Syria Economy

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.

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

All Countries
Afghanistan Akrotiri Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burma Burundi Cabo Verde Cambodia Cameroon Canada Cayman Islands Central African Republic Chad Chile China Christmas Island Clipperton Island Cocos (Keeling) Islands Colombia Comoros Congo, Democratic Republic of the Congo, Republic of the Cook Islands Coral Sea Islands Costa Rica Cote d’Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Dhekelia Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Eswatini Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia, The Gaza Strip Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Holy See Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Jan Mayen Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea, North Korea, South Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Macedonia Northern Mariana Islands Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena, Ascension, and Tristan da Cunha Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Sudan, South Suriname Svalbard Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States (US) Uruguay Uzbekistan Vanuatu Venezuela Vietnam Virgin Islands Wake Island Wallis and Futuna West Bank Western Sahara World Yemen Zambia Zimbabwe