Economy - overview Syria's predominantly statist economy has been growing slower than its 2.5% annual population growth rate, causing a persistent decline in per capita GDP. President Bashar AL-ASAD has made little progress on the economic front after one year in office, but does appear willing to permit a gradual strengthening of the private sector. His most obvious accomplishment to this end was the recent passage of legislation allowing private banks to operate in Syria, although a private banking sector will take years and further government cooperation to develop. ASAD's recent cabinet reshuffle may improve his chances of implementing further growth-oriented policies, although external factors such as the international war on terrorism, the Israeli-Palestinian conflict, and downturn in oil prices could weaken the foreign investment and government revenues Syria needs to flourish. A long-run economic constraint is the pressure on water supplies caused by rapid population growth, industrial expansion, and increased water pollution.

GDP purchasing power parity - $54.2 billion (2001 est.)

GDP - real growth rate 2% (2001 est.)

GDP - per capita purchasing power parity - $3,200 (2001 est.)

GDP - composition by sector
agriculture: 27%
industry: 23%
services: 50% (2000 est.)

Population below poverty line 15%-25%

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

Inflation rate (consumer prices) 0.3% (2001 est.)

Labor force 4.7 million (1998 est.)

Labor force - by occupation agriculture 40%, industry 20%, services 40% (1996 est.)

Unemployment rate 20% (2000 est.)

Budget
revenues: $5 billion
expenditures: $7 billion, including capital expenditures of $NA (2001 est.)

Industries petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining

Industrial production growth rate NA%

Electricity - production 19.7 billion kWh (2000)

Electricity - production by source
fossil fuel: 64.47%
hydro: 35.53%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 17.671 billion kWh (2000)

Electricity - exports 650 million kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $5 billion (f.o.b., 2001 est.)

Exports - commodities crude oil 68%, textiles 7%, fruits and vegetables 6%, raw cotton 4% (1998 est.)

Exports - partners Germany 27%, Italy 12%, France 10%, Turkey 10%, Saudi Arabia 7% (2000 est.)

Imports $4 billion (f.o.b., 2001 est.)

Imports - commodities machinery and transport equipment 21%, food and livestock 18%, metal and metal products 15%, chemicals and chemical products 10% (2000 est.)

Imports - partners Italy 9%, Germany 7%, France 5%, Lebanon 5%, China 4%, South Korea 4%, Turkey 4%, US 4% (2000 est.)

Debt - external $22 billion (2001 est.)

Economic aid - recipient $199 million (1997 est.)

Currency Syrian pound (SYP)

Currency code SYP

Exchange rates Syrian pounds per US dollar - 51 (December 2001), 46 (2000), 46 (1998), 41.9 (January 1997)

Fiscal year calendar year

NOTE: The information regarding Syria on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Syria Economy 2002 information contained here. All suggestions for corrections of any errors about Syria Economy 2002 should be addressed to the CIA.