unbekannter Gast

South Sudan: Economy#

Following several decades of civil war with Sudan, industry and infrastructure in landlocked South Sudan are severely underdeveloped and poverty is widespread. Subsistence agriculture provides a living for the vast majority of the population. Property rights are insecure and price signals are weak, because markets are not well organized. South Sudan has little infrastructure - approximately 250 of paved roads. Electricity is produced mostly by costly diesel generators and indoor plumbing and potable water are scarce. South Sudan depends largely on imports of goods, services, and capital - mainly from Uganda, Kenya and Sudan. Nevertheless, South Sudan does have abundant natural resources. 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 derives nearly 98% of its budget revenues from oil. Oil is exported through two pipelines that run 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 long lead time and great expense required to build another pipeline, should the government decide to do so. In January 2012 South Sudan suspended production of oil because of its dispute with Sudan over transshipment fees. This suspension lasted fifteen months and had a devastating impact on GDP, which declined by 48% in 2012. With the resumption of oil flows the economy rebounded strongly during the second half of calendar year 2013. This occurred in spite of the fact that oil production, at an average level of 222,000 barrels per day, was 40% lower compared with 2011, prior to the shutdown. GDP is estimated to have grown by about 25% in 2013. However, the outbreak of conflict on December 15, 2013 combined with a further reduction of oil exports, means that GDP growth forecasts for 2014 are being revised downwards again, and poverty and food insecurity are rising. 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. South Sudan is currently burdened by considerable debt, accrued largely in 2012, based on rapidly accumulating arrears, and increased military spending. South Sudan has received more than $4 billion in foreign aid since 2005, largely from the UK, the US, Norway, and the Netherlands. Following independence, South Sudan's central bank issued a new currency, the South Sudanese Pound, allowing a short grace period for turning in the old currency. Annual inflation peaked at 79.5% in May 2012 but declined rapidly thereafter, to an average of 1.7% in 2013. Following the December 2013 outbreak of violence, inflation is on the rise again. Long-term challenges include diversifying the formal economy, alleviating poverty, maintaining macroeconomic stability, improving tax collection and financial management and improving the business environment.

Economic Facts#

GDP (purchasing power parity)$14.71 billion (2013 est.)
$11.79 billion (2012 est.)
$22.49 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate24.7% (2013 est.)
-47.6% (2012 est.)
GDP - per capita (PPP)$1,400 (2013 est.)
$1,100 (2012 est.)
$2,300 (2011 est.)
note: data are in 2013 US dollars
Population below poverty line50.6% (2009 est.)
Agriculture - productssorghum, maize, rice, millet, wheat, gum arabic, sugarcane, mangoes, papayas, bananas, sweet potatoes, sunflower seeds, cotton, sesame seeds, cassava (manioc, tapioca), beans, peanuts; cattle, sheep
Budgetrevenues: $437 million
expenditures: $2.259 billion (FY 2013 est.)
Exchange ratesSouth Sudanese pounds (SSP) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
Inflation rate (consumer prices)1.7% (2013 est.)
79% (May 2012 est.)
Distribution of family income - Gini index46 (2010 est.)
GDP (official exchange rate)$11.77 billion (2013 est.)
Stock of narrow money$1.873 billion (31 December 2013)
$2.032 billion (31 December 2012)
Stock of broad money$2.194 billion (31 December 2013)
$2.23 billion (31 December 2012)
Taxes and other revenues3.7% of GDP (FY 2013 est.)
Budget surplus (+) or deficit (-)-15.5% of GDP (FY 2013 est.)
GDP - composition, by end usehousehold consumption: 34.9%
government consumption: 17.1%
investment in fixed capital: 10.4%
exports of goods and services: 64.9%
imports of goods and services: -27.2%
(2011 est.)