ARCHIVE // SY // TIME-SERIES
Economic overview
Syria — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | Syria's rigidly structured Bathist economy is turning out roughly the same amount of goods in 1989 as in 1983, when the population was 20% smaller. Economic difficulties are attributable, in part, to severe drought in several recent years, costly but unsuccessful attempts to match Israel's military strength, a falloff in Arab aid, and insufficient foreign exchange earnings to buy needed inputs for industry and agriculture. Socialist policy, embodied in a thicket of bureaucratic regulations, in m |
| 1991 | Syria's rigidly structured Bathist economy turned out slightly more goods in 1990 than in 1983, when the population was 20% smaller. Economic difficulties are attributable, in part, to severe drought in several recent years, costly but unsuccessful attempts to match Israel's military strength, a falloff in Arab aid, and insufficient foreign exchange earnings to buy needed inputs for industry and agriculture. Socialist policy, embodied in a thicket of bureaucratic regulations, in many instances h |
| 1992 | 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 deb |
| 1993 | 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 d |
| 1994 | Syria's state-dominated Ba'thist economy has benefited from the Gulf war of early 1991, increased oil production, good weather, and economic deregulation. Economic growth averaged roughly 10% in 1990-93. The Gulf war 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 ci |
| 1995 | In 1990-93 Syria's state-dominated Ba'thist economy benefited from the Gulf war, increased oil production, good weather, and economic deregulation. Economic growth averaged roughly 10%. The Gulf war provided Syria an aid windfall of nearly $5 billion dollars from Arab, European, and Japanese donors. However, the benefits of the 1990-93 boom were not evenly distributed and the gap between rich and poor is widening. A nationwide financial scandal and increasing inflation were accompanied by a decl |
| 1996 | During 1990-92 Syria's state-dominated economy benefited from the Gulf war, increased oil production, good weather, and economic reform. Economic growth averaged roughly 10%. The war led to a Syrian aid windfall of nearly $5 billion from Arab, European, and Japanese donors. Most positive economic trends ended in 1993 due to the dissipation of the Gulf war boom, a domestic financial crisis, and economic policy missteps. Economic growth has dropped below 5%, income inequality is increasing, the go |
| 1997 | Sheltered from the pressures of the international marketplace for almost three decades, Syria's predominantly statist economy is on a weak footing because of Damascus's failure to implement extensive economic reform. After an economic rebound in the early 1990s in the wake of the Persian Gulf war, economic growth has slowed as the traditionally volatile economy has once again slumped. Current account and budget deficits and inflation are increasing. The dominant agricultural sector remains under |
| 1998 | 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 |
| 1999 | 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 |
| 2000 | 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 |
| 2001 | 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 |
| 2002 | 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 t |
| 2003 | 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 |
| 2004 | Syria's predominantly statist economy lately has been growing more slowly than its 2.4% annual population growth rate. 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 p |
| 2005 | 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 su |
| 2006 | The Syrian Government estimates the economy grew by 4.5 percent in real terms in 2005, led by the petroleum and agricultural sectors, which together account for about half of GDP. Economic performance and the exchange rate on the informal market were hit by international political developments following the assassination in February of former Lebanese Prime Minister Rafiq al-HARIRI and the specter of international sanctions. Higher crude oil prices countered declining oil production and exports |
| 2007 | 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% from the start of the year. |
| 2008 | The Syrian economy grew by an estimated 3.3% 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, |
| 2009 | The Syrian economy grew by an estimated 2.4% in real terms in 2008 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, |
| 2010 | Syrian economic growth slowed to 1.8% in 2009 as the global economic crisis affected oil prices and the economies of Syria's key export partners and sources of investment. 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 began operati |
| 2011 | Syrian economic growth remained in the 4-5% range in 2008-10 even though the global economic crisis affected oil prices and the economies of Syria's key export partners and sources of investment. 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 Exchan |
| 2012 | Despite modest economic growth and reform prior to the outbreak of unrest, Syria's economy continues to suffer the effects of the ongoing conflict that began in 2011. The economy further contracted in 2012 because of international sanctions and reduced domestic consumption and production. The government has struggled to address the effects of economic decline, including dwindling foreign exchange reserves, rising budget and trade deficits, and the decreasing value of the Syrian pound. Prior to t |
| 2013 | Despite modest economic growth and reform prior to the outbreak of unrest, Syria's economy continues to suffer the effects of the ongoing conflict that began in 2011. The economy further contracted in 2012 because of international sanctions and reduced domestic consumption and production, and inflation has risen sharply. The government has struggled to address the effects of economic decline, which include dwindling foreign exchange reserves, rising budget and trade deficits, and the decreasing |
| 2014 | Despite modest economic growth and reform prior to the outbreak of unrest, Syria's economy continues to deteriorate amid the ongoing conflict that began in 2011. The economy further contracted in 2013 because of international sanctions, widespread infrastructure damage, reduced domestic consumption and production, and sharply rising inflation. The government has struggled to address the effects of economic decline, which include dwindling foreign exchange reserves, rising budget and trade defici |
| 2015 | Syria's economy continues to deteriorate amid the ongoing conflict that began in 2011. The economy further contracted in 2014 because of international sanctions, widespread infrastructure damage, diminished domestic consumption and production, reduced subsidies, and high inflation. The government has struggled to address the effects of economic decline, which include dwindling foreign exchange reserves, rising budget and trade deficits, and the decreasing value of the Syrian pound and household |
| 2016 | Syria's economy continues to deteriorate amid the ongoing conflict that began in 2011, declining by 62% from 2010 to 2014. The government has struggled to address the effects of international sanctions, widespread infrastructure damage, diminished domestic consumption and production, reduced subsidies, and high inflation, which have caused dwindling foreign exchange reserves, rising budget and trade deficits, a decreasing value of the Syrian pound, and falling household purchasing power. | Durin |
| 2017 | Syria's economy continues to deteriorate amid the ongoing conflict that began in 2011, declining by more than 70% from 2010 to 2016. The government has struggled to address the effects of international sanctions, widespread infrastructure damage, diminished domestic consumption and production, reduced subsidies, and high inflation, which have caused dwindling foreign exchange reserves, rising budget and trade deficits, a decreasing value of the Syrian pound, and falling household purchasing powe |
| 2018 | Syria's economy has deeply deteriorated amid the ongoing conflict that began in 2011, declining by more than 70% from 2010 to 2017. The government has struggled to fully address the effects of international sanctions, widespread infrastructure damage, diminished domestic consumption and production, reduced subsidies, and high inflation, which have caused dwindling foreign exchange reserves, rising budget and trade deficits, a decreasing value of the Syrian pound, and falling household purchasing |
| 2019 | Syria's economy has deeply deteriorated amid the ongoing conflict that began in 2011, declining by more than 70% from 2010 to 2017. The government has struggled to fully address the effects of international sanctions, widespread infrastructure damage, diminished domestic consumption and production, reduced subsidies, and high inflation, which have caused dwindling foreign exchange reserves, rising budget and trade deficits, a decreasing value of the Syrian pound, and falling household purchasing |
| 2020 | Syria's economy has deeply deteriorated amid the ongoing conflict that began in 2011, declining by more than 70% from 2010 to 2017. The government has struggled to fully address the effects of international sanctions, widespread infrastructure damage, diminished domestic consumption and production, reduced subsidies, and high inflation, which have caused dwindling foreign exchange reserves, rising budget and trade deficits, a decreasing value of the Syrian pound, and falling household purchasing |
| 2021 | Syria's economy has deeply deteriorated amid the ongoing conflict that began in 2011, declining by more than 70% from 2010 to 2017. The government has struggled to fully address the effects of international sanctions, widespread infrastructure damage, diminished domestic consumption and production, reduced subsidies, and high inflation, which have caused dwindling foreign exchange reserves, rising budget and trade deficits, a decreasing value of the Syrian pound, and falling household purchasing |
| 2022 | Syria's economy has deeply deteriorated amid the ongoing conflict that began in 2011, declining by more than 70% from 2010 to 2017. The government has struggled to fully address the effects of international sanctions, widespread infrastructure damage, diminished domestic consumption and production, reduced subsidies, and high inflation, which have caused dwindling foreign exchange reserves, rising budget and trade deficits, a decreasing value of the Syrian pound, and falling household purchasing |
| 2023 | low-income Middle Eastern economy; prior infrastructure and economy devastated by 11-year civil war; ongoing US sanctions; sporadic trans-migration during conflict; currently being supported by World Bank trust fund; ongoing hyperinflation |
| 2024 | low-income Middle Eastern economy; prior infrastructure and economy devastated by 11-year civil war; ongoing US sanctions; sporadic trans-migration during conflict; currently being supported by World Bank trust fund; ongoing hyperinflation |
| 2025 | low-income Middle Eastern economy; prior infrastructure and economy devastated by 11-year civil war; ongoing US sanctions; sporadic trans-migration during conflict; currently being supported by World Bank trust fund; ongoing hyperinflation |