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. [17] Foreign banks were given licenses in December 2002, under Law 28 March 2001 which allows the establishment of private and joint-venture banks. In 2001, private banking in Syria has been legalized. [39] The agriculture sector, as of 2009, employs about 17% of the labor force and generates about 21% of the gross domestic product,[40][41] of which livestock accounted for 16% and fruit and grains for more than 40%. [65]. If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. GDP Annual Growth Rate across Middle East. FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved. Register in seconds and access exclusive features. and over 1 Mio. [38], In 2015, Syria's main exports included spice seeds ($83.2 million), apples and pears ($53.2 million). Drought was an alarming problem in 2008; however, the drought situation slightly improved in 2009. [14] The Syrian economy experienced strong growth throughout the 1990s, and into the 2000s. The Central Bank of Syria began operations in 1959. Most irrigated land is designated "strategic", meaning that it encounters significant state intervention in terms of pricing, subsidies, and marketing controls. [17], Ad hoc economic liberalization continues to add wealth inequality, impoverishing the average population while enriching a few people in Syria's private sector. [45], Phosphates are the major minerals exploited in Syria. One of the prime reasons for this turnaround has been the government's investment in huge irrigation systems in northern and northeastern Syria. (billed annually). Quick Analysis with our professional Research Service: Content Marketing & Information Design for your projects: According to the source, due to the high level of uncertainty in current global economic conditions, the IMF projections for these indicators are provided only through 2010. The agreement left Syria with less than €3 billion (just over $3.6 billion) owed to Moscow. Accessed October 30, 2020. https://www.statista.com/statistics/326657/gross-domestic-product-gdp-growth-rate-in-syria/, IMF. "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. They each extend funds to, and take deposits from, a particular sector. * All products require an annual contract; Prices do not include sales tax. In 2004, four private banks began operations. 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]. Gross domestic product (GDP) growth rate in Syria 2010 Published by H. Plecher , May 27, 2020 On the other hand, higher crude oil prices countered declining oil production and led to higher budgetary and export receipts.[17]. [needs update][45] Power plants in Syria are undergoing intensive maintenance, and four new generating plants have been built. [10] The main industrial products are petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining, cement, oil seeds crushing, and car assembly. note: data are in 2015 dollars country comparison to the world (CIA rank, may be based on non-current data): 224 [66] In 2001, Syria legalized private banks and the sector, while still nascent, has been growing. In December 2004, Syria and Poland reached an agreement by which Syria would pay $27 million out of the total $261.7 million debt. $39 per month* Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. With almost 60% of its population under the age of 20, unemployment higher than the current 9% is a real possibility unless sustained and strong economic growth takes off. [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. The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. Under Syrian President Bashar al-Assad, national debt in relation to GDP went from 152.09% 2000 down to 30.02% in 2010. [46] Production dropped sharply in the early 1990s when world demand and prices fell, but output has since increased to more than 2.4 million tons. [51], Syria abandoned its plans to build a VVER-440 reactor after the Chernobyl accident. Access the latest politics analysis and economic growth summary through 2011 for Syria from The Economist Intelligence Unit Syria Economy, Politics and GDP Growth Summary - … [45] A project for the expansion and upgrading of the power transmission network is scheduled for completion in 2005. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Big Mac index - global prices for a Big Mac 2020, Profit from additional features with an Employee Account. Agriculture, for instance, accounted for about 26% of GDP and employed 25% of the total labor force. Activity in the construction sector tends to mirror changes in the economy. Wheat and barley production about doubled in 2009 compared to 2008. -30.9% (2013 est.) Syrian Arab Republic gdp growth rate for 2005 was 6.20%, a 0.7% decline from 2004. By the 1980s, Syria was politically and economically isolated, and in the midst of a deep econo… [41] As of May 2009, it was reported that Damascus office prices are skyrocketing. Deposit Interest Rate in Syria at 6.22 percent, Syria Current Account to GDP at -0.62 percent, Syria Current Account at -418.30 SYP Billion, Syria Crude Oil Production at 35.00 BBL/D/1K, Syria Corporate Tax Rate at 28.00 percent, Syria Consumer Price Index (cpi) at 880.23 points, Syria Competitiveness Index at 3.85 Points, Dollar Up for 3rd Day to Book Best Week in a Month, TSX Drops on Friday, Books 4.5% Weekly Loss, Brent Crude Down for 3rd Day to Book Biggest Weekly Loss since April, WTI Crude Tumbles 11% in October on Demand Concerns, Kenya October Inflation Rate at 5-Month High of 4.84%. According to estimates Syria has around 1,700 million tons of phosphate reserves. April 15, 2020. Another difficulty suffered by the agricultural sector is the government's decision to liberalize prices of fertilizers, which have increased between 100% and 400%. Tourism in Syria has greatly reduced as a result of the Syrian Civil War, that began in 2011 and is ongoing, and its associated refugee crisis. IMF. [69] Syria's share in this was US$152 billion, more than four times the projected 2010 GDP of US$36 billion. Please authenticate by going to "My account" → "Administration". [53], The industrial sector, which includes mining, manufacturing, construction, and petroleum, accounted for 27.3 percent of gross domestic product (GDP) in 2010 and employed about 16 percent of the labor force. Please contact us to get started with full access to dossiers, forecasts, studies and international data. Given the policies adopted from the 1960s through the late 1980s, Syria refused to join the "global economy". Estimates of the impact of conflict point to nega-tive gross domestic product (GDP) growth of −12 percent on average over 2011–18, resulting in a GDP contrac-tion to about one-third of the 2010 level. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. [10] The Arab Socialist Ba'ath Party came to power in 1963, and adopted socialist policies involving nationalizations and land reform. Despite the mitigation of the severe drought that plagued the region in the late 1990s and the recovery of energy export revenues, Syria's economy faces serious challenges. [70] As a result, 4 in 5 Syrians were by then living in poverty, with 30 percent of the population living in "abject poverty" and frequently unable to meet basic household food needs. [13] In 1990, the Assad government instituted a series of economic reforms, although the economy remained highly regulated. [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. [see also: GDP (official exchange rate) country ranks] GDP - real growth rate:-36.5% (2014 est.) GDP (official exchange rate): $24.6 billion (2014 est.) Please check your download folder. Please do not hesitate to contact me. [needs update][41] The US, EU, Arab league and Turkey all also imposed sanctions on the Central Bank because of the Civil War. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. In 2017, the World Bank produced two reports on the impact of the Syrian conflict: (i) a Damage Assessment of Aleppo, Idlib, and Hama, and (ii) an Economic and Social Impact Analysis of the conflict in Syria, called the Toll of War. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. [citation needed] Recent developments have helped revitalize the energy sector, including new discoveries and the successful development of its hydrocarbon reserves. Download historical data for 20 million indicators using your browser. In 2003, the government canceled a law that criminalized private sector use of foreign currencies, and in 2005 it allowed licensed private banks to sell specific amounts of foreign currency to Syrian citizens under certain circumstances and to the private sector to finance imports. Please check your download folder. Although in 2003 Syria lowered interest rates for the first time in 22 years and again in 2004, rates remain fixed by law. The six specialized state-owned banks — the Central Bank of Syria, Commercial Bank of Syria, Agricultural Co-Operative Bank, Industrial Bank, Popular Credit Bank, and Real Estate Bank — are major financial operators. This Section / Page contains links to the 3rd party websites of our top partners from whom we may receive compensation. Syria's economic history has been turbulent, and has deteriorated considerably since the beginning of the Syrian Civil War. Syria GDP Growth Rate chart, historic, and current data. [55][56][57] The currency of Syria is the Syrian pound (SYP). ", IMF, Syria : Growth rate of the real gross domestic product (GDP) from 2000 to 2010 (compared to the previous year) Statista, https://www.statista.com/statistics/326657/gross-domestic-product-gdp-growth-rate-in-syria/ (last visited October 30, 2020), Syria : Growth rate of the real gross domestic product (GDP) from 2000 to 2010, Life expectancy at birth in Syria 2018, by gender, Median age of the population in Syria 2015, Gross domestic product (GDP) in Syria 2010, Gross domestic product (GDP) per capita in Syria 2010, Gross domestic product (GDP) growth rate in Syria 2010, Syria: Share in global GDP adjusted for PPP 2010, Share of economic sectors in the GDP in Syria 2007, National debt of Syria in relation to gross domestic product (GDP) 2010, Ratio of government expenditure to gross domestic product (GDP) in Syria 2010, Syria's budget balance in relation to GDP 2010, Total population of the MENA countries 2018, Life expectancy at birth in the MENA countries 2018, Gross domestic product of the MENA countries in 2018, Gross domestic product (GDP) per capita in the MENA countries 2018, Inflation rate in the MENA countries 2018, Trade balance of goods in the MENA countries 2019, National debt of MENA countries in relation to gross domestic product (GDP) 2018, Cumulative cases of COVID-19 worldwide from January 8 to October 29, 2020, by day, Gross domestic product (GDP) growth rate in the Arab world 2018, Gross domestic product (GDP) growth rate in Togo 2021, Gross domestic product (GDP) growth rate in Samoa 2021, Gross domestic product (GDP) growth rate in Georgia 2021*, Gross domestic product (GDP) growth rate in Kyrgyz Republic 2021, Gross domestic product (GDP) growth rate in Taiwan 2021, Gross domestic product (GDP) growth rate in the BRIC countries 2021, Gross domestic product (GDP) growth rate in North Macedonia 2021, Preferred regions to migrate to for Syrian refugees in 2015, Age of unaccompanied Syrian children who applied for UK asylum 2007-2015, Changes in British opinion on US military operations against Islamic State in Syria, British public opinion on UK air strikes in Syria by political stance, Opinion of Americans towards the Russian plan to dismantle Syria's chemical weapons, Share of ceramic tile production in India by mode 2017, Retail price index of kerosene stoves in India 2019, Vibration isolating rubber sales volume in Japan 2012-2019, Production volume of propylene in South Korea 2009-2019, Syria : Growth rate of the real gross domestic product (GDP) from 2000 to 2010 (compared to the previous year), Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre.

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