Economy of Syria
Overview
The Syrian economy grew by an estimated 3.3% in real terms in 2007 led by the petroleum and agricultural sectors, which together account for about one-half of GDP. Higher crude oil prices countered declining oil production and led to higher budgetary and export receipts. Damascus has implemented modest economic reforms in the past few years, including cutting lending interest rates, opening private banks, consolidating all of the multiple exchange rates, raising prices on some subsidized items, most notably gasoline and cement, and establishing the Damascus Stock Exchange - which is set to begin operations in 2009.
In October 2007, for example, Damascus raised the price of subsidized gasoline by 20%, and may institute a rationing system in 2008. In addition, President ASAD signed legislative decrees to encourage corporate ownership reform, and to allow the Central Bank to issue Treasury bills and bonds for government debt. Nevertheless, the economy remains highly controlled by the government. Long-run economic constraints include declining oil production, high unemployment and inflation, rising budget deficits, and increasing pressure on water supplies caused by heavy use in agriculture, rapid population growth, industrial expansion, and water pollution.
GDP
Real Growth Rate
3%
Per Capita
USD 4,300
From Agriculture
25%
From Industry
26%
From Services
49%
Labour Force
Available for Work
5
Working in Agriculture
19%
Working in Industry
15%
Working in Services
66%
Unemployment Rate
10%
Population Below Poverty Line
12%
Inflation Rate
8%
Investment as Percent of GDP
24%
Budget
Revenues
USD 8,450 (m)
Expenditures
USD 10,380 (m)
Public Debt
US$ 0.00 (m)
Agricultural Products
Wheat, barley, cotton, lentils, chickpeas, olives, sugar beets; beef, mutton, eggs, poultry, milk
Core Industries
Petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining, cement, oil seeds crushing, car assembly
Exports
Value
USD 10,580 (m)
Commodities
Crude oil, minerals, petroleum products, fruits and vegetables, cotton fiber, textiles, clothing, meat and live animals, wheat
Partners
Iraq 27.3%, Germany 12.1%, Lebanon 9.5%, Italy 6.6%, Egypt 5.3%, Saudi Arabia 4.8% (2006)
Imports
Value
USD 12,380 (m)
Commodities
Machinery and transport equipment, electric power machinery, food and livestock, metal and metal products, chemicals and chemical products, plastics, yarn, paper
Partners
Saudi Arabia 12.3%, China 7.9%, Egypt 6.2%, UAE 6%, Germany 4.9%, Italy 4.9%, Ukraine 4.8%, Iran 4.5% (2006)
External Debt
USD 6,340 (m)
Fiscal Year
calendar year
