Suriname: Economic Outline
Suriname is a small, natural-resource-rich, upper-middle-income country in South America whose economy is driven by its abundant natural resources, with mining accounting for nearly half of public sector revenue and gold representing more than three-quarters of total exports, making the country extremely vulnerable to external shocks. Growth in Suriname rose to an estimated 2.8% in 2024, up from 2.5% in 2023, driven mainly by services and industry, while agriculture lagged due to ongoing drought. Inflation slowed sharply to 10.1% in December 2024, down from 32.6% a year earlier. Recent offshore oil discoveries have boosted medium-term prospects, with a final investment decision announced in October 2024 and production set to begin in 2028. Real GDP growth is projected to reach 3.1% in 2025, supported by private investment ahead of oil production, with stronger, investment-led growth expected thereafter (World Bank data).
Suriname's fiscal policy is focused on restoring debt sustainability while enhancing the quality of public spending and safeguarding vulnerable individuals through improved social assistance. After defaulting in late 2020 amid currency depreciation and economic decline, Suriname reached a debt rescheduling deal with the Paris Club in June 2022, suspending payments until 2028 and setting terms for other creditors. Bilateral deals were concluded with all Paris Club members and India, while a rescheduling agreement with China—covering Exim Bank and ICBC—was signed in November 2024, with repayments starting the same month. Talks with bondholders representing 96% of private debt yielded an agreement in principle featuring a 25% haircut and a 4.95% interest rate until 2026, rising to 7.95% thereafter. Arrears with other creditors, including domestic ones, have been cleared. Agreements include clawback clauses tied to future oil revenues. The IMF has supported Suriname with USD 690 million (2022–2025) under an Extended Credit Facility linked to fiscal and structural reforms. According to the World Bank, Suriname’s primary surplus fell to an estimated 0.3% of GDP in 2024, below the 2.5% target set under the IMF programme. This shortfall was driven by weak non-tax revenues, continued electricity subsidies, a growing wage bill, and temporary cash transfers to cushion vulnerable groups from rising energy prices. The fiscal deficit is expected to narrow, supported by a broader VAT base, new fuel taxes, and higher non-tax revenues from lease rates and fees. Subsidy spending is projected to decline with adjustments to electricity and gas prices. Fiscal consolidation is set to create room for increased social spending and infrastructure investment, while the debt-to-GDP ratio (at 69.7% in 2024) is expected to continue falling as growth picks up and the exchange rate strengthens. Inflation slowed to 10.1% by December 2024, down from 32.6% a year earlier, and is expected to continue declining through 2027, supported by tight monetary and fiscal policies.
The unemployment rate stood at 7.3% in 2024, down from 7.6% one year earlier. About 17.5% of Suriname’s population lived below the upper middle-income poverty line of USD 6.85 (2017 PPP) per day in 2022, with 46.5% experiencing multidimensional poverty. Both monetary and multidimensional poverty are significantly higher in the country’s interior. Thanks to economic growth and lower inflation, poverty is expected to decline by up to one percentage point year-on-year in 2025 (World Bank data). Inequality, quantified by the Gini coefficient, stood at approximately 39.2, consistent with levels observed in other countries within the region. The country also faces problems with access to water and sanitation services. Housing is another big challenge, with a significant number of people living in illegal dwellings on land they do not own. Unskilled labour, underdeveloped infrastructure, and restricted access to credit further hinder Suriname's population. Lastly, the IMF estimated the country’s GDP per capita (PPP) at USD 21,504 in 2024.
| Main Indicators | 2024 (E) | 2025 (E) | 2026 (E) | 2027 (E) | 2028 (E) |
|---|---|---|---|---|---|
| GDP (billions USD) | 4.46 | 4.51 | 4.69 | 4.97 | 8.74 |
| GDP (Constant Prices, Annual % Change) | 3.0 | 3.2 | 3.7 | 4.0 | 50.3 |
| GDP per Capita (USD) | 6,889 | 6,858 | 7,023 | 7,332 | 12,713 |
| General Government Balance (in % of GDP) | 1.1 | 1.2 | 1.0 | 0.6 | 0.4 |
| General Government Gross Debt (in % of GDP) | 87.2 | 86.6 | 81.1 | 75.4 | 39.9 |
| Inflation Rate (%) | 16.2 | 8.7 | 7.0 | 6.3 | 5.2 |
| Current Account (billions USD) | -0.13 | -1.53 | -2.83 | -3.37 | -0.18 |
| Current Account (in % of GDP) | -2.8 | -33.9 | -60.4 | -67.9 | -2.0 |
Source: IMF – World Economic Outlook Database - Latest data available.
Note: (e) Estimated Data
| Monetary Indicators | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Surinam Dollar (SRD) - Average Annual Exchange Rate For 1 GBP | 11.94 | 25.09 | 30.46 | 45.71 | 42.41 |
Source: World Bank - Latest available data.
| Breakdown of Economic Activity By Sector | Agriculture | Industry | Services |
|---|---|---|---|
| Employment By Sector (in % of Total Employment) | 7.4 | 26.3 | 66.3 |
| Value Added (in % of GDP) | 7.5 | 39.9 | 48.3 |
| Value Added (Annual % Change) | -1.8 | 2.1 | 3.2 |
Source: World Bank - Latest available data.
| Socio-Demographic Indicators | 2026 (e) | 2027 (e) | 2028 (e) |
|---|---|---|---|
| Unemployment Rate (%) | 9.0 | 8.0 | 7.5 |
| 2018 | 2019 | 2020 | |
|---|---|---|---|
| Labour Force | 217,128 | 219,507 | 207,832 |
Source: International Labour Organization, ILOSTAT database
| 2017 | 2018 | 2019 | |
|---|---|---|---|
| Total activity rate | 56.86% | 56.88% | 56.83% |
| Men activity rate | 69.76% | 69.56% | 69.52% |
| Women activity rate | 43.70% | 43.93% | 43.89% |
Source: International Labour Organization, ILOSTAT database
The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.
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Source: Index of Economic Freedom, Heritage Foundation
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The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.
Political freedom in the world (interactive map)
Source: Freedom in the World Report, Freedom House
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