Low oil revenues shrink South Sudan’s economy by 1.1pc
In a study on the macroeconomic situation of the country, Fitch says foreign and private investment in the oil sector will continue to be hampered because of insecurity, thus resulting in an eight percent drop in oil production this year. PHOTO | FILE | NMG
South Sudan’s real GDP is expected to contract by a further 1.1 percent this year as a result of a drop in revenues generated from oil, which accounts for 90 percent of the country’s goods exports and more than 80 percent of total government revenue, says rating agency Fitch Solutions.
In a study on the macroeconomic situation of the country, Fitch says foreign and private investment in the oil sector will continue to be hampered because of insecurity, thus resulting in an eight percent drop in oil production this year.
