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Syria Economy 2017
http://www.theodora.com/wfbcurrent/syria/syria_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Syria Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Syria's economy continues to deteriorate amid the ongoing conflict that began in 2011, declining by 62% from 2010 to 2014. 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):
$55.8 billion (2015 est.) $61.9 billion (2013 est.) $97.5 billion (2012 est.)
note: 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
country comparison to the world: 108
[see also: GDP country ranks ]

GDP (official exchange rate):
$24.6 billion (2014 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-9.9% (2015 est.) -36.5% (2014 est.) -30.9% (2013 est.)
country comparison to the world: 221
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,900 (2015 est.) NA (2013 est.) NA (2010 est.)
note: data are in 2015 US dollars
country comparison to the world: 194
[see also: GDP - per capita country ranks ]

Gross national saving:
20% of GDP (2015 est.) 18.5% of GDP (2014 est.) 14.9% of GDP (2013 est.)
country comparison to the world: 85
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 63%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 22.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 11.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 13.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -31.8% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 19.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 61.5% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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, automobile assembly

Industrial production growth rate:
-2.4% (2016 est.)
country comparison to the world: 188
[see also: Industrial production growth rate country ranks ]

Labor force:
3.37 million (2016 est.)
country comparison to the world: 100
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 16%
[see also: Labor force - by occupation - industry country ranks ]
services: 67% (2008 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
50% (2016 est.) 50% (2015 est.)
country comparison to the world: 202
[see also: Unemployment rate country ranks ]

Population below poverty line:
82.5% (2014 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $494.5 million
[see also: Budget revenues country ranks ]
expenditures: $2.665 billion
[see also: Budget expenditures country ranks ]
note: government projections for FY2016

Taxes and other revenues:
2% of GDP (2016 est.)
country comparison to the world: 219
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8.8% of GDP (2016 est.)
country comparison to the world: 197
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
57.5% of GDP (2016 est.) 52% of GDP (2015 est.)
country comparison to the world: 68
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
47.7% (2016 est.) 38.1% (2015 est.)
country comparison to the world: 225
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.75% (31 December 2016) 5% (31 December 2015)
country comparison to the world: 125
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
32% (31 December 2016 est.) 27% (31 December 2015 est.)
country comparison to the world: 5
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.017 billion (31 December 2016 est.) $5.254 billion (31 December 2015 est.)
country comparison to the world: 116
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.712 billion (31 December 2016 est.) $6.98 billion (31 December 2015 est.)
country comparison to the world: 141
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.336 billion (31 December 2016 est.) $5.285 billion (31 December 2015 est.)
country comparison to the world: 136
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$3.148 billion (2015 est.) -$3.667 billion (2014 est.)
country comparison to the world: 162
[see also: Current account balance country ranks ]

Exports:
$2.304 billion (2016 est.) $2.14 billion (2015 est.)
country comparison to the world: 136
[see also: Exports country ranks ]

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

Exports - partners:
Iraq 64.7%, Saudi Arabia 11.2%, Kuwait 7.1%, UAE 6.1%, Libya 4.6% (2015)

Imports:
$5.965 billion (2016 est.) $6.663 billion (2015 est.)
country comparison to the world: 117
[see also: Imports country ranks ]

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 28%, UAE 13.7%, Iran 10.1%, Turkey 9%, Iraq 8.3%, China 6.1% (2015)

Reserves of foreign exchange and gold:
$504.6 million (31 December 2016 est.) $772.9 million (31 December 2015 est.)
country comparison to the world: 148
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$5.918 billion (31 December 2016 est.) $5.3 billion (31 December 2015 est.)
country comparison to the world: 129
[see also: Debt - external country ranks ]

Exchange rates:
Syrian pounds (SYP) per US dollar - 497.8 (2016 est.) 236.41 (2015 est.) 236.41 (2014 est.) 153.695 (2013 est.) 64.39 (2012 est.)


NOTE: The information regarding Syria on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Syria Economy 2017 information contained here. All suggestions for corrections of any errors about Syria Economy 2017 should be addressed to the CIA.




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