Surat ranked 8th in India with a GDP of $40 billion in fiscal year 2011-2012 ($14 billion in 2010). The per capita GDP was $8,000 in 2010. Surat is known for diamonds, textiles, and, more recently, for diamond-studded gold jewelry manufacturing. Surat registered a GDP of 11.5% for the seven fiscal years 2001-2008, the fastest growing GDP in India.
Surat is famous for its diamond and textile industries. It is at the heart of the world's diamond-polishing industry, which in 2005 cut 92% of the world's diamond pieces and earned India $15 billion in exports. Gujarati diamond cutters, emigrating from East Africa, established the industry in 1901 and, by the 1970s, Surat-based diamond cutters began exporting stones to the US for the first time. Though much of the polishing work takes place on small weight stones, Surat's workshops have set their eyes on the lucrative market for finishing larger, pricier stones in the future.
Surat is known for producing silk as well as world-class synthetic textiles. Surat is the largest manufacturer of clothes in India
Surat has a booming real estate market due to its fast growing population, particularly a burgeoning middle class.