Syria Economy 2008

Economy - overview:
The Syrian economy grew by an estimated 3.5% in real terms in 2007 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 led to higher budgetary and export receipts. Damascus has implemented modest economic reforms in the past few years, including cutting lending interest rates, opening private banks, consolidating all of the multiple exchange rates, raising prices on some subsidized items, most notably, gasoline and cement, and establishing the Damascus Stock Exchange-which is set to begin operations in 2008. In October 2007, for example, Damascus raised the price of subsidized gasoline by 20%, and may institute a rationing system in 2008. In addition, President ASAD signed legislative decrees to encourage corporate ownership reform, and to allow the Central Bank to issue Treasury bills and bonds for government debt. Nevertheless, the economy remains highly controlled by the government. Long-run economic constraints include declining oil production, high unemployment and inflation, rising budget deficits, and increasing pressure on water supplies caused by heavy use in agriculture, rapid population growth, industrial expansion, and water pollution.

GDP (purchasing power parity):
$86.59 billion (2007 est.)

GDP (official exchange rate):
$29.28 billion (2007 est.)

GDP - real growth rate:
3.5% (2007 est.)

GDP - per capita (PPP):
$4,500 (2007 est.)

GDP - composition by sector:
agriculture: 24.6%
industry: 24.4%
services: 51% (2007 est.)

Labor force:
5.457 million (2007 est.)

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

Unemployment rate:
10% (2007 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):
7% (2007 est.)

Investment (gross fixed):
23.8% of GDP (2007 est.)

Budget:
revenues: $8.45 billion
expenditures: $10.38 billion (2007 est.)

Public debt:
37.3% of GDP (2007 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:
-0.4% (2007 est.)

Electricity - production:
34.94 billion kWh (2007 est.)

Electricity - consumption:
34 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2007)

Electricity - imports:
0 kWh (2007 est.)

Oil - production:
390,000 bbl/day (2007 est.)

Oil - consumption:
245,000 bbl/day (2007 est.)

Oil - exports:
150,000 bbl/day (2007 est.)

Oil - imports:
160,000 bbl/day (2007 est.)

Oil - proved reserves:
2.5 billion bbl (2007 est.)

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:
240 billion cu m (1 January 2007 est.)

Current account balance:
-$2.16 billion (2007 est.)

Exports:
$10.9 billion f.o.b. (2007 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:
$11.49 billion f.o.b. (2007 est.)

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:
$6.039 billion (31 December 2007 est.)

Debt - external:
$6.61 billion (31 December 2007 est.)

Market value of publicly traded shares:
$NA

Currency (code):
Syrian pound (SYP)

Exchange rates:
Syrian pounds per US dollar - 50.0085 (2007), 51.689 (2006), 50 (2005), 48.5 (2004), 52.8 (2003)
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,