Syria Economy Profile 2013

Economy - overview

Despite modest economic growth and reform prior to the outbreak of unrest, Syria's economy continues to suffer the effects of the ongoing conflict that began in 2011. The economy further contracted in 2012 because of international sanctions and reduced domestic consumption and production. The government has struggled to address the effects of economic decline, including dwindling foreign exchange reserves, rising budget and trade deficits, and the decreasing value of the Syrian pound. Prior to the unrest, Damascus began liberalizing economic policies, including cutting lending interest rates, opening private banks, consolidating multiple exchange rates, raising prices on some subsidized items, and establishing the Damascus Stock Exchange. The economy remains highly regulated by the government. Long-run economic constraints include foreign trade barriers, declining oil production, high unemployment, rising budget deficits, and increasing pressure on water supplies caused by heavy use in agriculture, rapid population growth, industrial expansion, and water pollution.

GDP (purchasing power parity)

$107.6 billion (2011 est.)
$110.1 billion (2010 est.)
$106.5 billion (2009 est.)
note: data are in 2012 US dollars

GDP (official exchange rate)

$64.7 billion (2011 est.)

GDP - real growth rate

NA (2012 est.)
-2.3% (2011 est.)
3.4% (2010 est.)

GDP - per capita (PPP)

$5,100 (2011 est.)
$5,100 (2010 est.)
$5,200 (2009 est.)
note: data are in 2011 US dollars

GDP - composition by sector

agriculture: 18.1%
industry: 25.3%
services: 56.6% (2012 est.)

Population below poverty line

11.9% (2006 est.)

Labor force

5.54 million (2012 est.)

Labor force - by occupation

agriculture: 17%
industry: 16%
services: 67% (2008 est.)

Unemployment rate

18% (2012 est.)
14.9% (2011 est.)

Unemployment, youth ages 15-24

total: 19.1%
male: 13.1%
female: 49.1% (2007)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Investment (gross fixed)

20.8% of GDP (2012 est.)

Budget

revenues: $6.511 billion
expenditures: $12.68 billion (2012 est.)

Taxes and other revenues

10.1% of GDP (2012 est.)

Budget surplus (+) or deficit (-)

-9.5% of GDP (2012 est.)

Public debt

44% of GDP (2012 est.)
35.2% of GDP (2011 est.)

Inflation rate (consumer prices)

33.7% (2012 est.)
4.8% (2011 est.)

Central bank discount rate

0.75% (31 December 2012 est.)
5% (31 December 2011 est.)

Commercial bank prime lending rate

11.7% (31 December 2012 est.)
10.5% (31 December 2011 est.)

Stock of narrow money

$18.01 billion (31 December 2012 est.)
$22.37 billion (31 December 2011 est.)

Stock of money

$73.54 billion (31 December 2008)
$15.21 billion (31 December 2007)

Stock of quasi money

$73.93 billion (31 December 2008)
$12.29 billion (31 December 2007)

Stock of broad money

$30.17 billion (31 December 2012 est.)
$39.36 billion (31 December 2011 est.)

Stock of domestic credit

$20.33 billion (31 December 2012 est.)
$27.8 billion (31 December 2011 est.)

Market value of publicly traded shares

$NA

Agriculture - products

wheat, barley, cotton, lentils, chickpeas, olives, sugar beets; beef, mutton, eggs, poultry, milk

Industries

petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining, cement, oil seeds crushing, car assembly

Industrial production growth rate

6% (2010 est.)

Current Account Balance

-$5.103 billion (2012 est.)
-$7.726 billion (2011 est.)

Exports

$4.981 billion (2012 est.)
$10.29 billion (2011 est.)

Exports - commodities

crude oil, minerals, petroleum products, fruits and vegetables, cotton fiber, textiles, clothing, meat and live animals, wheat

Exports - partners

Iraq 38.8%, Italy 7.9%, Germany 7.1%, Saudi Arabia 6.5%, Kuwait 4.2% (2011)

Imports

$10.01 billion (2012 est.)
$17.6 billion (2011 est.)

Imports - commodities

machinery and transport equipment, electric power machinery, food and livestock, metal and metal products, chemicals and chemical products, plastics, yarn, paper

Imports - partners

Saudi Arabia 14.8%, China 10.3%, UAE 7.3%, Turkey 6.8%, Iran 5.4%, Italy 5.1%, Russia 4.6%, Iraq 4.4% (2011)

Reserves of foreign exchange and gold

$4.774 billion (31 December 2012 est.)
$14.83 billion (31 December 2011 est.)

Debt - external

$8.818 billion (31 December 2012 est.)
$8.196 billion (31 December 2011 est.)

Exchange rates

Syrian pounds (SYP) per US dollar -
63.94 (2012 est.)
48.371 (2011 est.)
11.225 (2010 est.)
46.708 (2009)
46.5281 (2008)

Fiscal year

calendar year