Sudan Economy 2007

Economy - overview:
Sudan has turned around a struggling economy with sound economic policies and infrastructure investments, but it still faces formidable economic problems starting from its low level of per capita output. From 1997 to date, Sudan has been implementing IMF macroeconomic reforms. In 1999, Sudan began exporting crude oil and in the last quarter of 1999 recorded its first trade surplus, which, along with monetary policy, has stabilized the exchange rate. Increased oil production, high oil prices, revived light industry, and expanded export processing zones helped sustain GDP growth at about 10% in 2006. Agricultural production remains Sudan's most important sector, employing 80% of the work force and contributing 35% of GDP, but most farms remain rain-fed and susceptible to drought. Chronic instability - resulting from the long-standing North/South civil war as well as the Darfur conflict, adverse weather, and weak world agricultural prices - ensure that much of the population will remain at or below the poverty line for years. In late 2006, the government announced its intention to introduce a new currency, the Sudan Pound, from January 2007 at an exchange rate of $1.00 equals 2 Sudanese Pounds.

GDP (purchasing power parity):
$97.19 billion (2006 est.)

GDP (official exchange rate):
$25.43 billion (2006 est.)

GDP - real growth rate:
9.3% (2006 est.)

GDP - per capita (PPP):
$2,400 (2006 est.)

GDP - composition by sector:
agriculture: 38.4%
industry: 24.3%
services: 37.2% (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.)

Population below poverty line:
40% (2004 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
7.2% (2006 est.)

Investment (gross fixed):
25.4% of GDP (2006 est.)

Budget:
revenues: $7.227 billion
expenditures: $8.865 billion (2006 est.)

Public debt:
63.2% of GDP (2006 est.)

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

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

Industrial production growth rate:
8.5% (1999 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:
344,700 bbl/day (2004 est.)

Oil - consumption:
66,000 bbl/day (2004 est.)

Oil - exports:
279,100 bbl/day (2004)

Oil - imports:
7,945 bbl/day (2004)

Oil - proved reserves:
1.6 billion bbl (1 January 2006)

Natural gas - production:
0 cu m (2005 est.)

Natural gas - consumption:
0 cu m (2005 est.)

Natural gas - proved reserves:
81.47 billion cu m (1 January 2006 est.)

Current account balance:
$-4.339 billion (2006 est.)

Exports:
$5.657 billion f.o.b. (2006 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:
$7.105 billion f.o.b. (2006 est.)

Imports - commodities:
foodstuffs, manufactured goods, refinery and transport equipment, medicines and chemicals, textiles, wheat

Imports - partners:
China 17.7%, Saudi Arabia 9%, UAE 5.6%, Egypt 5.2%, Germany 5.1%, India 4.5% (2006)

Economic aid - recipient:
$1.829 billion (2005)

Reserves of foreign exchange and gold:
$1.66 billion (2006 est.)

Debt - external:
$28.2 billion (2006 est.)

Market value of publicly traded shares:
$NA

Currency (code):
Sudanese dinar (SDD)

Exchange rates:
Sudanese dinars per US dollar - 217.2 (2006), 243.61 (2005), 257.91 (2004), 260.98 (2003), 263.31 (2002)