Flag of Syria

Syria Economy Profile 2018

Home > Factbook > Countries > Syria

Economy - overviewSyria's economy continues to deteriorate amid the ongoing conflict that began in 2011, declining by more than 70% from 2010 to 2017. The government has struggled to address the effects of international sanctions, widespread infrastructure damage, diminished domestic consumption and production, reduced subsidies, and high inflation, which have caused dwindling foreign exchange reserves, rising budget and trade deficits, a decreasing value of the Syrian pound, and falling household purchasing power.

During 2014, the ongoing conflict and continued unrest and economic decline worsened the humanitarian crisis and elicited a greater need for international assistance, as the number of people in need inside Syria increased from 9.3 million to 12.2 million, and the number of Syrian refugees increased from 2.2 million to more than 3.3 million.

Prior to the turmoil, Damascus had begun 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, but the economy remains highly regulated. Long-run economic constraints include foreign trade barriers, declining oil production, high unemployment, rising budget deficits, increasing pressure on water supplies caused by heavy use in agriculture, rapid population growth, industrial expansion, water pollution, and widespread infrastructure damage.
GDP (purchasing power parity)$50.28 billion (2015 est.)
$55.8 billion (2014 est.)
$61.9 billion (2013 est.)
notes: data are in 2015 US dollars
the war-driven deterioration of the economy resulted in a disappearance of quality national level statistics in the 2012-13 period
GDP (official exchange rate)$24.6 billion (2014 est.)
GDP - real growth rateNA% (2017 est.)
-36.5% (2014 est.)
-30.9% (2013 est.)
note: data are in 2015 dollars
GDP - per capita (PPP)$2,900 (2015 est.)
$3,300 (2014 est.)
$2,800 (2013 est.)
note: data are in 2015 US dollars
Gross national saving20.3% of GDP (2017 est.)
19.1% of GDP (2016 est.)
20.1% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 63.9%
government consumption: 22.9%
investment in fixed capital: 18.1%
investment in inventories: 10.9%
exports of goods and services: 9.4%
imports of goods and services: -25.1% (2017 est.)
GDP - composition by sectoragriculture: 20%
industry: 19.6%
services: 60.4% (2017 est.)
Population below poverty line82.5% (2014 est.)
Labor force3.767 million (2017 est.)
Labor force - by occupationagriculture: 17%
industry: 16%
services: 67% (2008 est.)
Unemployment rate50% (2017 est.)
50% (2016 est.)
Unemployment, youth ages 15-24total: 35.8%
male: 26.6%
female: 71.1% (2011 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $1.033 billion
expenditures: $3.177 billion
note: government projections for FY2016 (2017 est.)
Taxes and other revenues4.2% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-8.7% of GDP (2017 est.)
Public debt58.4% of GDP (2017 est.)
55.7% of GDP (2016 est.)
Inflation rate (consumer prices)25.5% (2017 est.)
43.9% (2016 est.)
Central bank discount rate0.75% (31 December 2017)
5% (31 December 2016)
Commercial bank prime lending rate33.3% (31 December 2017 est.)
32% (31 December 2016 est.)
Stock of narrow money$5.795 billion (31 December 2017 est.)
$4.488 billion (31 December 2016 est.)
Stock of broad money$6.696 billion (31 December 2017 est.)
$5.522 billion (31 December 2016 est.)
Stock of domestic credit$6.816 billion (31 December 2017 est.)
$5.993 billion (31 December 2016 est.)
Market value of publicly traded shares$NA
Agriculture - productswheat, barley, cotton, lentils, chickpeas, olives, sugar beets; beef, mutton, eggs, poultry, milk
Industriespetroleum, textiles, food processing, beverages, tobacco, phosphate rock mining, cement, oil seeds crushing, automobile assembly
Industrial production growth rate4.4% (2017 est.)
Current Account Balance-$2.123 billion (2017 est.)
-$2.077 billion (2016 est.)
Exports$1.786 billion (2017 est.)
$1.705 billion (2016 est.)
Exports - commoditiescrude oil, minerals, petroleum products, fruits and vegetables, cotton fiber, textiles, clothing, meat and live animals, wheat
Exports - partnersLebanon 34.6%, Jordan 11.6%, China 9.4%, Turkey 8.2%, Iraq 7.7%, Tunisia 4.9% (2016)
Imports$5.649 billion (2017 est.)
$5.496 billion (2016 est.)
Imports - commoditiesmachinery and transport equipment, electric power machinery, food and livestock, metal and metal products, chemicals and chemical products, plastics, yarn, paper
Imports - partnersRussia 22%, Turkey 20%, China 11.3% (2016)
Reserves of foreign exchange and gold$407.3 million (31 December 2017 est.)
$504.6 million (31 December 2016 est.)
Debt - external$5.699 billion (31 December 2017 est.)
$5.085 billion (31 December 2016 est.)
Exchange ratesSyrian pounds (SYP) per US dollar -
514.6 (2017 est.)
459.2 (2016 est.)
459.2 (2015 est.)
236.41 (2014 est.)
153.695 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

Economy Comparison