GDP (239)


The World Bank is forecasting a further fall in Syria’s gross domestic product this year and next although at a rate that is lower than in previous years.


A recent report by a Syrian research house has confirmed the dramatic decline in Syria’s economic output and the no less tragic rise in poverty and unemployment.


Syria’s unemployment rate rose to 60 percent and its GDP declined by 45 percent compared to 2011, according to estimates from ESCWA.


Syria’s uprising and war is estimated to have cost its economy some USD 100 billion by the first half of this year, according to a recent report.


Syria’s state-owned institutions have suffered from total losses of SYP 1.5 trillion since the beginning of the popular uprising two years ago, according to the government.


Data released by the World Bank confirm the poor performance of the Syrian economy in 2012.


The Institute of International Finance forecasts Syria’s GDP to decline by 15 percent in 2013, the latest grim outlook on Syria’s economic performance for this year.


The World Bank and ESCWA have estimated Syria’s GDP to have plunged by 20 to 30 percent last year as the war engulfing the country continues to take its toll on the economy.


The Food and Agriculture Organisation of the United Nations, has issued an alarming statement on the state of the Syrian agricultural sector and on its impact on both the levels of food supply and the livelihood of large segments of the Syrian population.


Syria’s budget is forecast to rise nominally by 4.3 percent next year, although in real terms it will drop significantly.


The Economic and Social Commission for Western Asia, a UN-affiliated body, expects Syria’s Gross Domestic product to contract by 5.5 percent this year.


The World Bank forecasts Syria’s Gross Domestic Product to fall by 6.4 percent this year after having declined by 3.1 percent in 2011.


The Syrian economy will not collapse and GDP growth will be positive this year, Mohammad Jleilati, the Minister of Finance, was quoted as saying in a press interview.


The difficulty to find reinsurers and to receive a sovereign guarantee for the shipment of Syrian crude is halting plans by Indian companies to import oil from Syria, according to Reuters.


The Syrian Government has raised customs tariffs on a wide range of consumer goods, reverting further a decade-old policy of trade liberalisation and risking an additional increase in consumer prices in the local market.


The number of tenders issued by state-owned corporations has declined dramatically in recent weeks on the back of international sanctions and reduced expenditure by the Government.


The Syrian Government will disburse this year some SYP 13.5 billion to support the purchase by farmers of their agricultural inputs.


Syria has lost an estimated USD 2 billion from the embargo on oil exports imposed by the European Union and other western countries, according to the Minister of Oil.


Syria ranked 139th in the world and 15th out of 17 countries in the Middle East in the annual "Economic Freedom Index" jointly published by the Heritage Foundation and the Wall Street Journal.


The Syrian economy has been greatly damaged by the crisis gripping the country, the Minister of Economy, Nidal Al-Shaar said.


The Syrian Prime Minister has issued instructions to all State administrations requiring them to reduce all their overhead expenses by 25 percent, excluding salaries.


Syria’s Gross Domestic Product rose by 3.4 percent in 2010 in spite of a steep decline in agricultural output, while the trade balance returned to positive territory for the first time in years, according to the Central Bureau of Statistics.


Updated on October 24, 2011. The steep rise in Syria’s 2012 budget is largely due to a change in accounting procedures, not actual spending increases, the Minister of Finance, Mohammad Jleilati said.


Only a few days after it imposed a wide scale ban on imports, the Syrian government reversed its decision, confirming that it had no clear economic strategy without dispelling fears on the state of the country’s foreign currency reserves.


The Syrian government has announced that it is rescheduling the debts of farmers and manufacturers that had contracted loans with state-owned banks in a bid to ease the financial pressures on them. 


Syria has banned the import of all products with customs tariffs of more than 5 percent, a move that signals growing nervousness over the country's foreign currency reserves and also dents into the profits of many prominent businessmen that have built their wealth on import trade.


The Syrian President has issued a decree establishing a new fund that is projected to help local farmers cope with future major droughts.


Syria's economy will grow by one percent this year, according to Mohammad Jleilati, Minister of Finance, in the first such estimate by a Syrian official since the beginning of the unrest in the country in March.


Syria has spent USD 2 billion since mid-March defending its national currency, according to Adib Mayaleh, the governor of the Central Bank, who denied rumours of Iranian help to support his country’s economy.


The financial disclosures for the first half of this year by Syria’s largest private sector commercial banks confirm the depth of the country's current economic crisis.


Some 300,000 people enter the Syrian labour market every year, according to a government survey highlighting the extent of the challenge facing Syrian decision-makers in providing new job opportunities for their population.


Iran is considering providing a loan worth USD 5.8 billion to Syria in a bid to boost the country’s ailing economy and help finance the string of measures adopted by the government in the last few months, according to a press report.


The World Bank now forecasts Syria’s economy to grow by only 1.7 percent in 2011, from 5.5 percent in its previous estimates, and warns that this could further decline should the unrest gripping the country continue into the second half of the year.


The unrest gripping Syria has taken its toll on the economy and GDP growth is expected to be well in the red this year.


Jumeirah Group, a UAE hotel management firm, has said that it was continuing forward with its project to manage a 5-star Hotel in central Damascus, as new estimates put occupancy rates in local hotels at 15 percent countrywide and at close to 0 percent in Aleppo.


The Syrian Government plans to finance its expenses by increasing its deficit and to review free trade agreements signed with partner countries, according to the Syrian President, who gave the first hints of what Syria’s future economic policy will be during a meeting with business representatives.


Syria’s economy should shrink by as much as 3 percent this year, while the budget and current account deficits will further deteriorate this year and next, according to one of the first assessments of the impact on the economy of the current unrest gripping Syria and the Middle East.


The OECD has lowered Syria’s credit risk rating by one notch to 7, the lowest rate in its scale, as protests taking place across the country are expected to create a severe economic downturn.


The International Monetary Fund has lowered its projections for Syria’s GDP growth this year in response to the unrest that has taken hold of the country since March 15.


On April 14, the Syrian President named the country’s new government, which sees the departure of Abdallah Dardari and Mohammad Hussein, the two figures most associated with economic liberalisation in the last decade.


The Syrian Government has announced two new financial measures to support farmers coping with an increase in the cost of inputs.


The demonstrations held across Syria last Friday have dashed any hopes of a rapid end to the current wave of protests as well as prospects for a quick economic recovery.

The Damascus Real Estate Report, a survey produced jointly by The Syria Report and Frontier MEA, a UK-based research and advisory firm with wide experience in the real estate and hospitality sectors, provides an overview of the D

The series of economic measures announced last week by the Syrian government are expected to represent a severe drain for the Treasury and create serious inflationary risks.


The relative competitiveness of Syria’s tourism sector fell sharply in 2010 according to a global survey conducted by the World Economic Forum.

According to the Travel and Tourism Competitiveness Index 2011, released lately by the WEF, Syria rankled 105th worldwide in terms of the competitiveness of its tourism sector down 20 ranks from only two years ago when it ranked 85th. 139 countries were surveyed this year.


The steep decline in Syria’s agricultural output is primarily due to the reduction in state subsidies to farmers, according to a report by the Agricultural Workers Union.


Syria ranked 140th in the world for the level of economic freedoms in the country according to an annual index published jointly by the Heritage Foundation and the Wall Street Journal.

Bank Audi Syria has announced that it was launching the country’s first Purchasing Managers Index, which it says, will help better monitor business activity in Syria.

The Syrian Parliament has approved the country’s 2011 budget, which projects a deficit of 5.78 percent of GDP.


The Ministry of Finance has announced that it was holding today an auction to sell SYP 3 billion worth of Treasury Bonds.