Economy of Syria
| Economy - overview: | The Syrian economy grew by an estimated 2.9% in real terms in 2006 led by the petroleum and agricultural sectors, which together account for about one-half of GDP. Higher crude oil prices countered declining oil production and exports and led to higher budgetary and export receipts. Total foreign assets of the Central Bank and domestic banking system rose to about $20 billion in 2006, and the government strengthened the private sector foreign exchange rate by about 7% from the start of the year. The Government of Syria has implemented modest economic reforms in the past few years, including cutting lending interest rates, opening private banks, consolidating some of the multiple exchange rates, and raising prices on some subsidized items, most notably, gasoline and cement. Nevertheless, the economy remains highly controlled by the government. Long-run economic constraints include declining oil production and exports, weak investment, high unemployment, and increasing pressure on water supplies caused by heavy use in agriculture, rapid population growth, industrial expansion, and water pollution. |
| GDP (purchasing power parity): | $77.66 billion (2006 est.) |
| GDP (official exchange rate): | $24.26 billion (2006 est.) |
| GDP - real growth rate: | 3.5% (2006 est.) |
| GDP - per capita (PPP): | $4,100 (2006 est.) |
| GDP - composition by sector: | agriculture: 24% industry: 18% services: 58% (2005 est.) |
| Labor force: | 5.505 million (2006 est.) |
| Labor force - by occupation: | agriculture: 26% industry: 14% services: 60% (2003 est.) |
| Unemployment rate: | 12.5% (2005 est.) |
| Population below poverty line: | 11.9% (2006 est.) |
| Household income or consumption by percentage share: | lowest 10%: NA% highest 10%: NA% |
| Inflation rate (consumer prices): | 8% (2006 est.) |
| Investment (gross fixed): | 22.1% of GDP (2006 est.) |
| Budget: | revenues: $8.7 billion expenditures: $9.9 billion; including capital expenditures of $3.82 billion (2006 est.) |
| Public debt: | 37.9% of GDP (2006 est.) |
| 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 |
| Industrial production growth rate: | 1.5% (2005) |
| Electricity - production: | 34.94 billion kWh (2005 est.) |
| Electricity - production by source: | fossil fuel: 57.6% hydro: 42.4% nuclear: 0% other: 0% (2001) |
| Electricity - consumption: | 34 billion kWh (2005 est.) |
| Electricity - exports: | 0.2 kWh (2005) |
| Electricity - imports: | 0 kWh (2005) |
| Oil - production: | 405,000 bbl/day (2006 est.) |
| Oil - consumption: | 230,000 bbl/day (2006 est.) |
| Oil - exports: | 175,000 bbl/day (2006) |
| Oil - imports: | NA bbl/day |
| Oil - proved reserves: | 2.4 billion bbl (2006 est.) |
| Natural gas - production: | 8.5 billion cu m (2006 est.) |
| Natural gas - consumption: | 5.1 billion cu m (2006 est.) |
| Natural gas - exports: | 0 cu m (2006 est.) |
| Natural gas - imports: | 0 cu m (2006 est.) |
| Natural gas - proved reserves: | 240 billion cu m (2006 est.) |
| Current account balance: | -$529 million (2006 est.) |
| Exports: | $6.923 billion f.o.b. (2006 est.) |
| Exports - commodities: | crude oil, petroleum products, fruits and vegetables, cotton fiber, clothing, meat and live animals, wheat |
| Exports - partners: | Iraq 27.4%, Germany 12.2%, Lebanon 9.5%, Italy 6.6%, Egypt 5.3%, Saudi Arabia 4.8% (2006) |
| Imports: | $6.634 billion f.o.b. (2006 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 12.1%, China 7.7%, Egypt 6.1%, UAE 5.9%, Italy 4.8%, Ukraine 4.7%, Germany 4.7%, Iran 4.4% (2006) |
| Reserves of foreign exchange and gold: | $5.5 billion (2006 est.) |
| Debt - external: | $8.355 billion; note - excludes military debt and debt to Russia (2006 est.) |
| Economic aid - recipient: | $180 million (2002 est.) |
| Currency (code): | Syrian pound (SYP) |
| Currency code: | SYP |
| Exchange rates: | Syrian pounds per US dollar - 51.689 (2006), 50 (2005), 48.5 (2004), 52.8 (2003), 52.4 (2002) 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, |
| Fiscal year: | calendar year |