Sudan Economy

Sudan Economy


  • Basic data
  • Public finances and the state budget
  • Banking system
  • Tax System

Basic data

According to, Sudan’s economy is estimated to have grown by 0.7% in 2021, after two consecutive years of recession. Even this low level of growth reflects base effects rather than a robust return to economic activity. Ongoing political instability, continued violence in Darfur and high inflation have hampered investment. Additionally, continued political instability in the first half of 2022, along with supply chain disruptions from the Red Sea protests and limited foreign investment (as investors remain cautious in the wake of Russia’s invasion of Ukraine), will limit economic growth to 1.2% in 2022. assuming political turmoil subsides and other macroeconomic fundamentals improve, we expect a stronger recovery from 2023 due to greater political stability (if elections go smoothly).

Inflation is expected to remain elevated in the near term due to supply chain disruptions caused by ongoing post-coup protests and persistent food and fuel shortages (exacerbated by rising global prices).

Sudan’s export earnings increased in 2021 in line with rising gold and oil production. Rising global oil prices and gold production in 2022 will continue to support export earnings.

Global agricultural commodity prices have risen sharply as a result of the war in Ukraine, and we expect them to remain high until the conflict ends. Together, Ukraine and Russia account for 30% of global trade in wheat, 17% in corn and more than 50% in sunflower oil. Global wheat prices are now expected to rise by an average of 40% in 2022, corn and soybean prices by 17%, and sunflower oil alternatives by 10-15%.

There has been a visible decline in the standard of living over the past year. The military coup in October 2021 significantly negatively affected the economic consolidation of the country. Expanding oil and gold exports, as well as investment in public infrastructure and capital projects, are likely to support real GDP growth, but high inflation is constraining private consumption. At the sectoral level, agriculture is supported through foreign investment (especially from the Persian Gulf). The oil and gas sector and the mining sector are still the main drivers of economic growth, also due to rising global energy prices and investment from China.

Table from MOP + additionally balance of payments, indebtedness/GDP.

Pointer 2019 2020 2021 2022 2023
GDP growth (%) -2.5 -8.7 0.7 2 3.2
GDP/population (USD/PPP) 4,104.80 4,243.70 4,310.00 4,420.00 4,580.0
Inflation (%) 50.4 153.6 377.4 249.2 187
Unemployment (%) 17.7 19.7 ON ON ON
Export of goods (billion USD) 3.7 2.9 4.4 4.7 5.1
Import of goods (billion USD) 8,9 8.5 9 9.7 10.7
Trade Balance (Billion USD) -4.6 -5.1 -4.5 -4.6 -4.4
Industrial production (% change) ON ON ON ON ON
Population (millions) 42.8 43.9 44.9 46 47.1
Competitiveness ON ON ON ON ON
OECD export risk 07.VII 07.VII 07.VII ON ON

Source: EIU, OECD, IMD

Public finance and state budget

Public finance 2021
State budget balance (% of GDP) -5.5
Public debt (% of GDP) 92.8
Current account balance (billion USD) -4.1
Taxes 2022

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Banking system

The central Sudanese bank is the Bank of Sudan, with branches in various parts of the country. There are also 30 commercial banks operating on the market, about half of which are more or less private. The main task of the bank is the development of banking institutions in the country, monetary and financial policy and the use of financial resources to achieve planned macroeconomic indicators. Even in an effort to attract investors from the Arabian Peninsula, the banking system is conceived as dual and should guarantee the application of banking according to Islamic (interest-free) and conventional principles.

One of the largest state banks – Khartoum Bank was privatized already in 2005.

Other banks :

  • Baraka Bank
  • Faisal Islamic Bank
  • Islamic Cooperative Development bank
  • El Neelain Bank
  • El Nile Industrial Development Bank
  • Bank of Khartoum Group
  • Agricultural Bank of Sudan
  • Sudanese Industrial Bank
  • Sudanese French Bank
  • National Bank of Sudan
  • Sudanese Savings Bank
  • Social Development Bank
  • Saudi Sudanese Bank
  • Workers National Bank
  • Omdurman National Bank
  • The Blue Nile Bank
  • National Bank of Abu Dhabi
  • Bank of Real Estate
  • Commercial Bank
  • Habib Bank
  • Islamic Bank of The North
  • IvoryBank
  • Qatar national Bank (QNB) – the fastest growing foreign bank in the country

ČSOB has correspondence relations with the following banks:

  • Bank of Khartoum
  • El Nile Industrial Development Bank
  • National Bank of Sudan

Tax system

The system of taxes and subsidies in the Republic of Sudan is quite complicated and confusing. For individual business cases, it is therefore necessary to find out specific information in relation to the given customer/business partner.

Basic rates of individual tax categories:

Corporate income tax (so-called corporate) – rates vary depending on the company’s line of business:

  • 0% agriculture
  • 10% industry
  • 15% financial, business, real estate, etc. services
  • 30% tobacco industry
  • 35% prospecting, production and distribution of oil and gas

The social security levy also has the character of a corporate tax, it is levied in the amount of • 17%

Personal income tax • 15 – 20%

  • 8% social security contribution
  • 5% property tax
  • 5% capital gains tax

Value Added Tax (VAT)

  • 17%

Withholding taxes

  • 0% dividend income
  • 7% interest income
  • 15% royalties, royalty

Sudan Economy