Overview: Syria's state-dominated Ba'thist economy has benefited from the Gulf war of early 1991, increased oil production, good weather, and economic deregulation. Economic growth averaged roughly 10% in 1990-93. The Gulf war provided Syria an aid windfall of nearly $5 billion dollars from Arab, European, and Japanese donors. These inflows more than offset Damascus's war-related costs and will help Syria cover some of its debt arrears, restore suspended credit lines, and initiate selected military and civilian purchases. In 1992 the government spurred economic development by loosening controls on domestic and foreign investment while maintaining strict political controls. For the long run, Syria's economy is still saddled with a large number of poorly performing public sector firms, and industrial productivity remains to be improved. Another major long-term concern is the additional drain of upstream Euphrates water by Turkey when its vast dam and irrigation projects are completed by mid-decade.

National product: GDP - purchasing power equivalent - $81.7 billion (1993 est.)

National product real growth rate: 7.6% (1993 est.)

National product per capita: $5,700 (1993 est.)

Inflation rate (consumer prices): 16.3% (1993 est.)

Unemployment rate: 7.5% (1993 est.)

Budget:
revenues: $7.13 billion
expenditures: $9.5 billion, including capital expenditures of $4 billion (1993 est.)

Exports: $3.4 billion (f.o.b., 1993 est.)
commodities: petroleum 53%, textiles 22%, cotton, fruits and vegetables
partners: EC 48%, former CEMA countries 24%, Arab countries 18% (1991)

Imports: $4.1 billion (c.i.f., 1993 est.)
commodities: foodstuffs 21%, metal products 17%, machinery 15%
partners: EC 37%, former CEMA countries 15%, US and Canada 10% (1991)

External debt: $19.4 billion (1993 est.)

Industrial production: growth rate 21% (1991); accounts for 19% of GDP, including petroleum

Electricity:
capacity: 3,205,000 kW
production: 11.9 billion kWh
consumption per capita: 830 kWh (1992)

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

Agriculture: accounts for 30% of GDP and one-third of labor force; all major crops (wheat, barley, cotton, lentils, chickpeas) grown mainly on rain-watered land causing wide swings in production; animal products - beef, lamb, eggs, poultry, milk; not self-sufficient in grain or livestock products

Illicit drugs: a transit country for Lebanese and Turkish refined cocaine going to Europe and heroin and hashish bound for regional and Western markets

Economic aid:
recipient: no US aid; aid from other countries (Western and Arab) totals $1.358 billion (1993 est.); no Ex-Im, OPEC programs in place; almost $5 billion in loans and grants from Arab and Western donors from 1990-92 as a result of Gulf war stance

Currency: 1 Syrian pound (#S) = 100 piastres
Exchange rates: Syrian pounds (#S) per US$1 - 11.2 (official fixed rate), 26.6 (blended rate used by the UN and diplomatic missions), 42.0 (neighboring country rate - applies to most state enterprise imports), 46.0 - 53.0 (offshore rate) (yearend 1993)

Fiscal year: calendar year

NOTE: The information regarding Syria on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Syria Economy 1995 information contained here. All suggestions for corrections of any errors about Syria Economy 1995 should be addressed to the CIA.