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Sudan Economy 1996

Overview:

Sudan is buffeted by civil war, chronic political instability, adverse weather, high inflation, a drop in remittances from abroad, and counterproductive economic policies. Governmental entities account for more than 70% of new investment. 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 reduced levels of per capita income and consumption. A large foreign debt and huge arrearages continue to cause difficulties. In 1990 the International Monetary Fund took the unusual step of declaring Sudan noncooperative because of its nonpayment of arrearages 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 payments on its arrears to the Fund, liberalize exchange rates, and reduce subsidies. These measures have been partially implemented. The government's continued prosecution of the civil war and its growing international isolation led to a further deterioration of the nonagricultural sectors of the economy during 1994. Agriculture, on the other hand, after several disappointing years, enjoyed a bumper fall harvest in 1994; its strong performance produced an overall growth rate in GDP of perhaps 7%.

National product:

GDP - purchasing power parity - $23.7 billion (1994 est.)

National product real growth rate:

7% (1994 est.)

National product per capita:

$870 (1994 est.)

Inflation rate (consumer prices):

112% (FY93/94 est.)

Unemployment rate:

30% (FY92/93 est.)

Budget:

revenues:

$493 million

expenditures:

$1.1 billion, including capital expenditures of $225 million (1994 est.)

Exports:

$419 million (f.o.b., FY93/94)

commodities:

gum arabic 29%, livestock/meat 24%, cotton 13%, sesame, peanuts

partners:

Western Europe 46%, Saudi Arabia 14%, Eastern Europe 9%, Japan 9%, US 3% (FY87/88)

Imports:

$1.7 billion (c.i.f., FY93/94)

commodities:

foodstuffs, petroleum products, manufactured goods, machinery and equipment, medicines and chemicals, textiles

partners:

Western Europe 32%, Africa and Asia 15%, US 13%, Eastern Europe 3% (FY87/88)

External debt:

$17 billion (June 1993 est.)

Industrial production:

growth rate 6.8% (FY92/93 est.); accounts for 11% of GDP

Electricity:

capacity:

500,000 kW

production:

1.3 billion kWh

consumption per capita:

42 kWh (1993)

Industries:

cotton ginning, textiles, cement, edible oils, sugar, soap distilling, shoes, petroleum refining

Agriculture:

accounts for 35% of GDP; major products - cotton, oilseeds, sorghum, millet, wheat, gum arabic, sheep; marginally self-sufficient in most foods

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $1.5 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $5.1 billion; OPEC bilateral aid (1979-89), $3.1 billion; Communist countries (1970-89), $588 million

Currency:

1 Sudanese pound (#Sd) = 100 piastres

Exchange rates:

official rate - Sudanese pounds (#Sd) per US$1 - 434.8 (January 1995), 277.8 (1994), 153.8 (1993), 69.4 (1992), 5.4288 (1991), 4.5004 (1990); note - the commercial rate is 300 Sudanese pounds per US$1

Fiscal year:

1 July - 30 June

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