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Syria Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











Syria Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

Economy - overview:
Syria's economy has deeply deteriorated amid the ongoing conflict that began in 2011, declining by more than 70% from 2010 to 2017. The government has struggled to fully 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. In 2017, some economic indicators began to stabilize, including the exchange rate and inflation, but economic activity remains depressed and GDP almost certainly fell.

During 2017, the ongoing conflict and continued unrest and economic decline worsened the humanitarian crisis, necessitating high levels of international assistance, as more than 13 million people remain in need inside Syria, and the number of registered Syrian refugees increased from 4.8 million in 2016 to more than 5.4 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, industrial contaction, 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.)
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 (CIA rank, may be based on non-current data): 110
[see also: GDP country ranks ]
[see also: GDP country ranks ]

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

GDP - real growth rate:
-36.5% (2014 est.)
-30.9% (2013 est.)
note: data are in 2015 dollars
country comparison to the world (CIA rank, may be based on non-current data): 224
[see also: GDP - real growth rate country ranks ]
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,900 (2015 est.)
$3,300 (2014 est.)
$2,800 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world (CIA rank, may be based on non-current data): 194
[see also: GDP - per capita country ranks ]
[see also: GDP - per capita country ranks ]

Gross national saving:
17% of GDP (2017 est.)
15.3% of GDP (2016 est.)
16.1% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 121
[see also: Gross national saving country ranks ]
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 73.1% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 26% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 18.6% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 12.3% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 16.1% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -46.1% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 20% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.5% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.8% (2017 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:
4.3% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 70
[see also: Industrial production growth rate country ranks ]
[see also: Industrial production growth rate country ranks ]

Labor force:
3.767 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 95
[see also: Labor force country ranks ]
[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% (2017 est.)
50% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 217
[see also: Unemployment rate country ranks ]
[see also: Unemployment rate country ranks ]

Population below poverty line:
82.5% (2014 est.)
[see also: Population below poverty line country ranks ]
[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: 1.162 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 3.211 billion (2017 est.)
note: government projections for FY2016

Taxes and other revenues:
4.2% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 219
[see also: Taxes and other revenues country ranks ]
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8.7% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 203
[see also: Budget surplus (+) or deficit (-) country ranks ]
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
94.8% of GDP (2017 est.)
91.3% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 23
[see also: Public debt country ranks ]
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
28.1% (2017 est.)
47.3% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 220
[see also: Inflation rate (consumer prices) country ranks ]
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.75% (31 December 2017)
5% (31 December 2016)
country comparison to the world (CIA rank, may be based on non-current data): 135
[see also: Central bank discount rate country ranks ]
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14% (31 December 2017 est.)
22% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 49
[see also: Commercial bank prime lending rate country ranks ]
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$7.272 billion (31 December 2017 est.)
$4.333 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 88
[see also: Stock of narrow money country ranks ]
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$7.272 billion (31 December 2017 est.)
$4.333 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 90
[see also: Stock of broad money country ranks ]
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$9.161 billion (31 December 2017 est.)
$5.786 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 109
[see also: Stock of domestic credit country ranks ]
[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 ]
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.123 billion (2017 est.)
-$2.077 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 167
[see also: Current account balance country ranks ]
[see also: Current account balance country ranks ]

Exports:
$1.85 billion (2017 est.)
$1.705 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 143
[see also: Exports country ranks ]
[see also: Exports country ranks ]

Exports - partners:
Lebanon 31.5%, Iraq 10.3%, Jordan 8.8%, China 7.8%, Turkey 7.5%, Spain 7.3% (2017)

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

Imports:
$6.279 billion (2017 est.)
$5.496 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 119
[see also: Imports country ranks ]
[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:
Russia 32.4%, Turkey 16.7%, China 9.5% (2017)

Reserves of foreign exchange and gold:
$407.3 million (31 December 2017 est.)
$504.6 million (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 159
[see also: Reserves of foreign exchange and gold country ranks ]
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$4.989 billion (31 December 2017 est.)
$5.085 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 133
[see also: Debt - external country ranks ]
[see also: Debt - external country ranks ]

Exchange rates:
Syrian 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.)


NOTE: 1) The information regarding Syria on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Syria Economy 2020 information contained here. All suggestions for corrections of any errors about Syria Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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