Basic Country Facts

Economy Economic overview: During 1990-92 Syria's state-dominated economy benefited from the Gulf war, increased oil production, good weather, and economic reform. Economic growth averaged roughly 10%. The war led to a Syrian aid windfall of nearly $5 billion from Arab, European, and Japanese donors. Most positive economic trends ended in 1993 due to the dissipation of the Gulf war boom, a domestic financial crisis, and economic policy missteps. Economic growth has dropped below 5%, income inequality is increasing, the government budget deficit is growing, and international accounts are weakening. For the long run, Syria's economy is saddled with a large number of poorly performing public sector firms and low industrial productivity. Oil production is likely to ebb by the end of the decade. Unemployment will likely rise as the more than 60% of the population under age 20 moves into the labor force. The economic benefits of any peace treaty with Israel will depend in large part on the pace of economic reform. GDP: purchasing power parity - $91.2 billion (1995 est.) GDP real growth rate: 4.4% (1995 est.) GDP per capita: $5,900 (1995 est.) GDP composition by sector: agriculture: 30% industry: 25% services: 45% (1994 est.) Inflation rate (consumer prices): 15.1% (1994 est.) Labor force: 4.7 million (1995 est.) by occupation: services 42%, industry 36%, agriculture 22% (1990 est.) Unemployment rate: 8% (1994 est.) Budget: revenues: $2.5 billion expenditures: $3.4 billion, including capital expenditures of $NA (1994 est.) Industries: textiles, food processing, beverages, tobacco, phosphate rock mining, petroleum Industrial production growth rate: 5% (1994 est.) Electricity: capacity: 4,160,000 kW production: 13.2 billion kWh consumption per capita: 865 kWh (1993) Agriculture: wheat, barley, cotton, lentils, chickpeas; beef, lamb, eggs, poultry, milk Illicit drugs: a transit point for Lebanese and Turkish refined cocaine going to Europe and heroin and hashish bound for regional and Western markets Exports: $3.5 billion (f.o.b., 1994) commodities: petroleum 66%, cotton, fruits and vegetables 14%, textiles 9%, animal products 4%, industrial products 3% partners: EU 61%, Arab countries 24%, former CEMA countries, China, Yugoslavia 5%, US and Canada 3% (1993 est.) Imports: $5.4 billion (c.i.f., 1994) commodities: machinery 25%, metal products 16%, transport equipment 15%, foodstuffs 12%, textiles 10% partners: EU 37%, former CEMA countries, China, Yugoslavia 17%, US and Canada 7%, Arab countries 6% (1993 est.) External debt: $21.2 billion (1995 est.) Economic aid: recipient: ODA, $259 million (1993) Currency: 1 Syrian pound (£S) = 100 piastres Exchange rates: Syrian pounds (£S) per US$1 - 11.225 (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), 48.0 - 52.0 (offshore rate) (1994) Fiscal year: calendar year