suriname country profile...2012/08/14 · preface i am pleased to present the fifth edition of our...

Suriname Country Profile Economic and Financial Data

Central Bank of Suriname

Statistics DepartmentMay 2017

© 2017 Central Bank of Suriname

Parts of this Country Profile may be reproduced or published for educational and non-commercial purposes without written permission of the publisher, provided the source is fully acknowledged.

Preface

I am pleased to present the fifth edition of our Country Profile with updates for 2016. The Country Profile is produced by the Statistics Department of the Central Bank of Suriname and provides a comprehensive overview of the Surinam-ese economy with graphs and tables covering up to 10 years of economic and financial developments. Various inter-national comparisons are also included to help place Suriname’s economic development in a broader regional context.

In 2016, the Surinamese economy continued facing economic head winds. The Surinamese authorities implemented strong measures to restore macroeconomic imbalances. The exchange rate was floated, while a strong austerity plan was adopted by the government. The measures have been quite successful in curbing domestic demand. A significant improvement of the external current account was recorded. Higher exports of gold due to the commencing of produc-tion by the new gold company, Newmont Suriname, also contributed to the improvement. The fiscal deficit narrowed. However, given the high pass-through of exchange rate depreciations to inflation, Suriname as a small open economy has witnessed an inflation spike as expected, which is coming down gradually.

This publication provides a useful snapshot of Suriname’s macroeconomic performance. We would invite readers’ feedback to improve its coverage and presentation.

Glenn H. Gersie

Governor

I. Useful Information _________________________________________ 05

II. Selected Macroeconomic Indicators ____________________________ 18

III. Real Sector _____________________________________ 21

IV. Public Sector ___________________________________ 29

V. External Sector _________________________________ 39

VI. Monetary Sector ______________________________ 51

VII. Financial System ____________________________ 68

VIII. Mining Sector _________________________ 74

IX. Country Comparison _______________________ 80

X. Glossary _____________________ 85

Content

I. Useful InformationI. Useful Information

I. Useful Information

CBvS 6

Official Name: Republic of Suriname

Independence:November 25, 1975

Area: 163,820 km2

Mid-year Population (2015): 567,291

Government: A Presidential Republic

Official Language: Dutch

Location: South-America

Capital: Paramaribo

Currency: Suriname Dollar

Climate: Tropical

President of Republic: Desiré Delano Bouterse

GDP (2016): US$ 3.7 billion

Suriname


CBvS 7

Suriname


CBvS 8

The Ten Districts of Suriname

District Capital Area in km2

Marowijne Albina 4,627Commewijne Nieuw-Amsterdam 2,353Paramaribo Paramaribo 182Wanica Lelydorp 443Saramacca Groningen 3,636Coronie Totness 3,902Nickerie Nieuw-Nickerie 5,353Para Onverwacht 5,393Brokopondo Brokopondo 7,364Sipaliwini Paramaribo

(administered) 130,567

Total 163,820


CBvS 9

Agriculture, Animal Husbandry and Fisheries – Soeresh AlgoeDefense – Ronni BenschopEducation, Science and Culture – Robert PeneuxFinance – Gillmore HoefdraadForeign Affairs – Yldez Polack-BeighleHome Affairs – Faizel NoersaliemJustice and Police – Eugene van der SanLabour – Soewarto MoestadjaNatural Resources – Regillio DodsonPhysical Planning, Land and Forestry Management – Roline SamsoedinPublic Health – Patrick PengelPublic Works, Transport and Communication – Jerry MirandaRegional Development – Edgar DikanSocial Affairs and Housing – Christine PolakSport and Youth Affairs – Joan DogojoTrade, Industry and Tourism – Ferdinand Welzijn

Ministers


CBvS 10

Historical Overview of Credit Ratings to Suriname

17/Nov/99 B/stable B-/stable31/Jan/01 B/CW-negative B-/CW-negative11/Jan/02 B/stable B-/stable29/May/02 B/stable B-/positive28/Jul/03 B/stable B-/stable28/Jul/04 B/stable SD03/Aug/04 B/stable B-/stable09/Nov/05 B/stable B-/positive11/Dec/06 B+/positive B/positive19/Dec/07 BB-/stable B+/stable16/Apr/08 BB-/stable B+/stable22/Dec/09 BB-/positive B+/positive19/Apr/11 BB-/stable B+/positive19/Aug/11 BB-/stable BB-/stable30/Apr/12 BB-/stable BB-/stable25/Apr/13 BB-/positve BB-/positive28/Apr/14 BB-/stable BB-/stable17/Apr/15 BB-/stable BB-/stable25/Apr/16 B+/negative B+/negative26/Apr/17 B/negative B/negative

Domestic currency/Outlook

Foreign currency/Outlook

Standard & Poor's

Rating Agency Date

Sour

ce: S

tand

ard

& P

oor’s

, C

W=

Cre

dit W

atch

SD

= Se

lect

ed D

efau

lt


CBvS 11

Historical Overview of Credit Ratings to Suriname

Sour

ce: M

oody

’s, F

itch

and

Dag

ong

Moody's 03/Feb/04 Ba3/stable B1/stable06/Feb/08 Ba3/stable B1/stable23/Dec/11 Ba3/stable B1/stable14/Aug/12 Ba3/positive Ba3/positive25/Nov/13 Ba3/positive Ba3/positive04/Dec/14 Ba3/stable Ba3/stable22/Apr/15 Ba3/stable Ba3/stable20/May/16 B1/stable B1/stable

Fitch 17/Jun/04 B+/stable B/stable20/Jan/06 B+/stable B/stable25/May/07 B+/stable B/stable11/Jul/08 B+/stable B/stable23/Oct/09 B+/stable B/positive29/Jul/11 B+/stable B+/stable10/Jul/12 BB-/stable BB-/stable31/May/13 BB-/stable BB-/stable16/May/14 BB-/stable BB-/stable24/Apr/15 BB-/stable BB-/stable26/Feb/16 B+/negative B+/negative22/Feb/17 B-/negative B-/negative

Dagong 29/Nov/13 BB+/stable BB+/stable22/Jul/14 BB+/stable BB+/stable

Domestic currency/Outlook

Foreign currency/Outlook

Rating Agency Date

Cont’d.


CBvS 12

Mid-year Population by Age and Sex (2015)

Sour

ce: G

ener

al B

urea

u of

Sta

tistic

s/C

encu

s Offi

ce

77,454 69,973 60,047

46,375 29,410

73,444

68,484

60,121

47,232

34,751

0-14 15-29 30-44 45-59 60+

Female

Male 150,898

138,457

120,168

93,607

64,161


CBvS 13

Population by Ethnic Groups (2012)

20,344

117,567

84,933

3,923

148,443

73,975

7,885

1,667

72,340

7,166

1,805

1,590

Indigenous

Maroons

Creole

Afro Surinamese

East Indians

Javanese

Chinese

Caucasian

Mixed

Others

Don`t Know

No Answer

Sour

ce: G

ener

al B

urea

u of

Sta

tistic

s/C

encu

s Offi

ce


CBvS 14

262,320

120,623

75,053

25,842 40,718

6,023 11,059

Christianity Hinduism Islam Others Atheistic Don`t Know No Answer

Female

Male

Sour

ce: G

ener

al B

urea

u of

Sta

tistic

s/C

ensu

s Offi

ce

Religion and Population (2012)


CBvS 15

Enrollment Primary Education and University

Enrollment Primary Education Enrollment University

1,237 1,379 1,328 1,301 1,279 1,263 1,209 1,100

2,284 2,514 2,558 2,612 2,628 2,738 2,692

2,475

2007 2008 2009 2010 2011 2012 2013 2014

3,521

3,893 3,886 3,913 3,907 3,901

3,575

4,001

35,755 36,301 37,411 36,913 37,287 35,706 35,397 36,653

33,106 33,678 34,494 33,994 34,373 33,131 33,240 33,958

2007 2008 2009 2010 2011 2012 2013 2014

FemaleMale

68,861 69,979 71,905 70,907 71,660 68,837 68,637

70,611

Primary Education University

Sour

ce: G

ener

al B

urea

u of

Sta

tistic

s


CBvS 16

Anton de Kom University of Surinamewww.uvs.edu

Association of Economists in Surinamewww.ves.sr

Central Bank of Surinamewww.cbvs.sr

General Bureau of Statistics www.statistics-suriname.org

Government of Surinamewww.gov.sr

Ministry of Financewww.gov.sr/finance

National Planning Officewww.planbureau.net

Office of the Presidentwww.president.gov.sr

Suriname Chamber of Commercewww.surinamechamber.com

Suriname Debt Management Officewww.sdmo.org

Useful Links about Suriname


CBvS 17

Cont’d.

Suriname Trade and Industry Assiocationwww.vsbstia.org

Suriname Tourism Foundationwww.suriname-tourism.org

Suriname Trade and Industry Assiociationwww.vsbstia.org

The National Assemblywww.dna.sr

Useful Links about Suriname

II. Selected MacroeconomicIndicatorsII. Selected Macroeconomic Indicators

II. Selected Macroeconomic Indicators

CBvS 19

Suriname: Selected Macroeconomic Indicators2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Production GDP market prices (SRDMn) 8,060.5 9,698.1 10,638.4 11,993.0 14,451.9 16,433.7 16,980.7 17,294.4 16,669.3 22,552.4Real GDP growth (%) 5.1 4.1 3.0 5.1 5.3 3.3 2.9 0.4 -2.7 -10.4GDP per capita (US$) 5,832 6,921 7,490 8,332 8,236 9,336 9,496 9,523 8,821 6,358

Government FinancesRevenue (SRDMn) 2,367.9 2,354.7 2,944.6 2,606.2 3,537.5 4,024.5 3,960.2 3,750.9 3,398.7 3,373.9Expenditure (SRDMn) 2,018.2 2,209.8 2,859.5 2,955.3 3,551.1 4,410.4 4,728.4 4,564.3 5,005.7 5,194.4Overall balance (SRDMn) 349.7 144.9 85.2 -349.2 -13.7 -385.9 -768.1 -813.5 -1,607.0 -1,820.6Overall balance in % of GDP 4.3 1.5 0.8 -2.9 -0.1 -2.3 -4.5 -4.7 -9.6 -8.1Government domestic debt (SRDMn) 581.9 639.8 918.4 1,297.0 1,359.8 1,653.1 2,582.6 1,882.8 3,590.8 3,771.9Government external debt (US$Mn) 299.9 319.3 269.0 334.4 462.9 567.2 738.6 810.0 876.1 1,436.4

Balance of PaymentsMerchandise exports (US$Mn) 1,359.0 1,743.5 1,401.8 2,084.1 2,646.9 2,700.2 2,416.2 2,145.3 1,652.3 1,447.1Merchandise imports (US$Mn) -1,044.8 -1,406.7 -1,390.7 -1,397.9 -1,679.1 -1,993.5 -2,173.7 -2,012.3 -2,027.6 -1,244.4Trade balance (US$Mn) 314.2 336.8 11.1 686.2 967.8 706.7 242.5 133.0 -375.4 202.7Net services, income and current transfers (US$Mn) 10.3 -12.1 100.2 -35.4 -536.5 -544.3 -438.5 -548.5 -432.9 -359.5Current account balance (US$Mn) 324.5 324.7 111.3 650.8 431.3 162.4 -196.0 -415.5 -808.3 -156.8Overall balance (US$Mn) 146.1 208.4 38.6 35.0 124.1 180.1 -148.8 -150.2 -265.8 79.4Overall balance in % of GDP 4.9 5.8 1.0 0.8 2.8 3.6 -2.8 -2.8 -5.3 2.2Gross international reserves (US$Mn) 403.3 602.5 657.0 690.8 816.9 1,008.4 778.8 625.1 330.2 381.1Import coverage (months) 3.6 4.0 4.7 5.0 4.4 4.7 3.4 2.7 1.5 2.6

Sour

ce: C

entr

al B

ank

of S

urin

ame,

Min

istry

of F

inan

ce,

Surin

ame

Deb

t M

anag

emen

t Offi

ce, G

ener

al B

urea

u of

Sta

tistic

s, an

d N

atio

nal P

lann

ing

Offi

ce

II. Selected Macroeconomic Indicators

CBvS 20

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Financial SectorMoney supply [M1] (SRDMn) 1,939.0 2,434.1 2,677.9 3,003.8 3,546.5 4,305.3 4,466.5 4,650.4 4,926.4 6,840.1Broad money [M2] (SRDMn) 3,597.0 4,336.6 4,994.8 5,525.2 6,710.0 8,128.5 9,028.1 9,520.2 10,639.3 16,193.0Net credit to the government (SRDMn) 139.1 -73.1 115.7 191.4 -63.5 -9.4 525.5 1,291.5 2,635.7 2,350.4Credit to the private sector (SRDMn) 1,784.1 2,409.7 2,707.6 3,051.9 3,660.1 4,229.0 4,983.9 5,407.2 6,287.6 8,108.3Deposit rate (%) 6.3 6.4 6.2 6.2 6.6 7.0 7.2 7.4 7.7 8.5Lending rate (%) 12.9 11.7 11.6 11.8 11.7 11.8 12.0 12.5 13.4 14.1

Exchange Rate and Inflation Official buying rate (SRD per US$) 2.71 2.71 2.71 2.71 3.25 3.25 3.25 3.25 3.96 6.17Official selling rate (SRD per US$) 2.78 2.78 2.78 2.78 3.35 3.35 3.35 3.35 4.04 6.29Annual average inflation (%) 6.4 14.7 -0.1 6.9 17.7 5.0 1.9 3.4 6.9 55.5End-of-period inflation (%) 8.3 9.4 1.3 10.3 15.3 4.3 0.6 3.9 25.1 52.4

Suriname: Selected Macroeconomic IndicatorsCont’d.

.Sou

rce:

Cen

tral

Ban

k of

Sur

inam

e, an

d G

ener

al B

urea

u of

Sta

tistic

s

Cont’d.

III. Real Sector

III. Real Sector

CBvS 22

11.9

20.3

9.7 12.7

20.5

13.7

3.3 1.8

-3.6

35.3

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

0

5,000

10,000

15,000

20,000

25,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

SRDM

n

Annual growth rates

Nominal GDP

Sour

ce: G

ener

al B

urea

u of

Sta

tistic

s

* National Planning Office Estimate

III. Real Sector

CBvS 23

5.1 4.1

3.0

5.1 5.3

3.3 2.9

0.4

-2.7

-10.4 0

2,000

4,000

6,000

8,000

10,000

12,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

SRDM

n

Annual growth rates

Real GDP

Sour

ce: G

ener

al B

urea

u of

Sta

tistic

s and

Nat

iona

l Pla

nnin

g O

ffice

Est

imat

e fo

r 201

6

* National Planning Office Estimate

III. Real Sector

CBvS 24

GDP per capita in SRD and US$ (Current Prices)

SRD US$

15,8

06

18,7

56

20,2

97

22,5

78

26,7

67

30,3

41

30,8

61

30,9

51

29,3

84

39,2

49

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

5,83

2

6,92

1 7,49

0 8,33

2

8,23

6

9,33

6

9,49

6

9,52

3

8,82

1

6,35

8

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

SRD US$

Sour

ce: G

ener

al B

urea

u of

Sta

tistic

s, an

d N

atio

nal P

lann

ing

Offi

ce e

stim

ate

of G

DP

and

CBv

S es

timat

e of

mid

-yea

r pop

ulat

ion

for 2

016

* CBvS Estimate

III. Real Sector

CBvS 25

8.3 9.4

1.3

10.3

15.3

4.3 0.6

3.9

25.1

52.4

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Inflation (%)

Sour

ce: G

ener

al B

urea

u of

Sta

tistic

s

III. Real Sector

CBvS 26

Inflation - Contribution by Major Groups (2016 - %)

Sour

ce: G

ener

al B

urea

u of

Sta

tistic

s

Food and Non Alcoholic Beverages, 23.4

Alcoholic Beverages and Tobacco, 2.3

Clothing and Footwear, 4.1

Housing and Utilities, 39.5

Household Furnishings, 3.8

Health Care, 4.0

Transportation, 5.9

Communication, 4.2

Recreation, Culture and Education, 3.3

Food Away from Home, 0.4 Miscellaneous Goods and Services,

9.1

III. Real Sector

CBvS 27

Total Employed (Paramaribo and Wanica)

3.8

2.3

4.5

2.1

0.5 0.0

3.7

2.2

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

10,000

30,000

50,000

70,000

90,000

110,000

130,000

150,000

2007 2008 2009 2010 2011 2012 2013 2014*

Annual growth rates

Sour

ce: G

ener

al B

urea

u of

Sta

tistic

s

* Provisional figures

III. Real Sector

CBvS 28

Unemployment Rate (Paramaribo and Wanica)

10.7

9.4 8.7

7.2 7.5

8.1

6.6 6.9

2007 2008 2009 2010 2011 2012 2013 2014

Sour

ce: G

ener

al B

urea

u of

Sta

tistic

s

Monetary SectorIV. Public Sector

IV. Public Sector

CBvS 30

2,018 2,2

10

2,859 2,9

55

3,551

4,410 4,7

28

4,564 5,0

06 5,194

2,368

2,355

2,945

2,606

3,537

4,024

3,960

3,751

3,399

3,374

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Expenditure

Revenue

Sour

ce: M

inist

ry o

f Fin

ance

Government Revenue and Expenditure (SRDMn)

IV. Public Sector

CBvS 31

24.3

15.0

23.0

10

15

20

25

30

35

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Revenue Expenditure

Sour

ce: M

inist

ry o

f Fin

ance

, Gen

eral

Bur

eau

of S

tatis

tics,

and

Nat

iona

l Pla

nnin

g O

fficc

e

Government Revenue and Expenditure (% of GDP)

IV. Public Sector

CBvS 32

4.3

-8.1

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

-1,900

-1,400

-900

-400

100

600

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

SRDMn % of GDP

Fiscal Balance

Sour

ce: M

inist

ry o

f Fin

ance

, Gen

eral

Bur

eau

of S

tatis

tics,

and

Nat

iona

l Pla

nnin

g O

fficc

e

IV. Public Sector

CBvS 33

Sour

ce: S

urin

ame

Deb

t Man

agem

ent O

ffice

Government Domestic Debt (SRDMn) Government External Debt (US$Mn)

63

1

91

3 1,1

44

1,4

98

1,5

32

1,7

70

2,7

49

2,1

05

3,8

18

3,7

72

2007 2008 2009 2010 2011 2012 2013 2014 2015 20164

41

64

3

64

6

64

8

70

1 81

1

98

4 1,0

88

1,2

14

1,4

36

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

IV. Public Sector

CBvS 34

7.8 9.4

10.8 12

.5

10.6 10.8

16.2

12.2

22.9

22.6

15.2

18.4

16.9

15.0 16

.2 16.5 19

.4 21.1

29.4

34.8

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Domestic External

Government Debt (% of GDP)

Sour

ce: S

urin

ame

Deb

t Man

agem

ent O

ffice

IV. Public Sector

CBvS 35

631

913

1,14

4 1,

498

1,53

2

1,77

0

2,74

9

2,10

5

3,81

8

3,77

2

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Guarantees and undisbursed commitments

Private sector

Other banks

Central Bank

Sour

ce: S

urin

ame

Deb

t Man

agem

ent O

ffice

Government Domestic Debt - Composition (SRDMn)

IV. Public Sector

CBvS 36

Government External Debt - Composition (US$Mn)

Sour

ce: S

urin

ame

Deb

t Man

agem

ent O

ffice

IV. Public Sector

CBvS 37

2,500

34.8

0

500

1,000

1,500

2,000

2,500

3,000

0

5

10

15

20

25

30

35

40

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

US

$

%

Debt per capita (right-axis) Debt/GDP

88.0

283.8

13.9

0

50

100

150

200

250

300

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

%

Debt/Exports Debt/Government revenue Debt service ratio

External Debt Indicators

Sour

ce: C

entr

al B

ank

of S

urin

ame,

Min

istry

of F

inan

ce, G

ener

al B

urea

u of

St

atist

ics,

Nat

iona

l Pla

nnin

g O

ffice

, and

Sur

inam

e D

ebt M

anag

emen

t Offi

ce

IV. Public Sector

CBvS 38

740

239

192

138

117

231

227

331

445

1,00

2

738

97 9

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Non-banks

Banks

Holdings of Treasury Bills and Notes (SRDMn)

Sour

ce: C

entr

al B

ank

of S

urin

ame

V. External Sector

V. External Sector

CBvS 40

Balance of Payments (US$Mn)

-157

354

-900

-700

-500

-300

-100

100

300

500

700

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Current account Capital and financial account

Sour

ce: C

entr

al B

ank

of S

urin

ame

V. External Sector

CBvS 41

Exports - Imports - Trade Balance (US$Mn)

1,447

-1,24

4

203

-2,500

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Exports Imports Trade balance

Sour

ce: C

entr

al B

ank

of S

urin

ame

V. External Sector

CBvS 42

External Current Account (% of GDP)

10.9

14.7

-16.2

-4.3

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Sour

ce: C

entr

al B

ank

of S

urin

ame,

Gen

eral

Bur

eau

of S

tatis

tics,

and

Nat

iona

l Pla

nnin

g O

ffice

V. External Sector

CBvS 43

International Reserves (US$Mn)

Sour

ce: C

entr

al B

ank

of S

urin

ame

403

603 657 691

817

1,008

779

625

330 381

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

V. External Sector

CBvS 44

International Reserves - Composition (%)

77

3 8

10 3

0

10

20

30

40

50

60

70

80

90

100

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Currency & deposits Securities Monetary gold SDR holdings IMF reserve position

Sour

ce: C

entr

al B

ank

of S

urin

ame

V. External Sector

CBvS 45

Import Coverage (Months)

3.6

4.7

1.5

2.6

4.8

6.5

2.2

3.7

0.51.01.52.02.53.03.54.04.55.05.56.06.57.07.58.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Import coverage

Adjusted import coverage

Sour

ce: C

entr

al B

ank

of S

urin

ame

V. External Sector

CBvS 46

External Debt (US$Mn)

Sour

ce: C

entr

al B

ank

of S

urin

ame

1,436

342

2,802

92

2,495

558

1,320 1,509

1,842 2,089

373

2011 2012 2013 2014 2015 2016

General Government Monetary Authority Banks Other Sectors FDI: Intercompany lending

V. External Sector

CBvS 47

International Investment Position (US$Mn)

Sour

ce: C

entr

al B

ank

of S

urin

ame

1,531

-4,326 -5,000-4,500-4,000-3,500-3,000-2,500-2,000-1,500-1,000

-5000

5001,0001,5002,0002,500

Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities

2011 2012 2013 2014 2015 2016Reserve Assets Other investment Direct investmentPortfolio investment Net

V. External Sector

CBvS 48

IR - ED - Net IIP (% of GDP)

Sour

ce: C

entr

al B

ank

of S

urin

ame,G

ener

nal B

urea

u of

Sta

tistic

s, an

d N

atio

nal P

lann

ing

Offi

ce

18 10

29

77

4

-77

-100

-80

-60

-40

-20

0

20

40

60

80

100

2011 2012 2013 2014 2015 2016

International Reserves (IR) External Debt (ED) Net International Investment Position (Net IIP)

V. External Sector

CBvS 49

6.173

6.830

2.02.53.03.54.04.55.05.56.06.57.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

SRD / US$ SRD / €

Exchange Rates - Average

Sour

ce: C

entr

al B

ank

of S

urin

ame

V. External Sector

CBvS 50

Merchandise Exports and Imports 2016: Ten Most Important Products

Exports by Product in US$Mn in % of total Imports by Product in US$Mn in % of totalPearls, Precious Stones or Metals 1,046 72.3 Machinery / Electrical 261 21.0Mineral Products 155 10.7 Mineral Products 258 20.7Vegetable Products 65 4.5 Chemicals & Allied Industries 117 9.4Wood & Wood Products 40 2.8 Foodstuffs 114 9.2Animal & Animal Products 37 2.6 Metals 102 8.2Machinery / Electrical 24 1.6 Transportation 84 6.7Foodstuffs 23 1.6 Plastics / Rubbers 64 5.1Miscellaneous 17 1.1 Vegetable Products 49 4.0Chemicals & Allied Industries 16 1.1 Miscellaneous 37 3.0Metals 12 0.8 Animal & Animal Products 36 2.9Other 13 0.9 Other 122 9.8Total 1,447 100.0 Total 1,244 100.0 So

urce

: Asy

cuda

and

Min

ing

Com

pani

es

VI. Monetary Sector

VI. Monetary Sector

CBvS 52

1,384

1,545

11.2 10.4

12.6 12.5

10.9

13.2 13.8

12.2

14.8

13.0

0

2

4

6

8

10

12

14

16

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

SRDM

n

Liabilities to ODCs

Currency in circulation

M0 in % of GDP

Base Money

Sour

ce: C

entr

al B

ank

of S

urin

ame,

Gen

eral

Bur

eau

of S

tatis

tics,

and

Nat

iona

l Pl

anni

ng O

ffice

VI. Monetary Sector

CBvS 53

Monetary Aggregates

M1

M2 44.6 44.7

47.0 46.1 46.4 49.5

53.2 55.0

63.8

71.8

0

10

20

30

40

50

60

70

80

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

SRDM

n

M2 in % of GDP

Sour

ce: C

entr

al B

ank

of S

urin

ame,

Gen

eral

Bur

eau

of S

tatis

tics,

and

Nat

iona

l Pl

anni

ng O

ffice

VI. Monetary Sector

CBvS 54

5,721

3,597 4,337

4,995 5,525

6,710

8,129 9,028

9,520

10,639

16,193

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

FC

SRD

10,472

M2 - Currency Composition (SRDMn)

Sour

ce: C

entr

al B

ank

of S

urin

ame

VI. Monetary Sector

CBvS 55

1,204

5,636

4,888

4,465

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Time deposits

Saving deposits

Transferable deposits

Banknotes and coins

M2 - by Instrument (SRDMn)

Sour

ce: C

entr

al B

ank

of S

urin

ame

VI. Monetary Sector

CBvS 56

Depository Corporations Credit - by Sector

8,108

3,591

26.9 27.6 31.7 30.6 29.9 29.8

38.1 40.7

56.6

51.9

0

10

20

30

40

50

60

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

SRDM

n

Private sector Public sector % of GDP

Sour

ce: C

entr

al B

ank

of S

urin

ame,

Gen

eral

Bur

eau

of S

tatis

tics,

and

Nat

iona

l Pl

anni

ng O

ffice

VI. Monetary Sector

CBvS 57

4,437 1,929 2,488

2,766 3,213

3,803

4,465

5,363

6,371 6,884

9,212

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

FC

SRD

4,775

Other Depository Corporations Credit - by Currency (SRDMn)

Sour

ce: C

entr

al B

ank

of S

urin

ame

VI. Monetary Sector

CBvS 58

Agriculture, 1.6

Mining, 3.5 Manufacturing, 7.0

Construction, 3.5

Trade, 26.3

Transport, Storage, and Communication, 1.5

Services, 12.3 Housing, 15.0

Other, 17.1

Government, 12.1

Other Depository Corporations Credit - Contribution by Sector (2016 - %)

Sour

ce: C

entr

al B

ank

of S

urin

ame

VI. Monetary Sector

CBvS 59

8,096

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,0007,5008,0008,5009,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Investments

Other

Mortgage loans

Personal loans

Installment credit

Current account credit

Other Depository Corporations Private Sector Credit - by Type (SRDMn)

Sour

ce: C

entr

al B

ank

of S

urin

ame

VI. Monetary Sector

CBvS 60

12.9

11.7

14.1

6.3

8.5

5

6

7

8

9

10

11

12

13

14

15

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Lending rate

Deposit rate

Other Depository Corporations - Nominal Interest Rates in SRD

Sour

ce: C

entr

al B

ank

of S

urin

ame

VI. Monetary Sector

CBvS 61

4.2

-25.1

-1.8

-28.8

-35

-30

-25

-20

-15

-10

-5

0

5

10

15

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Lending rate Deposit rate

Other Depository Corporations - Real Interest Rates in SRD

Sour

ce: C

entr

al B

ank

of S

urin

ame,

and

Gen

eral

Bur

eau

of S

tatis

tics

VI. Monetary Sector

CBvS 62

9.7 9.5

3.1 3.9

10.1

9.0

1.4

0.6 0123456789

101112

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Lending rate US$ Deposit rate US$ Lending rate € Deposit rate €

Other Depository Corporations - Interest Rates in FC

Sour

ce: C

entr

al B

ank

of S

urin

ame

VI. Monetary Sector

CBvS 63

12.5

25

9

0

5

10

15

20

25

30

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

CBvS discount rate - by default CBvS discount rate - under special facility

Discount Rates

Sour

ce: C

entr

al B

ank

of S

urin

ame

VI. Monetary Sector

CBvS 64

7.5

21.5

24

0

5

10

15

20

25

30

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

SRD Treasury bills rate - 6 months

SRD Treasury bills rate - 12 months

SRD Treasury bills rate - 1-3 months

2

4

4,5

7,5

0

1

2

3

4

5

6

7

8

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

USD Treasury bills rate - 6 months

USD Treasury bills rate - 12 months

USD Treasury bills rate - > 12 months

EUR Treasury bills rate - > 12 months

Treasury Bills and Notes Rates

Sour

ce: C

entr

al B

ank

of S

urin

ame

, and

Min

ister

y of

Fim

ance

VI. Monetary Sector

CBvS 65

4,350

1,037

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Reserve base

Required reserves

Reserve Base and Required Reserves (SRDMn)

Sour

ce: C

entr

al B

ank

of S

urin

ame

Sour

ce: C

entr

al B

ank

of S

urin

ame

, and

Min

ister

y of

Fim

ance

VI. Monetary Sector

CBvS 66

329

94

0

50

100

150

200

250

300

350

400

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Reserve base

Required reserves1,044

476

0

200

400

600

800

1,000

1,200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Reserve base

Required reserves

Reserve Base and Required Reserves in FC

US$Mn €Mn

Sour

ce: C

entr

al B

ank

of S

urin

ame

VI. Monetary Sector

CBvS 67

Other Depository Corporations - Dollarization Ratios

56.3

51.1

70.2

49.4

37.4

53.1

30

35

40

45

50

55

60

65

70

75

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

%

Deposit dollarization Credit dollarization

Sour

ce: C

entr

al B

ank

of S

urin

ame

VII. Financial System


CBvS 69

Number of Institutions Supervised: end-2016

Commercial Banks 9Life Insurance Companies 4Non Life Insurance Companies 6Funeral Insurance Companies 2Holding Companies 1Pension Funds 38Provident Funds 5Savings Funds 1Credit Unions 23Other 7Total 96

Institutions

Sour

ce: C

entr

al B

ank

of S

urin

ame


CBvS 70

Structure of Commercial Banking System: end-2016

Commercial banksForeign

ownership De Surinaamsche Bank 9 0Republic Bank Suriname NV 0 100Hakrinbank 51 0Surinaamse Volkscredietbank 100 0Landbouwbank 100 0Surinaamse Postspaarbank 100 0Finabank 0 0Surichange Bank 0 0Coöperatieve Spaar- en Kredietbank Godo G.A. 0 0

Stateownership

Sour

ce: C

entr

al B

ank

of S

urin

ame


CBvS 71

Financial System - Asset Distribution (%)

71 73 74 75 74 75 76 75 74

17 17 15 16 16 15 14 14 14

8 7 8 8 8 8 9 9 10

0

10

20

30

40

50

60

70

80

90

100

2007 2008 2009 2010 2011 2012 2013 2014 2015Banks Pension funds Insurance companies Credit unions Other

Sour

ce: C

entr

al B

ank

of S

urin

ame


CBvS 72

Financial Intermediation (% of GDP)

40.8

62.0

95.5

10

20

30

40

50

60

70

80

90

100

2007 2008 2009 2010 2011 2012 2013 2014 2015

Banks' private sector loans Banks' deposits Financial assets

Sour

ce: C

entr

al B

ank

of S

urin

ame


CBvS 73

Financial Soundness Indicators (%)

10.7

70.2

0.1

1.7 0

10

20

30

40

50

60

70

80

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 NPLs to gross loans NPLs net of provisions to capital ROA ROE

Sour

ce: C

entr

al B

ank

of S

urin

ame

VIII. Mining Sector

VIII. Mining Sector

CBvS 75

Total Government Revenue - by Sector

2,844

530 6.9 7.2

7.7

6.2

9.8 9.3

7.2

5.0

1.8 2.3

0

2

4

6

8

10

12

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

SRD

Mn

Mining

Non-mining

Government mining revenue in % of GDP

Sour

ce: C

entr

al B

ank

of S

urin

ame,

Min

istry

of F

inan

ce, M

inin

g C

ompa

nies

,G

ener

al B

urea

u of

Sta

tistic

s, an

d N

atio

nal P

lann

ing

Offi

ce

VIII. Mining Sector

CBvS 76

26

73

0

10

20

30

40

50

60

70

80

90

100

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Gold Oil Bauxite

Mining Sector Government Revenue - by Major Industry (%)

Sour

ce: C

entr

al B

ank

of S

urin

ame,

Min

istry

of F

inan

ce,

and

Min

ing

Com

pani

es

VIII. Mining Sector

CBvS 77

358

1,022

2,366

2.2 2.0

2.7

3.7

4.1

3.4

2.8

3.4

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0

1,000

2,000

3,000

4,000

5,000

6,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Bauxite Oil Gold Mining sector in % of total employed

Mining Sector Employees

Sour

ce: C

entr

al B

ank

of S

urin

ame,

Gen

eral

Bur

eau

of S

tatis

tics

and

Min

ing

Com

pani

es

VIII. Mining Sector

CBvS 78

International Prices - Average

Sour

ce:

Inte

rnat

iona

l Mon

etar

y Fu

nd, a

nd L

ondo

n Bu

llion

Mar

ket A

ssoc

iatio

n

-

20

40

60

80

100

120

140

-

500

1,000

1,500

2,000

2,500

3,000

3,500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

US$(

Oil)

US$(

Alum

iniu

m, G

old)

Aluminium US$/Mt LBMA/Gold Fixing P.M. US$/troy oz WTI Spot price US$/barrel

VIII. Mining Sector

CBvS 79

Composition of Exports (US$Mn)

1,744

1,402

2,084

2,647 2,700

2,416

2,145

1,447

1,045

150

1,359 1,652

245

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Non-miningOilGoldAlumina

Sour

ce: C

entr

al B

ank

of S

urin

ame,

and

Min

ing

Com

pani

es

IX. Country Comparison


CBvS 81

-2.8

1.7

1.5

4.0

-10.4

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Trinidad & Tobago Barbados Jamaica Guyana Suriname

Real GDP Growth (%)

Sour

ce: I

nter

natio

nal M

onet

ary

Fund

, Sur

inam

e’s G

ener

al B

urea

u of

Sta

tistic

s, an

d N

atio

nal P

lann

ing

Offi

ce


CBvS 82

5.2

1.7 5.

2 2.

2 52

.4

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Inflation (%)

Sour

ce: I

nter

natio

nal M

onet

ary

Fund

and

Sur

inam

e ‘s

Gen

eral

Bur

eau

of S

tatis

tics


CBvS 83

PPP GNI per capita (US$)

32,18

0 15

,610

8,68

0

7,54

0 16

,610

2007 2008 2009 2010 2011 2012 2013 2014 2015


Sour

ce: W

orld

Ban

k


CBvS 84

Unemployment Rate (%)

4.0

9.7

12.8

11.9

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Sour

ce: I

nter

natio

nal M

onet

ary

Fund

, and

Sur

inam

e’s G

ener

al B

urea

u of

Sta

tistic

s

X. Glossary

X. Glossary

CBvS 86

Adjusted import coverage: ratio of gross international reserves to non-mining imports of goods and services, expressed in months. The mining sector is not dependent on the country’s international reserves as it finances its own imports.

Balance of payments: statistical statement that summarizes all transactions between residents and non-residents during a specified period of time.

Broad money (M2): liabilities issued by depository corporations that can be used as means of payments in the economy, including currency, transferable and other deposits, and securities other than shares. Other deposits include savings and time deposits. Securities other than shares include mainly gold certificates issued by the Central Bank of Suriname (CBvS). Currency refers to domestic currency, while deposits include both in domestic and in foreign currency.

Depository Corporations (DCs): includes the CBvS and the ODCs.

Depository Corporations credit: includes depository corporations’ credit, both in domestic and in foreign currency to the public and private sectors.

Glossary

X. Glossary

CBvS 87

GlossaryDiscount rate: rate at which the CBvS extends credit to the commercial banks and the government.

Dollarization ratios: Deposit dollarization refers to the ratio of foreign currency deposits to total ODCs deposits. Credit dollarization refers to the ratio of foreign currency credit to total private sector credit by ODCs.

Exchange rate: refers to the average buying rate of the CBvS.

Fiscal Balance: as presented by the Ministry of Finance; excludes the statistical discrepancies which are the difference with the financing.

Government expenditure: data has been compiled following the Government Finance Statistics Guide (IMF manual 1986 and 2001).

Government revenue: data has been compiled following the Government Finance Statistics Guide (IMF manual 1986 and 2001).

Cont’d.

X. Glossary

CBvS 88

GlossaryGovernment debt: total outstanding debt according to National Debt Act (SB 2002 no. 27) which includes undisbursed commitments and government guarantees, that are not a debt component according to the international definitions of debt. As of May 2016, total outstanding debt according to the National Debt Act (SB 2016 no. 63) excludes undisbursed commitments and government guarantees as well as uncalled guarantees. Henceforth, the international definition is not available.

Gross Domestic Product (GDP): market value of goods and services produced annually in the country minus the value of imported raw materials and intermediate inputs.

Import coverage: ratio of gross international reserves to total imports of goods and services, expressed in months.

Inflation: percentage change of the end-of-year consumer price index (CPI).

International reserves: convertible gross claims on non-residents and monetary gold of the CBvS, which are freely accessible for intervention in the foreign exchange market or for meet-ing balance of payments needs. Reserve assets comprise monetary gold, SDR allocations, reserve position in the IMF, convertible currencies, deposits and securities.

X. Glossary

CBvS 89

GlossaryCont’d.

Lending and deposit rates: refers to weighted average rates; based on actual volumes of all deposits and loans extended by other depository corporations at specific rates of interest.

Mining sector: includes the bauxite, oil, and gold sectors.

Monetary base (M0): liabilities of the CBvS that support the expansion of liquidity in the short term, including currency issue and deposits of commercial banks. Deposit liabilities include both in domestic and in foreign currency.

Narrow money (M1): liquid means of payments issued by depository corporations, such as cur-rency and transferable deposits. Transferable deposits include both in domestic and in foreign currency

NPLs: nonperforming loans.

Other Depository Corporations (ODCs): financial corporations other than the CBvS that accept deposits included in the definition of broad money. From 2002-2005 only commercial banks (8) were included in the coverage. Between 2006-2009, the five largest credit unions and one independentlyoperating finance company were also included, thereafter the credit unions were dropped from the

X. Glossary

CBvS 90

GlossaryCont’d.

Return on Assets (ROA): profitability indicator measuring the efficiency of a business in utilizing its assets.Return on Equity (ROE): profitability indicator measuring the efficiency of a business in using its capital.SDR: Special Drawing Right, the accounting unit of the IMF since 1969.

Treasury Bills and Notes rates: in 2016, the government introduced multiple rates for Treasury Bills and Notes in both domestic and foreign currency. The rates for 2016 refer to the arithmetic mean.

suriname country profile...2012/08/14 · preface i am pleased to present the fifth edition of our...

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