Sudan Economy Profile 2008

Economy - overview

Sudan's economy is booming on the back of increases in oil production, high oil prices, and large inflows of foreign direct investment. GDP growth registered more than 10% per year in 2006 and 2007. From 1997 to date, Sudan has been working with the IMF to implement macroeconomic reforms, including a managed float of the exchange rate. Sudan began exporting crude oil in the last quarter of 1999. Agricultural production remains important, because it employs 80% of the work force and contributes a third of GDP. The Darfur conflict, the aftermath of two decades of civil war in the south, the lack of basic infrastructure in large areas, and a reliance by much of the population on subsistence agriculture ensure much of the population will remain at or below the poverty line for years despite rapid rises in average per capita income. In January 2007, the government introduced a new currency, the Sudanese Pound, at an initial exchange rate of $1.00 equals 2 Sudanese Pounds.

GDP (purchasing power parity)

$107.8 billion (2007 est.)

GDP (official exchange rate)

$49.71 billion (2007 est.)

GDP - real growth rate

12.8% (2007 est.)

GDP - per capita (PPP)

$2,500 (2007 est.)

GDP - composition by sector

agriculture: 31.5%
industry: 35.7%
services: 32.8% (2007 est.)

Population below poverty line

40% (2004 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

5.3% (2007 est.)

Investment (gross fixed)

25% of GDP (2006 est.)

Labor force

7.415 million (1996 est.)

Labor force - by occupation

agriculture: 80%
industry: 7%
services: 13% (1998 est.)

Unemployment rate

18.7% (2002 est.)

Budget

revenues: $9.682 billion
expenditures: $11.59 billion (2007 est.)

Public debt

96.9% of GDP (2007 est.)

Industries

oil, cotton ginning, textiles, cement, edible oils, sugar, soap distilling, shoes, petroleum refining, pharmaceuticals, armaments, automobile/light truck assembly

Industrial production growth rate

32% (2007 est.)

Electricity - production

3.944 billion kWh (2005)

Electricity - consumption

3.298 billion kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

397,000 bbl/day (2006 est.)

Oil - consumption

79,760 bbl/day (2006 est.)

Oil - imports

7,945 bbl/day (2004)

Oil - exports

279,100 bbl/day (2004)

Oil - proved reserves

6.4 billion bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2006 est.)

Natural gas - consumption

0 cu m (2006 est.)

Natural gas - exports

0 cu m (2006 est.)

Natural gas - imports

0 cu m (2006 est.)

Natural gas - proved reserves

86 billion cu m (1 January 2006 est.)

Current Account Balance

-$4.465 billion (2007 est.)

Agriculture - products

cotton, groundnuts (peanuts), sorghum, millet, wheat, gum arabic, sugarcane, cassava (tapioca), mangos, papaya, bananas, sweet potatoes, sesame; sheep, livestock

Exports

$9.156 billion f.o.b. (2007 est.)

Exports - commodities

oil and petroleum products; cotton, sesame, livestock, groundnuts, gum arabic, sugar

Exports - partners

Japan 48%, China 31%, South Korea 3.8% (2006)

Imports

$8.262 billion f.o.b. (2007 est.)

Imports - commodities

foodstuffs, manufactured goods, refinery and transport equipment, medicines and chemicals, textiles, wheat

Imports - partners

China 18.2%, Saudi Arabia 9.2%, UAE 5.8%, Egypt 5.3%, Germany 5.2%, India 4.6%, France 4.1% (2006)

Reserves of foreign exchange and gold

$1.245 billion (31 December 2007 est.)

Debt - external

$29.6 billion (31 December 2007 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$1.829 billion (2005)

Currency (code)

Sudanese pounds (SDG)

Exchange rates

Sudanese pounds per US dollar - 2.06 (2007), 2.172 (2006), 2.4361 (2005), 2.5791 (2004), 2.6098 (2003)
note: in October 2007 Sudan redenominated its currency by transforming 100 units of Sudanese dinar into one unit of Sudanese pound

Fiscal year

calendar year