Economy (Syria)
===============


     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 several 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. For the long run, Syria's economy is still saddled with a large
         number of poorly performing public sector firms; investment levels remain
         low; 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.
     GDP:
         exchange rate conversion - $30 billion, per capita $2,300; real growth rate
         11% (1991 est.)
     Inflation rate (consumer prices):
         25% (1991 est.)
     Unemployment rate:
         NA%
     Budget:
         revenues $5.4 billion; expenditures $7.5 billion, including capital
         expenditures of $2.9 billion (1991 est.)
     Exports:
         $3.6 billion (f.o.b., 1991 est.)
       commodities:
         petroleum 40%, farm products 13%, textiles, phosphates (1989)
       partners:
         USSR and Eastern Europe 42%, EC 31%, Arab countries 17%, US/Canada 2% (1989)
     Imports:
         $2.7 billion (f.o.b., 1991 est.)
       commodities:
         foodstuffs and beverages 21%, metal and metal products 16%, machinery 14%,
         textiles, petroleum products (1989)
       partners:
         EC 42%, USSR and Eastern Europe 13%, other Europe 13%, US/Canada 8%, Arab
         countries 6% (1989)
     External debt:
         $5.2 billion in hard currency (1990 est.)
     Industrial production:
         growth rate 6% (1991 est.); accounts for 17% of GDP
     Electricity:
         3,005,000 kW capacity; 8,800 million kWh produced, 680 kWh per capita (1991)
     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 rainfed land
         causing wide swings in production; animal products - beef, lamb, eggs,
         poultry, milk; not self-sufficient in grain or livestock products
     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:
         Syrian pound (plural - pounds); 1 Syrian pound (#S) = 100 piasters