Syria Economy 2007

Economy - overview:
The Syrian economy grew by an estimated 2.9% in real terms in 2006 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 exports and led to higher budgetary and export receipts. Total foreign assets of the Central Bank and domestic banking system rose to about $20 billion in 2006, and the government strengthened the private sector foreign exchange rate by about 7% from the start of the year. The Government of Syria has implemented modest economic reforms in the past few years, including cutting lending interest rates, opening private banks, consolidating some of the multiple exchange rates, and raising prices on some subsidized items, most notably, gasoline and cement. Nevertheless, the economy remains highly controlled by the government. Long-run economic constraints include declining oil production and exports, weak investment, high unemployment, and increasing pressure on water supplies caused by heavy use in agriculture, rapid population growth, industrial expansion, and water pollution.

GDP (purchasing power parity):
$78.04 billion (2006 est.)

GDP (official exchange rate):
$24.26 billion (2006 est.)

GDP - real growth rate:
4% (2006 est.)

GDP - per capita (PPP):
$4,100 (2006 est.)

GDP - composition by sector:
agriculture: 24.8%
industry: 25.1%
services: 50.1% (2005 est.)

Labor force:
5.276 million (2006 est.)

Labor force - by occupation:
agriculture: 26%
industry: 14%
services: 60% (2003 est.)

Unemployment rate:
12.5% (2005 est.)

Population below poverty line:
11.9% (2006 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
10% (2006 est.)

Investment (gross fixed):
25.9% of GDP (2006 est.)

Budget:
revenues: $7.635 billion
expenditures: $9.38 billion (2006 est.)

Public debt:
37.9% of GDP (2006 est.)

Agriculture - products:
wheat, barley, cotton, lentils, chickpeas, olives, sugar beets; beef, mutton, eggs, poultry, milk

Industries:
petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining, cement, oil seeds crushing

Industrial production growth rate:
1.5% (2005)

Electricity - production:
33.01 billion kWh (2005 est.)

Electricity - consumption:
24.74 billion kWh (2005 est.)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
405,000 bbl/day (2006 est.)

Oil - consumption:
230,000 bbl/day (2006 est.)

Oil - exports:
175,000 bbl/day (2006)

Oil - imports:
NA bbl/day

Oil - proved reserves:
2.5 billion bbl (1 January 2006)

Natural gas - production:
8.5 billion cu m (2006 est.)

Natural gas - consumption:
5.1 billion cu m (2006 est.)

Natural gas - exports:
0 cu m (2006 est.)

Natural gas - imports:
0 cu m (2006 est.)

Natural gas - proved reserves:
230.8 billion cu m (1 January 2006 est.)

Current account balance:
$-583 million (2006 est.)

Exports:
$9.713 billion f.o.b. (2006 est.)

Exports - commodities:
crude oil, petroleum products, fruits and vegetables, cotton fiber, clothing, meat and live animals, wheat

Exports - partners:
Iraq 27.3%, Germany 12.2%, Lebanon 9.5%, Italy 6.6%, Egypt 5.3%, Saudi Arabia 4.7% (2006)

Imports:
$10.54 billion f.o.b. (2006 est.)

Imports - commodities:
machinery and transport equipment, electric power machinery, food and livestock, metal and metal products, chemicals and chemical products, plastics, yarn, paper

Imports - partners:
Saudi Arabia 12.3%, China 7.9%, Egypt 6.2%, UAE 6%, Italy 4.9%, Ukraine 4.8%, Germany 4.7%, Iran 4.5% (2006)

Economic aid - recipient:
$77.85 million (2005 est.)

Reserves of foreign exchange and gold:
$5.715 billion (2006 est.)

Debt - external:
$6.601 billion; note - excludes military debt and debt to Russia (2006 est.)

Market value of publicly traded shares:
$NA

Currency (code):
Syrian pound (SYP)

Exchange rates:
Syrian pounds per US dollar - 51.689 (2006), 50 (2005), 48.5 (2004), 52.8 (2003), 52.4 (2002)
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,