Syria Economy

Is Syria a rich country?

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.

Syria Economy Data

What is the GDP of Syria?

Currency Name and Code Syrian Pound (SYP)
GDP - Gross Domestic Product (PPP) $50,280,000,000 (USD)
GDP - note the war driven deterioration of the economy resulted in a disappearance of quality national level statistics
GDP - official exchange rate $24,600,000,000 (USD)
GDP - real growth rate -9.9%
GDP Per Capita $5,100.00 (USD)
GDP by Sector- agriculture 19.5%
GDP by Sector- Industry 18.9%
GDP by Sector- services 61.6%
GDP - composition, by end use household consumption: 100.9%

government consumption: 28.1%

investment in fixed capital: 10.9%

investment in inventories: 3%

exports of goods and services: 18.1%

imports of goods and services: -60.8%
Population Below Poverty Line 11.9%
Inflation Rate 5.9%
Labor Force 5,527,000
Labor Force By Occupation- agriculture 17%
Labor Force By Occupation- industry 16%
Labor Force By Occupation- services 67%
Unemployment Rate 8.3%
Fiscal Year calendar year
Annual Budget $12,530,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -8%
Public Debt (% of GDP) 45%
Taxes and other revenues - percent of GDP 3.7%
Major Industries petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining
Industrial Growth Rate 6%
Agriculture Products wheat, barley, cotton, lentils, chickpeas, olives, sugar beets; beef, mutton, eggs, poultry, milk
Exchange Rate per US Dollar Syrian pound (SYP)
Child Labor - % of children ages 5-14 4%
Child Labor - # of children ages 5-14 192,915
Commercial Bank Prime Lending Rate 10.5%

Labor Force by Occupation- As reported by Syria

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