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South Sudan Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











South Sudan Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Industry and infrastructure in landlocked South Sudan are severely underdeveloped and poverty is widespread, following several decades of civil war with Sudan. Continued fighting within the new nation is disrupting what remains of the economy. The vast majority of the population is dependent on subsistence agriculture and humanitarian assistance. Property rights are insecure and price signals are weak, because markets are not well-organized.

South Sudan has little infrastructure – about 10,000 kilometers of roads, but just 2% of them paved. Electricity is produced mostly by costly diesel generators, and indoor plumbing and potable water are scarce, so less than 2% of the population has access to electricity. About 90% of consumed goods, capital, and services are imported from neighboring countries – mainly Uganda, Kenya and Sudan. Chinese investment plays a growing role in the infrastructure and energy sectors.

Nevertheless, South Sudan does have abundant natural resources. South Sudan holds one of the richest agricultural areas in Africa, with fertile soils and abundant water supplies. Currently the region supports 10-20 million head of cattle. At independence in 2011, South Sudan produced nearly three-fourths of former Sudan's total oil output of nearly a half million barrels per day. The Government of South Sudan relies on oil for the vast majority of its budget revenues, although oil production has fallen sharply since independence. South Sudan is one of the most oil-dependent countries in the world, with 98% of the government’s annual operating budget and 80% of its gross domestic product (GDP) derived from oil. Oil is exported through a pipeline that runs to refineries and shipping facilities at Port Sudan on the Red Sea. The economy of South Sudan will remain linked to Sudan for some time, given the existing oil infrastructure. The outbreak of conflict in December 2013, combined with falling crude oil production and prices, meant that GDP fell significantly between 2014 and 2017. Since the second half of 2017 oil production has risen, and is currently about 130,000 barrels per day.

Poverty and food insecurity has risen due to displacement of people caused by the conflict. With famine spreading, 66% of the population in South Sudan is living on less than about $2 a day, up from 50.6% in 2009, according to the World Bank. About 80% of the population lives in rural areas, with agriculture, forestry and fishing providing the livelihood for a majority of the households. Much of rural sector activity is focused on low-input, low-output subsistence agriculture.

South Sudan is burdened by considerable debt because of increased military spending and high levels of government corruption. Economic mismanagement is prevalent. Civil servants, including police and the military, are not paid on time, creating incentives to engage in looting and banditry. South Sudan has received more than $11 billion in foreign aid since 2005, largely from the US, the UK, and the EU. Inflation peaked at over 800% per year in October 2016 but dropped to 118% in 2017. The government has funded its expenditures by borrowing from the central bank and foreign sources, using forward sales of oil as collateral. The central bank’s decision to adopt a managed floating exchange rate regime in December 2015 triggered a 97% depreciation of the currency and spawned a growing black market.

Long-term challenges include rooting out public sector corruption, improving agricultural productivity, alleviating poverty and unemployment, improving fiscal transparency - particularly in regard to oil revenues, taming inflation, improving government revenues, and creating a rules-based business environment.

GDP (purchasing power parity):
$20.01 billion (2017 est.)
$21.1 billion (2016 est.)
$24.52 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 149
[see also: GDP country ranks ]

GDP (official exchange rate):
$3.06 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-5.2% (2017 est.)
-13.9% (2016 est.)
-0.2% (2015 est.)
country comparison to the world: 218
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,600 (2017 est.)
$1,700 (2016 est.)
$2,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 220
[see also: GDP - per capita country ranks ]

Gross national saving:
3.6% of GDP (2017 est.)
18.7% of GDP (2016 est.)
7.4% of GDP (2015 est.)
country comparison to the world: 179
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 34.9% (2011 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.1% (2011 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 10.4% (2011 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
exports of goods and services: 64.9% (2011 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -27.2% (2011 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

Agriculture - products:
sorghum, maize, rice, millet, wheat, gum arabic, sugarcane, mangoes, papayas, bananas, sweet potatoes, sunflower seeds, cotton, sesame seeds, cassava (manioc, tapioca), beans, peanuts; cattle, sheep

Population below poverty line:
66% (2015 est.)
[see also: Population below poverty line country ranks ]

Distribution of family income - Gini index:
46 (2010 est.)
country comparison to the world: 34
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 259.6 million (FY2017/18 est.)
[see also: Budget - revenues country ranks ]
expenditures: 298.6 million (FY2017/18 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
8.5% (of GDP) (FY2017/18 est.)
country comparison to the world: 218
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.3% (of GDP) (FY2017/18 est.)
country comparison to the world: 87
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
62.7% of GDP (2017 est.)
86.6% of GDP (2016 est.)
country comparison to the world: 69
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
187.9% (2017 est.)
379.8% (2016 est.)
country comparison to the world: 225
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
13.38% (December 2017)
9.72% (December 2016)
country comparison to the world: 55
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$491.9 million (31 December 2017)
$409.1 million (31 December 2016)
country comparison to the world: 171
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$550.5 million (31 December 2017 est.)
$494.7 million (31 December 2016 est.)
country comparison to the world: 173
[see also: Stock of broad money country ranks ]

Current account balance:
-$154 million (2017 est.)
$39 million (2016 est.)
country comparison to the world: 93
[see also: Current account balance country ranks ]

Exports:
$1.13 billion (2016 est.)
country comparison to the world: 156
[see also: Exports country ranks ]

Imports:
$3.795 billion (2016 est.)
$3.795 billion (2016 est.)
country comparison to the world: 141
[see also: Imports country ranks ]

Reserves of foreign exchange and gold:
$73 million (31 December 2016 est.)
country comparison to the world: 184
[see also: Reserves of foreign exchange and gold country ranks ]

Exchange rates:
South Sudanese pounds (SSP) per US dollar -
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)

NOTE: 1) The information regarding South Sudan on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of South Sudan Economy 2019 information contained here. All suggestions for corrections of any errors about South Sudan Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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