Page last updated on February 20, 2013
Economy - overview:
Industry and infrastructure in landlocked South Sudan are severely underdeveloped and poverty is widespread, following several decades of civil war with Sudan. Subsistence agriculture provides a living for the vast majority of the population. Property rights are tentative and price signals are missing because markets are not well organized. South Sudan has little infrastructure - just 60 km of paved roads. Electricity is produced mostly by costly diesel generators and running water is scarce. The government spends large sums of money to maintain a big army; delays in paying salaries have periodically resulted in riots by unruly soldiers. Ethnic conflicts have resulted in a large number of civilian deaths and displacement. South Sudan depends largely on imports of goods, services, and capital from the north. Despite these disadvantages, South Sudan does have abundant natural resources. South Sudan produces nearly three-fourths of the 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, and the 2005 oil sharing agreement with Khartoum called for a 50-50 sharing of oil revenues between the two entities. That deal expired on 9 July 2011, however, when South Sudan became an independent country. The economy of South Sudan undoubtedly will remain linked to Sudan for some time, given the long lead time and great expense required to build another pipeline. In early 2012 South Sudan suspended production of oil because of its dispute with Sudan over transshipment fees. This had a devastating impact on GDP, which declined by at least 55% in 2012. 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 does not have large external debt or structural trade deficits and has received more than $4 billion in foreign aid since 2005, largely from the UK, US, Norway, and 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% in May 2012. Long term problems include alleviating poverty, maintaining macroeconomic stability, improving tax collection and financial management, focusing resources on speeding growth, and improving the business environment.
GDP (purchasing power parity):
$9.664 billion (2012 est.)
country comparison to the world: 153
$21.47 billion (2011 est.)
$21.16 billion (2010 est.)
[see also: GDP country ranks
GDP (official exchange rate):
$11.45 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
-55% (2012 est.)
country comparison to the world: 217
1.4% (2011 est.)
[see also: GDP - real growth rate country ranks
GDP - per capita:
$900 (2012 est.)
country comparison to the world: 219
$2,200 (2011 est.)
$2,500 (2010 est.)
[see also: GDP - per capita country ranks
Population below poverty line:
[see also: Population below poverty line country ranks ]
Inflation rate (consumer prices):
79% (May 2012 est.)
country comparison to the world: 224
[see also: Inflation rate (consumer prices) country ranks ]
Agriculture - products:
sorghum, maize, rice, millet, wheat, gum arabic, sugarcane, mangoes, papayas, bananas, sweet potatoes, sunflower, cotton, sesame, cassava (manioc), beans, peanuts; cattle, sheep
South Sudanese pounds (SSP) per US dollar -
0.7838 (2012 est.)
South Sudanese pounds (SSP) per US dollar - 0.7185 (2011 est.)
NOTE: The information regarding South Sudan on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of South Sudan Economy 2013 information contained here. All suggestions for corrections of any errors about South Sudan Economy 2013 should be addressed to the CIA.
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This page was last modified 11-Mar-13
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