Syria Economy - 2024

Economic overview

low-income Middle Eastern economy; prior infrastructure and economy devastated by 11-year civil war; ongoing US sanctions; sporadic trans-migration during conflict; currently being supported by World Bank trust fund; ongoing hyperinflation

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

-3.87% (2020 est.)
1.22% (2019 est.)
1.39% (2018 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

-14.77% (2020 est.)

Labor force

6.143 million (2021 est.)

Unemployment rate

10.57% (2021 est.)
10.26% (2020 est.)
8.77% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 26.2% (2021 est.)

male: 21.6%

female: 51.1%

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 -

Exchange rates:
514.6 (2017 est.)
459.2 (2016 est.)
459.2 (2015 est.)
236.41 (2014 est.)
153.695 (2013 est.)