linguistic:voice_change
Economy

Suriname's democracy gained some strength after the turbulent 1990s, and its economy became more diversified and less dependent on Dutch financial assistance. Bauxite (aluminium ore) mining used to be a strong revenue source, since before the independence of the country up to 2015. Because Alcoa stopped all bauxite operations, the Bauxite era in Suriname also ended.

The discovery, exploration and exploitation of oil and gold nowadays contributes substantially to Suriname's economic independence. Agriculture, especially rice and bananas, remains a strong component of the economy, and ecotourism is providing new economic opportunities. More than 93% of Suriname's landmass consists of unspoiled rainforest. With the establishment of the Central Suriname Nature Reserve in 1998, Suriname signaled its commitment to the conservation of this precious resource. The Central Suriname Nature Reserve became a World Heritage Site in 2000.

The economy of Suriname was dominated by the bauxite industry, which accounted for more than 15% of GDP and 70% of export earnings up to 2015. Currently gold exports make up 60-80% of all exports earnings. In 2021 the gold industry accounted for 8.5% of the GDP. The share of large-scale mining in total gold production is 58% compared to 42% of small-scale mining. With an export value of US$1.83 billion in 2023, the gold sector makes an important contribution to the economy.

The exploration and exploitation of oil adds substantially to the economy of Suriname at about 10% of the GDP. The national oil company, STAATSOLIE, is the motor behind Suriname's oil industry. Their core business is oil extraction and refining. In 2022 they made a revenue of US$840 million. In that year their contribution to the state treasury was US$320 million. In 2023 they made a revenue of US$722 million. The drop in revenue was because of the lower price for oil per barrel that year. Their contribution to the Surinamese state treasury was US$335 million.

Other main export products include rice, bananas, and shrimp. Suriname has recently started exploiting some of its sizeable oil and gold reserves. About a quarter of the people work in the agricultural sector. The Surinamese economy is very dependent on commerce, its main trade partners being, Switzerland, China, the Netherlands, the United States, Canada, and Caribbean countries, mainly Trinidad and Tobago and the islands of the former Netherlands Antilles.

After assuming power in the fall of 1996, the Wijdenbosch government ended the structural adjustment program of the previous government, claiming it was unfair to the poorer elements of society. Tax revenues fell as old taxes lapsed and the government failed to implement new tax alternatives. By the end of 1997, the allocation of new Dutch development funds was frozen as Surinamese Government relations with the Netherlands deteriorated. Economic growth slowed in 1998, with decline in the mining, construction, and utility sectors. Rampant government expenditures, poor tax collection, a bloated civil service, and reduced foreign aid in 1999 contributed to the fiscal deficit, estimated at 11% of GDP. The government sought to cover this deficit through monetary expansion, which led to a dramatic increase in inflation. It takes longer on average to register a new business in Suriname than virtually any other country in the world (694 days or about 99 weeks).