| Date - Field | Sudan - Economy - overview |
2008 January
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. |
2007 January
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, revived light industry, and expanded export processing zones helped sustain GDP growth at 10% in 2006. Agricultural production remains Sudan's most important sector, employing 80% of the work force, contributing 35% of GDP, and accounting for most of GDP growth, but most farms remain rain-fed and susceptible to drought. Chronic instability - resulting from the long-standing civil war between the Muslim north and the Christian/pagan south, adverse weather, and weak world agricultural prices - ensure that much of the population will remain at or below the poverty line for years. |
2006 January
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, revived light industry, and expanded export processing zones helped sustain GDP growth at 6.4% in 2004. Agriculture production remains Sudan's most important sector, employing 80% of the work force, contributing 39% of GDP, and accounting for most of GDP growth, but most farms remain rain-fed and susceptible to drought. Chronic instability - including the long-standing civil war between the Muslim north and the Christian/pagan south, adverse weather, and weak world agricultural prices - ensure that much of the population will remain at or below the poverty line for years. |
2005 January
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, revived light industry, and expanded export processing zones helped sustain GDP growth at 6.4% in 2004. Agriculture production remains Sudan's most important sector, employing 80% of the work force, contributing 39% of GDP, and accounting for most of GDP growth, but most farms remain rain-fed and susceptible to drought. Chronic instability - including the long-standing civil war between the Muslim north and the Christian/pagan south, adverse weather, and weak world agricultural prices - ensure that much of the population will remain at or below the poverty line for years. |
2004 January
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, revived light industry, and expanded export processing zones helped sustain GDP growth at 6.1% in 2003. Agriculture production remains Sudan's most important sector, employing 80% of the work force and contributing 39% of GDP, but most farms remain rain-fed and susceptible to drought. Chronic instability - including the long-standing civil war between the Muslim north and the Christian/pagan south, adverse weather, and weak world agricultural prices - ensure that much of the population will remain at or below the poverty line for years. |
2003 January
Economy - overview | Sudan has turned around a struggling economy with sound economic policies and infrastructure investments, but it still faces formidable economic problems, notably the 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, revived light industry, and expanded export processing zones helped maintain GDP growth at 5.1% in 2002. Agriculture production remains Sudan's most important sector, employing 80% of the work force and contributing 43% of GDP, but most farms remain rain-fed and susceptible to drought. Chronic domestic instability, lagging reforms, adverse weather, and weak world agricultural prices - but, above all, the low starting point - ensure that much of the population will remain at or below the poverty line for years. |
2002 January
Economy - overview | Sudan has turned around a struggling economy with sound economic policies and infrastructure investments, but it still faces formidable economic problems. Starting in 1997 Sudan began implementing IMF macroeconomic reforms that have successfully stabilized inflation. In 1999 Sudan began exporting crude oil and in the last quarter of 1999 recorded its first trade surplus, along with monetary policy, has stabilized the exchange rate. Current oil production stands at 220,000 barrels per day, of which some 70% is exported and the rest refined mostly for domestic consumption. Increased oil production, revived light industry, and expanded export processing zones should maintain GDP growth at 5% in 2002. Agriculture production remains Sudan's most important sector, employing 80% of the work force and contributing 43% of GDP, but most farms remain rain-fed and susceptible to drought. Sudan is also constrained by its limited access to international credit; most of Sudan's $24.9 billion debt remains in arrears. The civil war, chronic instability, adverse weather, and weak world agricultural prices ensure that much of the population will remain at or below the poverty line for years. |
2001 January
Economy - overview | Sudan is buffeted by civil war, chronic instability, adverse weather, weak world agricultural prices, a drop in remittances from abroad, and counterproductive economic policies. The private sector's main areas of activity are agriculture (which employs 80% of the work force), trading, and light industry which is mostly processing of agricultural goods. Most of the 1990s were characterized by sluggish economic growth as the IMF suspended lending, declared Sudan a non-cooperative state, and threatened to expel Sudan from the IMF. Starting in 1997, Sudan began implementing IMF macroeconomic reforms which have successfully stabilized inflation at 10% or less. Sudan continues to have limited international credit resources as over 75% of Sudan's debt of $24.9 billion is in arrears and Khartoum's continued prosecution of the civil war works to isolate Sudan. In 1999, Sudan began exporting oil and in 1999-2000 had recorded its first trade surpluses. Current oil production stands at 185,000 barrels per day, of which about 70% is exported and the rest refined for domestic consumption. Despite its many infrastructure problems, Sudan's increased oil production, the return of regular rainfall, and recent investments in irrigation schemes should allow the country to achieve economic growth of 6% in 2001. |
2000 January
Economy - overview | Sudan is buffeted by civil war, chronic political instability, adverse weather, weak world commodity prices, a drop in remittances from abroad, and counterproductive economic policies. The private sector's main areas of activity are agriculture and trading, with most private industrial investment predating 1980. Agriculture employs 80% of the work force. Industry mainly processes agricultural items. Sluggish economic performance over the past decade, attributable largely to declining annual rainfall, has kept per capita income at low levels. A large foreign debt and huge arrears continue to cause difficulties. In 1990 the International Monetary Fund (IMF) took the unusual step of declaring Sudan noncooperative because of its nonpayment of arrears to the Fund. After Sudan backtracked on promised reforms in 1992-93, the IMF threatened to expel Sudan from the Fund. To avoid expulsion, Khartoum agreed to make token payments on its arrears to the Fund, liberalize exchange rates, and reduce subsidies, measures it has partially implemented. The government's continued prosecution of the civil war and its growing international isolation continued to inhibit growth in the nonagricultural sectors of the economy during 1999. The government has worked with foreign partners to develop the oil sector, and the country is producing approximately 150,000 barrels per day. |
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This page was last updated on 20 August, 2008 |
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