Inflation reached 50.6% in 2019, fueled by high production input costs due to currency depreciation.Inflation, projected at 61.5% for 2020 and 65.7% for 2021, is mainly driven by the monetization of the fiscal deficit, which narrowed from 7.7% of GDP in 2018 to 5.7% in 2019 but is projected at 9.9% in 2020 and 10.9% in 2021.The exchange rate averaged 47.1 Sudanese pounds per dollar in September 2019, compared with 45.1 in 2018. The current account deficit improved to 7.8% of GDP in 2019 from 13.6% in 2018. As the world’s largest producer of gum arabic, Sudan will continue to depend on agriculture (32% of GDP in 2019) to boost its exports, generate foreign exchange, and reduce the current account deficit. 2) The rank that you see is the CIA reported rank, which may have the following issues: a) They assign increasing rank number, alphabetically for … Largescale irrigated agriculture has the potential to create employment and increase national income and foreign exchange earnings. All suggestions for corrections of any errors about Sudan Economy 2020 should be addressed to the CIA or the source cited on each page. As the world’s largest producer of gum arabic, Sudan will continue to depend on agriculture (32% of GDP in 2019) to boost its exports, generate foreign exchange, and reduce the current account deficit.Sudan is in debt distress, reducing its capacity to mobilize domestic resources or to borrow from international markets. The 2019 rebound was driven mainly by reopening some oil fields, including those in Upper Nile state, and resuming production, and by the peace agreement signed in September 2018. Sudan Economy Profile 2019. The oil sector had driven much of Sudan's GDP growth since 1999. Political instability has also affected growth, with hardening economic conditions, such as the rising cost of bread and fuel and the shortages of cash.Headwinds also include low productivity growth in manufacturing and agriculture due to inadequate infrastructure, power shortages, and an unfavorable macroeconomic environment. Sudan is attempting to develop non-oil sources of revenues, such as gold mining and agriculture, while carrying out an austerity program to reduce expenditures. The oil sector had driven much of Sudan's GDP growth since 1999. GDP is projected to contract further by 1.6% in 2020 and 0.8% in 2021 due to the political situation, tepid domestic demand, and weak private sector investment. By September 2019, outstanding public and publicly guaranteed external debt was estimated at about $60 billion, up from $53.6 billion in 2016 and $56 billion in 2018.Extreme poverty fell from 29.6% of the population in 2010 to 25.2% in 2015, as inequality declined more in rural areas than in urban ones.With its new government coalition, Sudan presents underexploited opportunities that can reinvigorate economic growth. The World Bank expects Sudan’s gross domestic product (GDP) growth rate to rise19, consistent with its forecast for high economic growth across sub-Saharan Africa. The October 2017 lifting of US trade and economic sanctions was seen as advancing the dialogue on political sanctions and debt relief. Agriculture continues to employ 80% of the work force.Sudan introduced a new currency, still called the Sudanese pound, following South Sudan's secession, but the value of the currency has fallen since its introduction. The economy of Sudan has boomed on the back of increases in oil production, high oil prices, and large inflows of foreign direct investment until the second half of 2002. The interruption of oil production in South Sudan in 2012 for over a year and the consequent loss of oil transit fees further exacerbated the fragile state of Sudanâs economy. Real GDP contracted in 2019 by an estimated 2.4% driven by a contraction in the services sector and investment in real estate and business services. Since the economic shock of South Sudan's secession, Sudan has struggled to stabilize its economy and make up for the loss of foreign exchange earnings. The worldâs largest exporter of gum Arabic, Sudan produces 75-80% of the worldâs total output. This page has economic forecasts for Sudan including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Sudan economy. Economy - overview: Sudan has experienced protracted social conflict, civil war, and, in July 2011, the loss of three-quarters of its oil production due to the secession of South Sudan. Macroeconomic performance and outlook Real GDP growth was an estimated 5.8% in 2019, a large increase from 0.5% in 2018. Sudan’s economic freedom score is 45.0, making its economy the 173rd freest in the 2020 Index. For nearly a decade, the economy boomed on the back of rising oil … The oil sector remains the key driver of the economy, followed by services and … Nonfood agroindustry can accelerate growth by developing value chains that diversify the economy to compensate for loss of oil revenues. Political instability, Poor governance and corruption continue to hinder development in the world's youngest country. No claims are made regarding the accuracy of Sudan Economy 2020 information contained here. South Sudan's economy depends on agriculture and oil. Ongoing conflicts in Southern Kordofan, Darfur, and the Blue Nile states, lack of basic infrastructure in large areas, and reliance by much of the population on subsistence agriculture, keep close to half of the population at or below the poverty line.Sudan was subject to comprehensive US sanctions, which were lifted in October 2017.
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