Economy of South Sudan
The Republic of South Sudan became the world’s newest nation and Africa’s 55th country on July 9, 2011, following a peaceful Referendum in January 2011. The referendum was foreseen as part of the 2005 Comprehensive Peace Agreement (CPA) signed by the Government of the Republic of the Sudan and the then southern-based rebel group, the Sudan People’s Liberation Movement, after decades of conflict.
South Sudan is the most oil dependent country in the world, with oil exports accounting for almost the totality of exports and for around 80% of gross domestic product (GDP) directly and indirectly. GDP per capita of South Sudan in 2010 was equivalent to US$1,505 while the preliminary estimates for 2011 indicate a GDP per capita of US$1,858 which is much higher than its East African neighbours, mainly due to oil production.
The South Sudanese economy was plagued with high inflation in the 12 months following independence, reaching 80% during the year but price increases are expected to be moderate in the end of 2012 at 17%.
Economy of South Sudan has been summarized to include the following