Country-specific Note: See notes for: Gross domestic product, current prices (National currency) Population (Persons). Please review the copyright information in the series notes before sharing. [45] A project for the expansion and upgrading of the power transmission network is scheduled for completion in 2005. The restrictions on private enterprise were relaxed, but a substantial part of the economy was still under government control. [31] In 2018, the World Bank estimated that about one-third of Syria's housing stock and one half of its health and education facilities have been destroyed by the conflict. [10] The Arab Socialist Ba'ath Party came to power in 1963, and adopted socialist policies involving nationalizations and land reform. Share, "Ministry of Petroleum and Mineral Resources of Syria", "BP Statistical Review of World Energy June 2011", "Turkey Slaps Economic Sanctions on Syria", "Canadian Sanctions | Foundation for Defense of Democracies", "المركزي : تعديل سعر صرف الليرة السورية مقابل الدولار", "Syria Devalues Currency As New US Sanctions Hit", "Syria devalues currency amid chaos ahead of new U.S. sanctions", "Syrian central bank raises official exchange rate - China.org.cn", "U.S. trade and financial sanctions against Syria", "Syria: 160 villages abandoned due to famine", "Aid agencies slam UN Security Council over Syria", "Field Listing :: Population below poverty line § Syria", https://en.wikipedia.org/w/index.php?title=Economy_of_Syria&oldid=981360113, Articles with dead external links from September 2013, Wikipedia articles in need of updating from January 2018, All Wikipedia articles in need of updating, Articles with unsourced statements from December 2015, Articles needing additional references from April 2016, All articles needing additional references, Articles with unsourced statements from January 2016, All articles with vague or ambiguous time, Vague or ambiguous time from January 2016, All articles with specifically marked weasel-worded phrases, Articles with specifically marked weasel-worded phrases from January 2016, Articles with unsourced statements from April 2014, Wikipedia articles in need of updating from November 2010, Creative Commons Attribution-ShareAlike License, machinery and transport equipment, electric power machinery, food and livestock, pharmaceuticals, metal and metal products, chemicals and chemical products, plastics, yarn, paper, This page was last edited on 1 October 2020, at 20:54. Data are derived by dividing GDP in PPP dollars by total population. [14] The Syrian economy experienced strong growth throughout the 1990s, and into the 2000s. "Strategic" products such as wheat, barley, and sugar beets, must be sold to state marketing boards at fixed prices, often above world prices in order to support farmers, but at a significant cost to the state budget. GDP per capita, PPP (current international $) GDP per capita (current LCU) GDP per capita, PPP (constant 2017 international $) Inflation, GDP deflator (annual %) Oil rents (% of GDP) Download. In October 2009, Syria further loosened its restrictions on currency transfers by allowing Syrians travelling abroad to withdraw the equivalent of up to US$10,000 from their Syrian pound accounts. Online tool for visualization and analysis. Over time, the government has increased the number of transactions to which the more favorable neighboring country exchange rate applies. In World Bank data, Monaco and Liechtenstein has better per capita gdp than Luxembourg. [38], Water and energy are among the most pervasive issues facing the agriculture sector. [47] Other major minerals produced in Syria include cement, gypsum, industrial sand (silica), marble, natural crude asphalt, nitrogen fertilizer, phosphate fertilizer, salt, steel, and volcanic tuff, which generally are not produced for export. The Syrian annual inflation rate is one of the highest in the world. Current Syria GDP Per Capita is 2,058.04 USD. [51], Syria abandoned its plans to build a VVER-440 reactor after the Chernobyl accident. [13] In 1990, the Assad government instituted a series of economic reforms, although the economy remained highly regulated. [69] Syria's share in this was US$152 billion, more than four times the projected 2010 GDP of US$36 billion. St. Louis, MO 63102, More On another hand, while its exchange rate for money transfer is 1250 SYP for US$1 [60], its non-official exchange rate (black market) has plunged to more than 2500 SYP for US$1 in June 2020 [61][62]. $3,300 (2014 est.) The World Bank reported that in July 2004 that it had committed a total of US$661 million for 20 operations in Syria. Half of it would be repaid over the next 10 years, while the rest would be paid into Russian accounts in Syrian banks and could be used for Russian investment projects in Syria and for buying Syrian products. Private participation remains constrained, however, by the lack of investment funds, input/output pricing limits, cumbersome customs and foreign exchange regulations, and poor marketing. Beyond the financial sector, the Syrian Government has enacted major changes to rental and tax laws, and is reportedly considering similar changes to the commercial code and to other laws, which impact property rights. Estimated gross national income per capita, female (2011 PPP $) n.a. Categories > International Data > Countries > Syrian Arab Republic. 10 of 1991, which opened the country to foreign investment in some areas, marked the beginning of a strong revival, with growth in real terms increasing over 2001 and 2002. [66] In 2001, Syria legalized private banks and the sector, while still nascent, has been growing. Another difficulty suffered by the agricultural sector is the government's decision to liberalize prices of fertilizers, which have increased between 100% and 400%. [52] The plans for a nuclear program were revived at the beginning of the 2000s when Syria negotiated with Russia to build a nuclear facility that would include a nuclear power plant and a seawater atomic desalination plant. Syria has been subject to sanctions by US, Canada, EU, Arab League and Turkey because of the civil war. GDP per capita is often considered an indicator of a country's standard of living; however, … [54], Since the start of the Syrian Civil War in 2011, there has been a capital flight to nearby countries. World Development Indicators, Units:  We discuss the baseline assumptions in sub‐sections 2.2.1 ‐ 2.2.2 below. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. Major elements of current Syrian trade rules would have to change in order to be consistent with the WTO. Syria had been an original contracting party of the former General Agreement on Tariffs and Trade but withdrew in 1951 because of Israel's joining. This discovery relieved Syria of the need to import light oil to mix with domestic heavy crude in refineries. [41] As of May 2009, it was reported that Damascus office prices are skyrocketing. [64] As a result, the private sector often is forced to bank abroad, a process that is more expensive and therefore a poor solution to industrial financing needs. [37] Syria has made progress in easing its heavy foreign debt burden through bilateral rescheduling deals with virtually all of its key creditors in Europe. [69], The Syrian Center for Policy Research stated in March 2015 that, by then, nearly three million Syrians had lost their jobs because of the civil war, causing the loss of the primary source of income of more than 12 million people; unemployment levels "surged" from 14.9 percent in 2011 to 57.7 percent at the end of 2014. Units: Purchasing power parity; international dollars. The pound's official exchange rate has deteriorated significantly, falling from 47 SYP for US$1 before the civil war to 1256 as in June 2020[58][59]. Female shares of graduates in science, technology, engineering and mathematics programmes at tertiary level (%) n.a. According to estimates Syria has around 1,700 million tons of phosphate reserves. In January 2005, Russia and Syria signed a deal that wrote off nearly 80% of Syria's debt to Russia, approximately €10.5 billion ($13 billion). Syria exported roughly 150,000 bpd in 2008, and oil accounted for a majority of the country's export income. Release: [13] Syria's per capita GDP was US$4,058 in 2010. [67] In 2017, the Syrian labor force was estimated to total about 3.767 million people. Note: Expressed in GDP in PPP dollars per person. [45], Because land prices are not controlled by the state, real estate is one of the few domestic avenues for investment with realistic and safe returns.

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