The economy of Suriname grew by 5.3% in 2007, led once again by increasing mineral production, with expansion of 10.5% in the mining and quarrying sector coupled with increasing international commodity prices. An overall fiscal surplus of approximately 3.1% of GDP was recorded, making 2007 the second consecutive year with a surplus. In response to perceived macroeconomic stability, the Central Bank lowered its reserve requirement from 27% to 25% and cut its deposit rates; as a result, the M1 money supply increased by 22%. Expanding credit coupled with externally-driven increases in food and fuel prices pushed the year-end inflation rate up to 8.3% (4.7% in 2006). The current account posted another year of surplus, with the merchandise trade surplus expanding by 8.1% in 2007. The government continues to focus on prudent fiscal policies in order to maintain a stable exchange rate and control inflationary pressures. In 2008, GDP is expected to grow by 5.3%.

Related Subject(s): Economic and Social Development
Countries: Suriname
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