Economy of South Sudan
The South Sudan Economy is one of the world's weakest economies, reasons being the little infrastructure and highest maternal mortality. The female literacy rate of South Sudan is also one of the reason the economy is so weak. South Sudan is one of the poorest countries n the world and most of its villages have no electricity and running water.
The currency of the Republic of South Sudan is the Sudanese Pound (SDG). The Sudanese Pound is also nicknamed 'the Sudani'.
Though South Sudan produces 85% of the Sudanese oil output, after the independence of Sudan, the oil has to be equally split for a specific duration. The Comprehensive Peace Agreement (CPA) made between the Republic of South Sudan and the Government in Khartoum says that the oil revenues should be equally shared between the two countries for a specific period of time. South Sudan's budget contains revenues from Oil to a large extent, as much as 98%.
South Sudan has rich natural resources. The country heavily depends on agriculture and exports many of its products to the international market. Agricultural products like cotton, groudnuts, sorghum, millet, wheat, gum arabic, cassava, sugarcane, mangos, papaya, bananas, sweet potatoes and sesame are grown by farmers in the country.
It exports timber to the international market and some of the best known teaks and natural trees grow in the Western Equatoria and Central Equatoria regions. The tributaries of River Nile also contains rich natural resources such as petroleum, iron ore, copper, chromium ore, zinc, tungsten, mica, silver, gold and hydropower.
- June 30, 2011: Vice President, Riek Machar Teny is reported to have said that the country will mobilize $500 billion worth of investment for infrastructure development in the next five years.
The South Sudan's inflation is at 47.8% in January 2012, which stood at 65.6% in December 2011. As per the National Bureau of Statistics, the annual inflation of Juba, the country's capital declined considerably which helped the country's inflation rate.
See Also: Banks of South Sudan
The Bank of South Sudan, also abbreviated as BOSS is the central bank of South Sudan.
|Only 1% of households have a bank account.|
|Kenya is one of the few foreign countries to have started their business operations in South Sudan soon after the later became independent. Kenya Commercial Bank and Equity Bank have opened for business in Juba.|
|July 19, 2011: Unity State Authorities gathered Tuesday to discuss the policy to be use by private banking institutions on the conversion of old Sudan Pounds to the new South Sudanese Pound. The deputy governor of Unity State William Dawut Riak and state Minister of Finance Thomas Jal Kume briefed Kenya Commercial Bank and Ivory Bank of Bentiu branches in Bentiu on the two month period to exchange all Sudanese Pounds into the new currency.|
Gross Domestic Product
The Gross Domestic Product (GDP) is the market value of all final goods and services produced within a country over a given period of time. The GDP per captia is often considered an indicator of a country's standard of living.
Gross National Income
The Gross National Income is the primary income received by residents of a geographical area. It consists of: the personal consumption expenditures, the gross private investment, the government consumption expenditures, the net income from assets abroad (net income receipts), and the gross exports of goods and services, after deducting two components: the gross imports of goods and services, and the indirect business taxes. The GNI is similar to the gross national product (GNP), except that in measuring the GNP one does not deduct the indirect business taxes.
The Gross National Income in 2010 is 19 billion Sudanese Pounds (USD 8 billion). The GNI per captia is 2267 Sudanese Pounds or USD 948.
A consumer price index (CPI) measures changes in the price level of consumer goods and services purchased by households. The CPI, in the United States is defined by the Bureau of Labor Statistics as "a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services."
Manufacturing is virtually in its nascent stage in the country offering a huge opportunity in the sector.
- December 8, 2013: First South Sudan Investment Conference held
- September 18, 2013: Finance Minister Sabuni places 2014 South Sudan revised draft national financial budget before Parliament
- September 17, 2013: Western Union growing quickly in South Sudan
- November 28, 2012: South Sudanese Ambassador to UN stresses on resolution of South Kordofan and Blue Nile conflict