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Sudan vs. Libya

Economy

SudanLibya
Economy - overview

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 was subject to comprehensive US sanctions, which were lifted in October 2017. Sudan is attempting to develop non-oil sources of revenues, such as gold mining and agriculture, 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 fell to about 35% per year in 2017.

Libya's economy, almost entirely dependent on oil and gas exports, has struggled since 2014 given security and political instability, disruptions in oil production, and decline in global oil prices. The Libyan dinar has lost much of its value since 2014 and the resulting gap between official and black market exchange rates has spurred the growth of a shadow economy and contributed to inflation. The country suffers from widespread power outages, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing have all declined since 2011. Oil production in 2017 reached a five-year high, driving GDP growth, with daily average production rising to 879,000 barrels per day. However, oil production levels remain below the average pre-Revolution highs of 1.6 million barrels per day.

The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 17% of GDP in 2017. Low consumer confidence in the banking sector and the economy as a whole has driven a severe liquidity shortage.

GDP (purchasing power parity)
$177.4 billion (2017 est.)
$174.9 billion (2016 est.)
$169.8 billion (2015 est.)

note: data are in 2017 dollars

$61.97 billion (2017 est.)
$37.78 billion (2016 est.)
$40.8 billion (2015 est.)

note: data are in 2017 dollars

GDP - real growth rate
1.4% (2017 est.)
3% (2016 est.)
1.3% (2015 est.)
64% (2017 est.)
-7.4% (2016 est.)
-13% (2015 est.)
GDP - per capita (PPP)
$4,300 (2017 est.)
$4,400 (2016 est.)
$4,400 (2015 est.)

note: data are in 2017 dollars

$9,600 (2017 est.)
$5,900 (2016 est.)
$6,500 (2015 est.)

note: data are in 2017 dollars

GDP - composition by sector
agriculture: 39.6% (2017 est.)
industry: 2.6% (2017 est.)
services: 57.8% (2017 est.)
agriculture: 1.3% (2017 est.)
industry: 52.3% (2017 est.)
services: 46.4% (2017 est.)
Population below poverty line
46.5% (2009 est.)

note: about one-third of Libyans live at or below the national poverty line

Household income or consumption by percentage share
lowest 10%: 2.7%
highest 10%: 26.7% (2009 est.)
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices)
32.4% (2017 est.)
17.8% (2016 est.)
28.5% (2017 est.)
25.9% (2016 est.)
Labor force
11.92 million (2007 est.)
1.114 million (2017 est.)
Labor force - by occupation
agriculture: 80%
industry: 7%
services: 13% (1998 est.)
agriculture: 17%
industry: 23%
services: 59% (2004 est.)
Unemployment rate
19.6% (2017 est.)
20.6% (2016 est.)
30% (2004 est.)
Budget
revenues: 8.48 billion (2017 est.)
expenditures: 13.36 billion (2017 est.)
revenues: 15.78 billion (2017 est.)
expenditures: 23.46 billion (2017 est.)
Industries
oil, cotton ginning, textiles, cement, edible oils, sugar, soap distilling, shoes, petroleum refining, pharmaceuticals, armaments, automobile/light truck assembly, milling
petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement
Industrial production growth rate
4.5% (2017 est.)
60.3% (2017 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
wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle
Exports
$4.1 billion (2017 est.)
$3.094 billion (2016 est.)
$18.38 billion (2017 est.)
$11.99 billion (2016 est.)
Exports - commodities
gold; oil and petroleum products; cotton, sesame, livestock, peanuts, gum Arabic, sugar
crude oil, refined petroleum products, natural gas, chemicals
Exports - partners
UAE 55.5%, Egypt 14.7%, Saudi Arabia 8.8% (2017)
Italy 19%, Spain 12.5%, France 11%, Egypt 8.6%, Germany 8.6%, China 8.3%, US 4.9%, UK 4.6%, Netherlands 4.5% (2017)
Imports
$8.22 billion (2017 est.)
$7.48 billion (2016 est.)
$11.36 billion (2017 est.)
$8.667 billion (2016 est.)
Imports - commodities
foodstuffs, manufactured goods, refinery and transport equipment, medicines, chemicals, textiles, wheat
machinery, semi-finished goods, food, transport equipment, consumer products
Imports - partners
UAE 12.7%, Egypt 10.6%, India 10.5%, Turkey 10.2%, Japan 7.6%, Saudi Arabia 6%, Germany 4.6% (2017)
China 13.5%, Turkey 11.3%, Italy 6.9%, South Korea 5.9%, Spain 4.8% (2017)
Debt - external
$56.05 billion (31 December 2017 est.)
$51.26 billion (31 December 2016 est.)
$3.02 billion (31 December 2017 est.)
$3.116 billion (31 December 2016 est.)
Exchange rates
Sudanese pounds (SDG) per US dollar -
6.72 (2017 est.)
6.14 (2016 est.)
6.14 (2015 est.)
6.03 (2014 est.)
5.74 (2013 est.)
Libyan dinars (LYD) per US dollar -
1.413 (2017 est.)
1.3904 (2016 est.)
1.3904 (2015 est.)
1.379 (2014 est.)
1.2724 (2013 est.)
Fiscal year
calendar year
calendar year
Public debt
121.6% of GDP (2017 est.)
99.5% of GDP (2016 est.)
4.7% of GDP (2017 est.)
7.5% of GDP (2016 est.)
Reserves of foreign exchange and gold
$198 million (31 December 2017 est.)
$168.3 million (31 December 2016 est.)
$74.71 billion (31 December 2017 est.)
$66.05 billion (31 December 2016 est.)
Current Account Balance
-$4.811 billion (2017 est.)
-$4.213 billion (2016 est.)
$2.574 billion (2017 est.)
-$4.575 billion (2016 est.)
GDP (official exchange rate)
$45.82 billion (2017 est.)
$30.57 billion (2017 est.)
Stock of direct foreign investment - at home
$25.47 billion (31 December 2016 est.)
$20.21 billion (31 December 2017 est.)
$18.96 billion (31 December 2016 est.)
Market value of publicly traded shares

NA

NA

Commercial bank prime lending rate
13% (31 December 2017 est.)
12.5% (31 December 2016 est.)
7.3% (31 December 2017 est.)
6% (31 December 2016 est.)
Stock of domestic credit
$28.7 billion (31 December 2017 est.)
$20.22 billion (31 December 2016 est.)
$21 billion (31 December 2017 est.)
$14.14 billion (31 December 2016 est.)
Stock of narrow money
$18.82 billion (31 December 2017 est.)
$11.7 billion (31 December 2016 est.)
$76.21 billion (31 December 2017 est.)
$62.57 billion (31 December 2016 est.)
Stock of broad money
$18.82 billion (31 December 2017 est.)
$11.7 billion (31 December 2016 est.)
$76.21 billion (31 December 2017 est.)
$62.57 billion (31 December 2016 est.)
Taxes and other revenues
18.5% (of GDP) (2017 est.)
51.6% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
-10.6% (of GDP) (2017 est.)
-25.1% (of GDP) (2017 est.)
Unemployment, youth ages 15-24
total: 20%
male: 16%
female: 32% (2009 est.)
total: 48.7%
male: 40.8%
female: 67.8% (2012 est.)
GDP - composition, by end use
household consumption: 77.3% (2017 est.)
government consumption: 5.8% (2017 est.)
investment in fixed capital: 18.4% (2017 est.)
investment in inventories: 0.6% (2017 est.)
exports of goods and services: 9.7% (2017 est.)
imports of goods and services: -11.8% (2017 est.)
household consumption: 71.6% (2017 est.)
government consumption: 19.4% (2017 est.)
investment in fixed capital: 2.7% (2017 est.)
investment in inventories: 1.3% (2016 est.)
exports of goods and services: 38.8% (2017 est.)
imports of goods and services: -33.8% (2017 est.)
Gross national saving
12.1% of GDP (2017 est.)
13.1% of GDP (2016 est.)
12.2% of GDP (2015 est.)
5% of GDP (2017 est.)
-9% of GDP (2016 est.)
-25.1% of GDP (2015 est.)

Source: CIA Factbook