Syria--Economy

CIA FactbookThe World Factbook 1993: Syria Economy

Overview: Syria's state-dominated Ba'thist economy has benefited from the Gulf war, increased oil production, good weather, and economic deregulation. Economic growth averaged nearly 12% annually in 1990-91, buoyed by increased oil production and improved agricultural performance. The Gulf war of early 1991 provided Syria an aid windfall of nearly $5 billion dollars from Arab, European, and Japanese donors. These inflows more than offset Damascus's war-related costs and will help Syria cover some of its debt arrears, restore suspended credit lines, and initiate selected military and civilian purchases. In 1992 the government spurred economic development by loosening controls on domestic and foreign investment while maintaining strict political controls. For the long run, Syria's economy is still saddled with a large number of poorly performing public sector firms and industrial and agricultural productivity is poor. A major long-term concern is the additional drain of upstream Euphrates water by Turkey when its vast dam and irrigation projects are completed by mid-decade.

National product: GDP - exchange rate conversion - $30 billion (1991 est.)

National product real growth rate: 9% (1991 est.)

National product per capita: $2,300 (1991 est.)

Inflation rate (consumer prices): 20% (1992 est.)

Unemployment rate: 5.7% (1989)

Budget: revenues $5.4 billion; expenditures $7.5 billion, including capital expenditures of $2.9 billion (1991 est.)

Exports: $3.5 billion (f.o.b., 1992 est.) commodities: petroleum 45%, farm products 11%, textiles, phosphates 5% (1990) partners: USSR and Eastern Europe 44%, EC 34%, Arab countries 17%, US/Canada 1% (1990) Imports: $2.7 billion (f.o.b., 1992 est.) commodities: foodstuffs and beverages 21%, machinery 15%, metal and metal products 15%, textiles 7%, petroleum products (1990) partners: EC 42%, USSR and Eastern Europe 13%, other Europe 13%, US/Canada 11%, Arab countries 6% (1990)

External debt: $5.3 billion (1990 est.)

Industrial production: growth rate 6% (1991 est.); accounts for 18% of GDP

Electricity: 3,205,000 kW capacity; 11,900 million kWh produced, 830 kWh per capita (1992)

Industries: textiles, food processing, beverages, tobacco, phosphate rock mining, petroleum

Agriculture: accounts for 27% of GDP and one-third of labor force; all major crops (wheat, barley, cotton, lentils, chickpeas) grown mainly on rain-watered land causing wide swings in production; animal products - beef, lamb, eggs, poultry, milk; not self-sufficient in grain or livestock products

Illicit drugs: a transit country for Lebanese and Turkish refined cocaine going to Europe and heroin and hashish bound for the Persian Gulf area

Economic aid: US commitments, including Ex-Im (FY70-81), $538 million; Western (non-US) ODA and OOF bilateral commitments (1970-89), $1.23 billion; OPEC bilateral aid (1979-89), $12.3 billion; former Communist countries (1970-89), $3.3 billion

Currency: 1 Syrian pound (#S)=100 piasters

Exchange rates: Syrian pounds (#S) per US$1 - 22.0 (promotional rate since 1991), 22.0 (official rate since 1991), 42.0 (official parallel rate since 1991), 11.2250 (fixed rate 1987-90)

Fiscal year: calendar year