Sudan Archives - Page 2 of 2

Sudan Eyes New Gold Rush To Compensate For Loss of Oil

The Sudanese government has handed out 50 more gold exploration licenses to 73 firms, that it hopes will increase the country’s gold production capabilities, said the state news agency SUNA on Sunday, as quoted by Reuters.

Sudan – Fast Facts

Sudan is a lower income economies comes under the Sub Saharan African region, as to the classification made by the World Bank on the basis of income and region for the year 2006.

Sudan is largely dependent upon the agriculture. Agriculture contributes around 40 percent of the total Gross Domestic Product after services sector. There is no better industrial development in the country. Main industries are based upon agricultural based.

Sudan Economic Forecast

Starting in 1999, oil, and gas were exported from Sudan and from that time until 2008, it played a huge role in Sudan’s booming economy. Then, due to a high production of oil and gas and increasing prices, followed by significant inflows of Foreign Direct Investment, Sudan was a country with a robust economy until the latter part of 2008. In fact, from 2006 to 2007, the Gross Domestic Product was at 10% or higher. However, this country was hit hard by the Global financial crisis along with most other countries.