Sudan: Economy#
Sudan has experienced protracted social conflict, civil war, and, in July 2011, the loss of three-quarters of its oil production due to the secession of South Sudan. The oil sector had driven much of Sudan's GDP growth since 1999. For nearly a decade, the economy boomed on the back of rising oil production, high oil prices, and significant inflows of foreign direct investment. Since the economic shock of South Sudan's secession, Sudan has struggled to stabilize its economy and make up for the loss of foreign exchange earnings. The interruption of oil production in South Sudan in 2012 for over a year and the consequent loss of oil transit fees further exacerbated the fragile state of Sudan’s economy. Ongoing conflicts in Southern Kordofan, Darfur, and the Blue Nile states, lack of basic infrastructure in large areas, and reliance by much of the population on subsistence agriculture, keep close to half of the population at or below the poverty line.Sudan is also subject to comprehensive US sanctions. Sudan is attempting to develop non-oil sources of revenues, such as gold mining, while carrying out an austerity program to reduce expenditures. The world’s largest exporter of gum Arabic, Sudan produces 75-80% of the world’s total output. Agriculture continues to employ 80% of the work force.
Sudan introduced a new currency, still called the Sudanese pound, following South Sudan's secession, but the value of the currency has fallen since its introduction. Khartoum formally devalued the currency in June 2012, when it passed austerity measures that included gradually repealing fuel subsidies. Sudan also faces high inflation, which reached 47% on an annual basis in November 2012 but subsided to 18% in 2015.
Economic Facts#
| GDP (purchasing power parity) | $176.3 billion (2016 est.) $171.1 billion (2015 est.) $163.1 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $94.3 billion (2015 est.) |
| GDP - real growth rate | 3.1% (2016 est.) 4.9% (2015 est.) 1.6% (2014 est.) |
| GDP - per capita (PPP) | $4,500 (2016 est.) $4,500 (2015 est.) $4,400 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 10.7% of GDP (2016 est.) 9.3% of GDP (2015 est.) 10% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 82.6% government consumption: 7.4% investment in fixed capital: 14.1% investment in inventories: 1.3% exports of goods and services: 7.1% imports of goods and services: -12.5% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 27.5% industry: 20.7% services: 51.8% (2016 est.) |
| Agriculture - products | cotton, groundnuts (peanuts), sorghum, millet, wheat, gum Arabic, sugarcane, cassava (manioc, tapioca), mangoes, papaya, bananas, sweet potatoes, sesame seeds; animal feed, sheep and other livestock |
| Industries | oil, cotton ginning, textiles, cement, edible oils, sugar, soap distilling, shoes, petroleum refining, pharmaceuticals, armaments, automobile/light truck assembly, milling |
| Industrial production growth rate | 2.5% (2016 est.) |
| Labor force | 11.92 million (2007 est.) |
| Labor force - by occupation | agriculture: 80% industry: 7% services: 13% (1998 est.) |
| Unemployment rate | 13.6% (2014 est.) 14.8% (2013 est.) |
| Population below poverty line | 46.5% (2009 est.) |
| Household income or consumption by percentage share | lowest 10%: 2.7% highest 10%: 26.7% (2009 est.) |
| Budget | revenues: $7.301 billion expenditures: $11.28 billion (2016 est.) |
| Taxes and other revenues | 7.7% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -4.2% of GDP (2016 est.) |
| Public debt | 68.8% of GDP (2016 est.) 68.9% of GDP (2015 est.) |
| Fiscal year | calendar year |
| Inflation rate (consumer prices) | 17.6% (2016 est.) 17.3% (2015 est.) |
| Stock of narrow money | $9.711 billion (31 December 2016 est.) $9.511 billion (31 December 2015 est.) |
| Stock of broad money | $15.64 billion (31 December 2016 est.) $15.42 billion (31 December 2015 est.) |
| Stock of domestic credit | $17.41 billion (31 December 2016 est.) $17.34 billion (31 December 2015 est.) |
| Market value of publicly traded shares | $NA |
| Current account balance | -$5.545 billion (2016 est.) -$6.386 billion (2015 est.) |
| Exports | $3.703 billion (2016 est.) $3.169 billion (2015 est.) |
| Exports - commodities | gold; oil and petroleum products; cotton, sesame, livestock, peanuts, gum Arabic, sugar |
| Exports - partners | UAE 32%, China 16.2%, Saudi Arabia 15.5%, Australia 4.7%, India 4.2% (2015) |
| Imports | $9.345 billion (2016 est.) $8.368 billion (2015 est.) |
| Imports - commodities | foodstuffs, manufactured goods, refinery and transport equipment, medicines, chemicals, textiles, wheat |
| Imports - partners | China 26.4%, UAE 10.1%, India 9.1%, Egypt 5.6%, Turkey 4.7%, Saudi Arabia 4.4% (2015) |
| Reserves of foreign exchange and gold | $167.3 million (31 December 2016 est.) $173.5 million (31 December 2015 est.) |
| Debt - external | $51.1 billion (31 December 2016 est.) $49.42 billion (31 December 2015 est.) |
| Stock of direct foreign investment - at home | $24.41 billion (31 December 2015 est.) $24.41 billion (31 December 2015 est.) |
| Exchange rates | Sudanese pounds (SDG) per US dollar - 6.32 (2016 est.) 6.03 (2015 est.) 6.03 (2014 est.) 5.74 (2013 est.) 3.57 (2012 est.) |