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Syria Economy 2010
http://www.workmall.com/wfb2010/syria/syria_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

Economy - overview:
Syrian economic growth slowed in 2009 to 2.2% in real terms as the global economic crisis affected oil prices and the economies of Syria's key export partners and sources of investment. 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 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 (purchasing power parity):
$102.5 billion (2009 est.)

$100.3 billion (2008 est.)
$95.39 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$54.35 billion (2009 est.)

GDP - real growth rate:
2.2% (2009 est.)

5.1% (2008 est.)
6.3% (2007 est.)

GDP - per capita (PPP):
$4,700 (2009 est.)

$4,700 (2008 est.)
$4,700 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 15.5%
industry: 29%
services: 55.5% (2009 est.)

Labor force:
5.772 million (2009 est.)

Labor force - by occupation:
agriculture: 19.2%
industry: 14.5%
services: 66.3% (2006 est.)

Unemployment rate:
9.2% (2009 est.)

8.6% (2008 est.)

Population below poverty line:
11.9% (2006 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Investment (gross fixed):
21.7% of GDP (2009 est.)

Budget:
revenues: $9.02 billion
expenditures: $13.14 billion (2009 est.)

Public debt:
32.3% of GDP (2009 est.)

25.4% of GDP (2008 est.)

Inflation rate (consumer prices):
3.8% (2009 est.)

15.7% (2008 est.)

Central bank discount rate:
NA% (31 December 2008)

5% (31 December 2007)

Commercial bank prime lending rate:
NA% (31 December 2008)

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 domestic credit:
$84.31 billion (31 December 2008)

$15.19 billion (31 December 2007)

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:
-3.5% (2009 est.)

Electricity - production:
36.5 billion kWh (2007 est.)

Electricity - consumption:
27.35 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
1.4 billion kWh (2007)

Oil - production:
367,500 bbl/day (2008 est.)

Oil - consumption:
256,000 bbl/day (2008 est.)

Oil - exports:
155,000 bbl/day (2008 est.)

Oil - imports:
58,710 bbl/day (2007 est.)

Oil - proved reserves:
2.5 billion bbl (1 January 2009 est.)

Natural gas - production:
6.04 billion cu m (2008 est.)

Natural gas - consumption:
6.18 billion cu m (2008 est.)

Natural gas - exports:
0 cu m

Natural gas - imports:
140 million cu m (2008 est.)

Natural gas - proved reserves:
240.7 billion cu m (1 January 2009 est.)

Current account balance:
$-1.521 billion (2009 est.)

$-791 million (2008 est.)

Exports:
$10.13 billion (2009 est.)

$13.97 billion (2008 est.)

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

Exports - partners:
Iraq 30.9%, Germany 9.8%, Lebanon 9.7%, Italy 6.4%, France 5.5%, Egypt 5.4%, Saudi Arabia 5.1% (2008)

Imports:
$13.1 billion (2009 est.)

$15.97 billion (2008 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 11.7%, China 8.7%, Russia 6.4%, Italy 5.9%, Egypt 5.8%, UAE 5.8%, Turkey 4.3%, Iran 4.2% (2008)

Reserves of foreign exchange and gold:
$5.083 billion (31 December 2009 est.)

$6.765 billion (31 December 2008 est.)

Debt - external:
$7.621 billion (31 December 2009 est.)

$7.167 billion (31 December 2008 est.)

Exchange rates:
Syrian pounds (SYP) per US dollar - 46.8599 (2009), 46.5281 (2008), 50.0085 (2007), 51.689 (2006), 50 (2005)
note: data for 2004-06 are the public sector rate; data for 2002-03 are the parallel market rate in 'Amman and Beirut; the official rate for repaying loans was 11.25 Syrian pounds per US dollars during 2004-06,


NOTE: The information regarding Syria on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Syria Economy 2010 information contained here. All suggestions for corrections of any errors about Syria Economy 2010 should be addressed to the CIA.



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