Syria Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

Syria's economy has deeply deteriorated amid the ongoing conflict that began in 2011, declining by more than 70% from 2010 to 2017. The government has struggled to fully address the effects of international sanctions, widespread infrastructure damage, diminished domestic consumption and production, reduced subsidies, and high inflation, which have caused dwindling foreign exchange reserves, rising budget and trade deficits, a decreasing value of the Syrian pound, and falling household purchasing power. In 2017, some economic indicators began to stabilize, including the exchange rate and inflation, but economic activity remains depressed and GDP almost certainly fell.

 

During 2017, the ongoing conflict and continued unrest and economic decline worsened the humanitarian crisis, necessitating high levels of international assistance, as more than 13 million people remain in need inside Syria, and the number of registered Syrian refugees increased from 4.8 million in 2016 to more than 5.4 million.

 

Prior to the turmoil, Damascus had begun liberalizing economic policies, including cutting lending interest rates, opening private banks, consolidating multiple exchange rates, raising prices on some subsidized items, and establishing the Damascus Stock Exchange, but the economy remains highly regulated. Long-run economic constraints include foreign trade barriers, declining oil production, high unemployment, rising budget deficits, increasing pressure on water supplies caused by heavy use in agriculture, industrial contaction, water pollution, and widespread infrastructure damage.

Real GDP (purchasing power parity)

$50.28 billion (2015 est.)

$55.8 billion (2014 est.)

$61.9 billion (2013 est.)

note: data are in 2015 US dollars
the war-driven deterioration of the economy resulted in a disappearance of quality national level statistics in the 2012-13 period

Real GDP growth rate

-36.5% (2014 est.)

-30.9% (2013 est.)

note: data are in 2015 dollars

Real GDP per capita

$2,900 (2015 est.)

$3,300 (2014 est.)

$2,800 (2013 est.)

note: data are in 2015 US dollars

GDP (official exchange rate)

$24.6 billion (2014 est.)

Inflation rate (consumer prices)

28.1% (2017 est.)

47.3% (2016 est.)

GDP - composition, by sector of origin

agriculture: 20% (2017 est.)

industry: 19.5% (2017 est.)

services: 60.8% (2017 est.)

GDP - composition, by end use

household consumption: 73.1% (2017 est.)

government consumption: 26% (2017 est.)

investment in fixed capital: 18.6% (2017 est.)

investment in inventories: 12.3% (2017 est.)

exports of goods and services: 16.1% (2017 est.)

imports of goods and services: -46.1% (2017 est.)

Agricultural products

wheat, barley, milk, olives, tomatoes, oranges, potatoes, sheep milk, lemons, limes

Industries

petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining, cement, oil seeds crushing, automobile assembly

Industrial production growth rate

4.3% (2017 est.)

Labor force

3.767 million (2017 est.)

Labor force - by occupation

agriculture: 17%

industry: 16%

services: 67% (2008 est.)

Unemployment rate

50% (2017 est.)

50% (2016 est.)

Population below poverty line

82.5% (2014 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 1.162 billion (2017 est.)

expenditures: 3.211 billion (2017 est.)

note: government projections for FY2016

Budget surplus (+) or deficit (-)

-8.7% (of GDP) (2017 est.)

Public debt

94.8% of GDP (2017 est.)

91.3% of GDP (2016 est.)

Taxes and other revenues

4.2% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$2.123 billion (2017 est.)

-$2.077 billion (2016 est.)

Exports

$1.85 billion (2017 est.)

$1.705 billion (2016 est.)

Exports - partners

Saudi Arabia 23%, Turkey 18%, Egypt 14%, United Arab Emirates 8%, Jordan 7%, Kuwait 5% (2019)

Exports - commodities

olive oil, cumin seeds, pistachios, tomatoes, apples, pears, spices, pitted fruits (2019)

Imports

$6.279 billion (2017 est.)

$5.496 billion (2016 est.)

Imports - partners

Turkey 27%, China 22%, United Arab Emirates 14%, Egypt 5% (2019)

Imports - commodities

cigarettes, broadcasting equipment, wheat flours, sunflower oil, refined petroleum (2019)

Reserves of foreign exchange and gold

$407.3 million (31 December 2017 est.)

$504.6 million (31 December 2016 est.)

Debt - external

$4.989 billion (31 December 2017 est.)

$5.085 billion (31 December 2016 est.)

Exchange rates

Syrian pounds (SYP) per US dollar -

514.6 (2017 est.)

459.2 (2016 est.)

459.2 (2015 est.)

236.41 (2014 est.)

153.695 (2013 est.)

NOTE: The information regarding Syria on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Syria 2022 information contained here. All suggestions for corrections of any errors about Syria 2022 should be addressed to the CIA or the source cited on each page.