Middle East > Syria > Economy

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Agriculture > products wheat, barley, cotton, lentils, chickpeas, olives, sugar beets; beef, mutton, eggs, poultry, milk
Aid as % of GDP	0.9%		[95th of 129]
Debt > External	$6,633,000,000.00		[88th of 136]
Economic freedom	1.05		[145th of 156]
Economy > Overview The Syrian economy grew by an estimated 3.3% in real terms in 2007 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 led to higher budgetary and export receipts. 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 October 2007, for example, Damascus raised the price of subsidized gasoline by 20%, and may institute a rationing system in 2008. 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.
Exchange rates Syrian pounds per US dollar - (official rate): 11.225 (2004), 11.225 (2003), 11.225 (2002), 11.225 (2001), 11.225 (2000), (parallel market rate in Amman and Beirut) NA (2004), 52.8 (2003), 52.4 (2002), 50.4 (2002), 49.4 (2000)
Exports	$11,140,000,000.00		[77th of 189]
Exports to US	$134,500,000.00		[78th of 224]
GDP	$34,902,270,000.00		[65th of 203]
GDP > PPP	$70,155,000,000.00		[60th of 163]
GDP > Real growth rate	4.3%		[121st of 198]
GDP growth > annual %	5.09 annual %		[78th of 187]
Gross National Income	$17,260,500,000.00		[64th of 172]
Human Development Index	0.721		[107th of 178]
Income category	Lower middle income
Inflation rate (consumer prices)	12.2%		[19th of 192]
Population below poverty line	11.9%		[19th of 46]
Public debt	37.7 % of GDP		[57th of 121]
Technological achievement	0.24		[53rd of 68]
Tourist arrivals	891,000		[53rd of 152]

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