Page last updated on June 20, 2014

Economy - overview:
Despite modest economic growth and reform prior to the outbreak of unrest, Syria's economy continues to deteriorate amid the ongoing conflict that began in 2011. The economy further contracted in 2013 because of international sanctions, widespread infrastructure damage, reduced domestic consumption and production, and sharply rising inflation. The government has struggled to address the effects of economic decline, which include dwindling foreign exchange reserves, rising budget and trade deficits, and the decreasing value of the Syrian pound. The ongoing conflict and economic decline have created a humanitarian crisis, prompting widespread need for international aid. Prior to the unrest, Damascus began 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. The economy remains highly regulated by the government. 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, rapid population growth, industrial expansion, and water pollution.

GDP (purchasing power parity):
$107.6 billion (2011 est.)
country comparison to the world: 73
$110.1 billion (2010 est.)
$106.5 billion (2009 est.)
note: data are in 2011 US dollars
the war driven deterioration of the economy resulted in a disappearance of quality national level statistics in 2012-13
[see also: GDP country ranks ]

GDP (official exchange rate):
$64.7 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2.3% (2011 est.)
country comparison to the world: 213
3.4% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$5,100 (2011 est.)
country comparison to the world: 159
$5,100 (2010 est.)
$5,200 (2010 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
5.4% of GDP (2013 est.)
country comparison to the world: 146
12.8% of GDP (2012 est.)
15% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 68.3%
government consumption: 19.7%
investment in fixed capital: 20.1%
investment in inventories: 9.3%
exports of goods and services: 11.3%
imports of goods and services: -28.6%
(2013 est.)

GDP - composition, by sector of origin:
agriculture: 17.6%
industry: 22.2%
services: 60.2% (2013 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, automobile assembly

Industrial production growth rate:
-20.6% (2013 est.)
country comparison to the world: 194
[see also: Industrial production growth rate country ranks ]

Labor force:
5.014 million (2013 est.)
country comparison to the world: 75
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17%
industry: 16%
services: 67% (2008 est.)

Unemployment rate:
17.8% (2013 est.)
country comparison to the world: 155
18% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
11.9% (2006 est.)
[see also: Population below poverty line country ranks ]

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

Budget:
revenues: $2.38 billion
expenditures: $7.56 billion (2013 est.)

Taxes and other revenues:
3.7% of GDP (2013 est.)
country comparison to the world: 214
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8% of GDP (2013 est.)
country comparison to the world: 194
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
58.9% of GDP (2013 est.)
country comparison to the world: 51
52.4% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
59.1% (2013 est.)
country comparison to the world: 223
36.9% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.75% (31 December 2013 est.)
country comparison to the world: 71
5% (31 December 2012 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.5% (31 December 2013 est.)
country comparison to the world: 69
11.7% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$8.097 billion (31 December 2013 est.)
country comparison to the world: 87
$16.78 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$12.77 billion (31 December 2013 est.)
country comparison to the world: 96
$27.11 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$7.777 billion (31 December 2013 est.)
country comparison to the world: 102
$17.41 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$5.879 billion (2013 est.)
country comparison to the world: 170
-$6.706 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$2.675 billion (2013 est.)
country comparison to the world: 133
$3.876 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
crude oil, minerals, petroleum products, fruits and vegetables, cotton fiber, textiles, clothing, meat and live animals, wheat

Exports - partners:
Iraq 58.4%, Saudi Arabia 9.7%, Kuwait 6.4%, UAE 5.5%, Libya 4.1% (2012)

Imports:
$8.917 billion (2013 est.)
country comparison to the world: 107
$10.78 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, electric power machinery, food and livestock, metal and metal products, chemicals and chemical products, plastics, yarn, paper

Imports - partners:
Saudi Arabia 22.8%, UAE 11.2%, Iran 8.3%, China 7.3%, Iraq 6.8% (2012)

Reserves of foreign exchange and gold:
$1.895 billion (31 December 2013 est.)
country comparison to the world: 124
$4.793 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$9.796 billion (31 December 2013 est.)
country comparison to the world: 100
$8.394 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Syrian pounds (SYP) per US dollar -
105.3 (2013 est.)
64.392 (2012 est.)
11.225 (2010 est.)
46.708 (2009)
46.5281 (2008)