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% |