Sudan Economy 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.)

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):
5.3% (2007 est.)

Investment (gross fixed):
25% of GDP (2006 est.)

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

Public debt:
96.9% of GDP (2007 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:
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 - exports:
279,100 bbl/day (2004)

Oil - imports:
7,945 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.)

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 - 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:
$1.245 billion (31 December 2007 est.)

Debt - external:
$29.6 billion (31 December 2007 est.)

Market value of publicly traded shares:
$NA

Currency (code):
Sudanese dinar (SDD)

Exchange rates:
Sudanese dinars per US dollar - 2.06 (2007), 217.2 (2006), 243.61 (2005), 257.91 (2004), 260.98 (2003)