Is Syria a wealthy country?
Syria has been grappling with a complex and protracted conflict since 2011, which has significantly impacted its economy. However, please note that the situation may have evolved since then, and it's important to refer to up-to-date sources for the latest economic developments in Syria.
Before the conflict, Syria had a developing economy with diverse sectors, including agriculture, industry, and services. The country was known for its oil and gas reserves, agricultural products, textiles, and tourism. However, the ongoing conflict has resulted in severe disruptions to these sectors and has caused extensive damage to infrastructure, including factories, oil installations, and agricultural areas.
GDP and Inflation: The conflict has had a devastating effect on Syria's economy, leading to a significant contraction in GDP. Inflation rates have been high, and the Syrian pound has depreciated substantially, causing further economic challenges for the population.
Energy Sector: Syria's energy sector, particularly oil and gas production, has been severely affected by the conflict. Many oil fields and infrastructure have been damaged or destroyed, resulting in a decline in oil production and a loss of revenue from exports.
Trade and Sanctions: International trade has been hampered by the conflict and various economic sanctions imposed on Syria. These sanctions, imposed by several countries and international organizations, have restricted foreign investment, financial transactions, and access to global markets, further straining the economy.
Humanitarian Situation: The conflict has led to a significant humanitarian crisis, with millions of Syrians internally displaced and millions more seeking refuge in neighboring countries. The strain on resources and infrastructure has been immense, exacerbating the economic challenges faced by the country.
Reconstruction Efforts: While the conflict continues, discussions on post-war reconstruction have started. However, the scale of destruction and the economic challenges faced by Syria make the reconstruction process an enormous undertaking, requiring significant financial resources and international support.
Informal Economy: Due to the disruptions caused by the conflict, an informal economy has emerged in Syria. Many Syrians have turned to small-scale, informal businesses and activities to sustain their livelihoods, contributing to a fragmented and unregulated economic landscape.
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%|
|Labor Force By Occupation- agriculture||17%|
|Labor Force By Occupation- industry||16%|
|Labor Force By Occupation- services||67%|
|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%|