| Date - Field | Syria - Economy - overview |
2008 January
Economy - overview | The Syrian economy grew by an estimated 3.5% in real terms in 2007 led by the petroleum and agricultural sectors, which together account for about one-half of GDP. Higher crude oil prices countered declining oil production and led to higher budgetary and export receipts. Damascus has implemented modest economic reforms in the past few years, including cutting lending interest rates, opening private banks, consolidating all of the multiple exchange rates, raising prices on some subsidized items, most notably, gasoline and cement, and establishing the Damascus Stock Exchange-which is set to begin operations in 2008. In October 2007, for example, Damascus raised the price of subsidized gasoline by 20%, and may institute a rationing system in 2008. In addition, President ASAD signed legislative decrees to encourage corporate ownership reform, and to allow the Central Bank to issue Treasury bills and bonds for government debt. Nevertheless, the economy remains highly controlled by the government. Long-run economic constraints include declining oil production, high unemployment and inflation, rising budget deficits, and increasing pressure on water supplies caused by heavy use in agriculture, rapid population growth, industrial expansion, and water pollution. |
2007 January
Economy - overview | The Syrian economy grew by an estimated 2.9% in real terms in 2006, led by the petroleum and agricultural sectors, which together account for about one-half of GDP. Higher crude oil prices countered declining oil production and exports and led to higher budgetary and export receipts. Total foreign assets of the Central Bank and domestic banking system rose to about $20 billion in 2006, and the government strengthened the private sector foreign exchange rate by about 7 percent from the start of the year. The Government of Syria has implemented modest economic reforms in the past few years, including cutting interest rates, opening private banks, consolidating some of the multiple exchange rates, and raising prices on some subsidized foodstuffs. Nevertheless, the economy remains highly controlled by the government. Long-run economic constraints include declining oil production and exports, weak investment, and increasing pressure on water supplies caused by heavy use in agriculture, rapid population growth, industrial expansion, and water pollution. |
2006 January
Economy - overview | Real GDP growth rose to 2.3 percent in 2004, a slight increase from 2003 when the predominantly statist economy suffered from disruptions caused by the war in Iraq and other developments in the region. Annual real GDP growth has averaged 2.3 percent for the last seven years. The Government of Syria has implemented modest economic reforms in the last few years, including cutting interest rates, opening private banks, consolidating some of the multiple exchange rates, and raising prices on some subsidized foodstuffs. Nevertheless, the economy remains highly controlled by the government. Long run economic constraints include declining oil production and exports and pressure on water supplies caused by rapid population growth, industrial expansion, and increased water pollution. |
2005 January
Economy - overview | Real GDP growth rose to 2.3 percent in 2004, a slight increase from 2003 when the predominantly statist economy suffered from disruptions caused by the war in Iraq and other developments in the region. Annual real GDP growth has averaged 2.3 percent for the last seven years. The Government of Syria has implemented modest economic reforms in the last few years, including cutting interest rates, opening private banks, consolidating some of the multiple exchange rates, and raising prices on some subsidized foodstuffs. Nevertheless, the economy remains highly controlled by the government. Long run economic constraints include declining oil production and exports and pressure on water supplies caused by rapid population growth, industrial expansion, and increased water pollution. |
2004 January
Economy - overview | Syria's predominantly statist economy has been growing, on average, more slowly than its 2.4% annual population growth rate, causing a persistent decline in per capita GDP. Recent legislation allows private banks to operate in Syria, although a private banking sector will take years and further government cooperation to develop. Factors including the war between the US-led coalition and Iraq probably drove real annual GDP growth levels back below 1% in 2003 following growth of 3.5% in 2001 and 4.5% in 2002. A long-run economic constraint is the pressure on water supplies caused by rapid population growth, industrial expansion, and increased water pollution. |
2003 January
Economy - overview | Syria's predominantly statist economy has been growing, on average, more slowly than its 2.4% annual population growth rate, causing a persistent decline in per capita GDP. Recent legislation allows private banks to operate in Syria, although a private banking sector will take years and further government cooperation to develop. External factors such as the international war on terrorism, the Israeli-Palestinian conflict, and the war between the US-led coalition and Iraq probably will drive real annual GDP growth levels back below their 3.5% spike in 2002. A long-run economic constraint is the pressure on water supplies caused by rapid population growth, industrial expansion, and increased water pollution. |
2002 January
Economy - overview | Syria's predominantly statist economy has been growing slower than its 2.5% annual population growth rate, causing a persistent decline in per capita GDP. President Bashar AL-ASAD has made little progress on the economic front after one year in office, but does appear willing to permit a gradual strengthening of the private sector. His most obvious accomplishment to this end was the recent passage of legislation allowing private banks to operate in Syria, although a private banking sector will take years and further government cooperation to develop. ASAD's recent cabinet reshuffle may improve his chances of implementing further growth-oriented policies, although external factors such as the international war on terrorism, the Israeli-Palestinian conflict, and downturn in oil prices could weaken the foreign investment and government revenues Syria needs to flourish. A long-run economic constraint is the pressure on water supplies caused by rapid population growth, industrial expansion, and increased water pollution. |
2001 January
Economy - overview | Syria's predominantly statist economy is on a shaky footing because of Damascus's failure to implement extensive economic reform. The dominant agricultural sector remains underdeveloped, with roughly 80% of agricultural land still dependent on rain-fed sources. Although Syria has sufficient water supplies in the aggregate at normal levels of precipitation, the great distance between major water supplies and population centers poses serious distribution problems. The water problem is exacerbated by rapid population growth, industrial expansion, and increased water pollution. Private investment is critical to the modernization of the agricultural, energy, and export sectors. Oil production is leveling off, and the efforts of the nonoil sector to penetrate international markets have fallen short. Syria's inadequate infrastructure, outmoded technological base, and weak educational system make it vulnerable to future shocks and hamper competition with neighbors such as Jordan and Israel. The government recognizes the need to open the economy to additional domestic and foreign investment. |
2000 January
Economy - overview | Syria's predominantly statist economy is on a shaky footing because of Damascus's failure to implement extensive economic reform. The dominant agricultural sector remains underdeveloped, with roughly 80% of agricultural land still dependent on rain-fed sources. Although Syria has sufficient water supplies in the aggregate at normal levels of precipitation, the great distance between major water supplies and population centers poses serious distribution problems. The water problem is exacerbated by rapid population growth, industrial expansion, and increased water pollution. Private investment is critical to the modernization of the agricultural, energy, and export sectors. Oil production is leveling off, and the efforts of the nonoil sector to penetrate international markets have fallen short. Syria's inadequate infrastructure, outmoded technological base, and weak educational system make it vulnerable to future shocks and hamper competition with neighbors such as Jordan and Israel. |
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This page was last updated on 26 November, 2008 |
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