Syria:
Economy

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Other pages in this profile of Syria:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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.
GDP (purchasing power parity)	Definition - World rank and map $87.09 billion (2007 est.)
GDP (official exchange rate)	Definition $37.76 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 3.9% (2007 est.)
GDP - per capita	Definition - World rank and map $4,500 (2007 est.)
GDP - composition by sector	Definition agriculture: 23.6% industry: 27.5% services: 48.9% (2007 est.)
Labor force	Definition 5.462 million (2007 est.)
Labor force - by occupation	Definition agriculture: 19.2% industry: 14.5% services: 66.3% (2006 est.)
Unemployment rate	Definition - World rank and map 9% (2007 est.)
Population below poverty line	Definition 11.9% (2006 est.)
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 7% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 21.3% of GDP (2007 est.)
Budget	Definition revenues: $8.848 billion expenditures: $11.21 billion (2007 est.)
Public debt	Definition - World rank and map 37.8% of GDP (2007 est.)
Agriculture - products	Definition wheat, barley, cotton, lentils, chickpeas, olives, sugar beets; beef, mutton, eggs, poultry, milk
Industries	Definition petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining, cement, oil seeds crushing, car assembly
Industrial production growth rate	Definition - World rank and map 2.5% (2007 est.)
Electricity - production	Definition - World rank and map 34.94 billion kWh (2007 est.)
Electricity - consumption	Definition - World rank and map 34 billion kWh (2007 est.)
Electricity - consumption per capita	Definition - World rank and map 1,721.8 kWh (2007 est.)
Electricity - exports	Definition 986 million kWh (2006)
Electricity - imports	Definition 0 kWh (2007 est.)
Oil - production	Definition - World rank and map 380,000 bbl/day (2007 est.)
Oil - consumption	Definition - World rank and map 229,000 bbl/day (2007 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 11.6 bbl/day (2007 est.)
Oil - exports	Definition - World rank and map 150,000 bbl/day (2007 est.)
Oil - imports	Definition - World rank and map 160,000 bbl/day (2007 est.)
Oil - proved reserves	Definition - World rank and map 2.5 billion bbl (2007 est.)
Natural gas - production	Definition - World rank and map 7.8 billion cu m (2007 est.)
Natural gas - consumption	Definition - World rank and map 4.4 billion cu m (2007 est.)
Natural gas - consumption per capita	Definition - World rank and map 223 cu m (2007 est.)
Natural gas - exports	Definition - World rank and map NA cu m
Natural gas - imports	Definition - World rank and map 0 cu m (2007 est.)
Natural gas - proved reserves	Definition - World rank and map 240 billion cu m (1 January 2007 est.)
Current account balance	Definition - World rank and map -$2.181 billion (2007 est.)
Exports	Definition - World rank and map $10.58 billion f.o.b. (2007 est.)
Exports - commodities	Definition crude oil, minerals, petroleum products, fruits and vegetables, cotton fiber, textiles, clothing, meat and live animals, wheat
Exports - partners	Definition Iraq 29.6%, Lebanon 9.8%, Germany 9.5%, Italy 7.9%, Egypt 5.5%, Saudi Arabia 5.1%, France 4.9% (2006)
Imports	Definition - World rank and map $12.38 billion f.o.b. (2007 est.)
Imports - commodities	Definition machinery and transport equipment, electric power machinery, food and livestock, metal and metal products, chemicals and chemical products, plastics, yarn, paper
Imports - partners	Definition Saudi Arabia 12.1%, China 9.1%, Egypt 6.2%, Italy 6.1%, UAE 5.9%, Ukraine 4.9%, Germany 4.7%, Iran 4.4% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $6.039 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $6.465 billion (31 December 2007 est.)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $213 million (2008 est.)
Currency (code)	Definition Syrian pound (SYP)
Exchange rates	Definition Syrian pounds per US dollar - 50.0085 (2007), 51.689 (2006), 50 (2005), 48.5 (2004), 52.8 (2003) 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	Definition calendar year

Syria: Economy

Syria:
Economy