Suriname

Reply to the United Nations national accounts questionnaire from the Algemeen Bureau Voor de Statistiek, Paramaribo. The official estimates are published by the Bureau in "Nationale Rekeningen van Suriname". Extensive sources and methods are available in the National Accounts publication.

Although no national accounts data are available for 1980, indications are that the gross domestic product at factor cost and in current prices rose to some SF 1 620 million en 1980,' partly because of the effects of the Dutch aid to Suriname, and partly reflecting the performance of the bauxite and derivatives industry.

The indicators show a good level of macroeconomic stability in Suriname. GDP looks set to continue its rapid growth, driven by high commodity export prices and rising foreign direct investment in mining. President Venetiaan was re-elected in August 2005 for a second consecutive five-year term, and the new Government’s objectives are to strengthen economic strategy, reform the public sector and pave the way for poverty reduction.

In 2005, in the absence of any brusque policy changes, Suriname's GDP is expected to grow for a third consecutive year, this time at around 5% (compared to 6.4% in 2003 and an estimated 4.6% in 2004), which has not occurred for at least a quarter of a century. Favourable export commodity prices, as well as higher inflows of foreign investment, are the factors underlying the economic boom. The positive economic performance and the containment of inflation did not, however, secure the governing coalition the two-thirds majority it needed in the National Assembly to directly re-elect the President in office in May 2005. The new executive power will be elected by a larger assembly, and the parties are considering their options as regards the formation of coalitions. The outcome of these negotiations could have a significant impact on economic policy.

Protocol for the establishment of a programme of cooperation in the field of research on pathogenic agents affecting the oil-palm, supplementary to the Basic Agreement on scientific and technical cooperation. Signed at Paramaribo on 3 March 1989

Memorandum of agreement between the Federal Aviation Administration Department of Transportation United States of America and the Department of Civil Aviation Ministry of Transport, Trade and Industry Government of Suriname (with annexes). Washington, 21 June 1990 and Paramaribo, 27 August 1990

TREATY FOR AMAZONIAN CO-OPERATION. BRASILIA, 3 JULY 1978

Memorandum of Understanding on cooperation between the Rio-Branco Institute and the Ministry of Foreign Affairs of Suriname. Signed at Paramaribo on 21 January 1992

Exchange of letters constituting an agreement on the status of French forces participating in activities on the territory of the Republic of Suriname. Paris, 28 March 2003 and Paramaribo, 19 June 2003

Memorandum of understanding between the Government of the Federative Republic of Brazil and the Government of the Republic of Suriname for the establishment of a mechanism of political consultation. Paramaribo, 16 February 2005

Memorandum of Understanding on cooperation in the promotion of trade. Signed at Paramaribo on 21 January 1992

Despite the cooling of international commodity prices in the second half of 2008, the Suriname economy maintained 5.2% growth in 2008, down only slightly from the rate of 5.3% achieved in 2007. Growth was led by construction, mining, and wholesale and retail commerce, restaurants and hotels. An overall fiscal surplus of approximately 2.1% of GDP was recorded, compared with 5.7% in 2007. The Central Bank maintained its Suriname dollar (S$) cash reserve requirement at 25%, and both deposit and lending rates remained stable, ending the year at 6.3% and 12.0% respectively. Domestic credit expanded by 20%, and the December-December inflation rate stood at 9.4% (8.3% in 2007), although by April 2009 this indicator had dwindled to 0.8%. Once again, the balance-of-payments current account exhibited a surplus (equivalent to 14.5% of GDP). The government continues to focus its fiscal policy on promoting growth, while its monetary policy targets inflation. In 2009, GDP is expected to grow by 2.5%.

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%.

Agreement between the Government of the Republic of Suriname and the Government of the Republic of Venezuela for coopération in the field of conservation and exploitation of hydrobiological resources (with annexes). Caracas, 7 October 1998

Agreement concerning extradition and legal assistance in criminal matters. The hague, 27 august 1976

Framework Agreement on friendship and closer cooperation between the Kingdom of the Netherlands and the Republic of Suriname (with protocol). The Hague, 18 June 1992