entire population.

(Source: UN)

In 2007, 74.6% of the population lived in urban areas, and is growing at an average rate of 1%, while the rural population growth rate was 0.8%

(Source: UN)

Ethnic groups in Suriname include:

 

·         Hindustani (East Indian)

·         Creole

·         Javanese

·         Maroon

·         Mixed

·         Amerindians

·         Chinese

 

(Source: state.gov)

 

The country ranks 94th out of 169 countries on the Human Development Index (HDI) 2010 conducted by the United Nations. The HDI provides a composite measure of three dimensions of human development: living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and gross enrolment in education) and having a decent standard of living (measured by purchasing power parity, PPP, income).

 

(Source: UNDP)

[Top] Soft Infrastructure

Education

The country’s adult literacy rate for the period 2003 – 2008 is estimated at 91%. (Source: UNICEF)

The education system in Suriname includes free and compulsory schooling till 12 years of age. Free education is provided up to the secondary school level by the government and Roman Catholic and Moravian churches.

Levels of education:

·         Pre-school

·         Primary school

·         The junior secondary education is divided into two phases:

o    Junior secondary education

o    Senior secondary education

·         Tertiary education

o    University of Suriname

o    Higher Vocational Education

(Source: spainexchange)

The combined gross enrolment ratio in is estimated at 74.3% in the year 2010. The expenditure on education is estimated at 6.6% of the country’s GDP.

(Source: UNDP)

 

Health care

The health workforce statistics in Suriname indicate that there were 4.5 physicians per 10,000 individuals which are lower than the regional average of 22.9 physicians per 10,000 individuals. The number of nurses and midwives were 16.2 per 10,000 individuals, which too were lower than the regional average of 54.9 per 10,000 individuals.

The major causes of deaths of children below-5 years of age include deaths due to prematurity, congenital abnormalities, birth asphyxia, Pneumonia and others.

In 2006, about 7% of the population was undernourished. The expenditure on health in the year 2007 was 3.6% of the country’s GDP.

(Source: WHO, UNDP)

[Top] Hard Infrastructure

The main mode of transportation in the country is by roadway. Railways are not in operation in Suriname. The road network in the country is 4,304 km long, of which 1,130 km are paved and 3,174 km are unpaved.

 

The country has 1,200 km of navigable water ways.

 

(Source: thedeora)

 

Ports

 

There are two ports in the country, Port of Nieuw Nickerie and Port of Paramaribo.

 

(Source:world port source)

 

Airports

 

Town

Airport name

Runway length (ft)

Coeroenie

Coeroenie

4,000

Kayserberg

Kayserberg

3,700

New Nickerie

Maj. Fernandes

2,200

Paloemeu

Vincent Faiks

3,700

Paramaribo

Zorg En Hoop

2,100

Sipaliwini

Sipaliwini

3,200

Tafelberg

Rudy Kappel

3,700

Zandery

J.A. Pengel Intl

11,400

 

(Source: Air charter world)

 

Telecommunications networks

 

Telecom Users (per 100 users)

 

2009

2008

2007

Mobile cellular subscriptions

146.98

80.76

74.46

Fixed telephone lines

16.11

16.11

16.07

Internet users

31.36

21.06

14.11

 

(Source: ITU)

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