GDP (239)


The Syrian Government will sell treasury bonds next week after an auction for short-term bills, the first in decades, was held last Monday, Mohammad Hussein, Minister of Finance, told The Syria Report.


Syria’s budget deficit in 2009 stood at SYP 46 billion, or 1.69 percent of GDP, according to the final figures from the Ministry of Finance, well below the Government’s initial projections.


The Ministry of Finance is issuing on December 13 SYP 2 billion worth of Treasury Bills with maturities of three and six months, the first issue of Government securities in decades.

The level of remittances to Syria is estimated by the World Bank at USD 1.4 billion for 2010, a figure significantly higher than in previous estimates.

The Syrian Government has approved the 11th 5-year plan, which will govern the country’s economic policy for the next five years.


Syria’s budget should reach SYP 835 billion (USD 17.76 billion) next year, an annual rise of 12 percent, with investment expenditures representing most of the increase.

The International Monetary Fund has confirmed its projections for Syria’s GDP and inflation growth and for its current account balance for the coming year.

Syria’s 2011 budget is expected to grow by some 11 percent according to the Prime Minster, Naji Otri.


Capital Intelligence, a credit rating agency, has assigned a long-term foreign currency rating of ‘BB-’ (BB minus) and a short-term foreign currency rating of ‘B’ to Syria.


The volume of foreign direct investments that entered Syria in 2009 reached USD 1.43 billion according to UNCTAD, confirming the figures released by the Arab Investment Guarantee Corporation a few weeks ago.

The Syrian Business Council, which regroups most of Syria’s new business elite, has issued a rare statement criticising the little relevance of official statistics and its impact on investment and growth.
Syria’s nominal gross domestic product should exceed the USD 60 billion mark this year as the economy continues to grow and inflation remains subdued, according to projections from the IMF.

Syria’s nominal gross domestic product should exceed the USD 60 billion mark this year as the economy continues to grow and inflation remains subdued, according to projections from the IMF.

The International Monetary Fund has revised upward its estimate and projections for Syria’s Gross Domestic Product growth.

Syria’s population is projected to reach 36.9 million in 2050 according to the 2009 edition of the State of World Population Report, released last week by the United Nations Population Fund (UNFPA).

Syria’s economy should be strengthening in the coming years although a delay in global recovery or faltering reform could worsen its outlook, according to the IMF.
Syria’s travel and tourism industry will contribute 5.2 percent of the country’s GDP in 2010 according to a recent forecast report from the World Travel & Tourism Council.
Gulf Finance House, a Bahrain-based Islamic investment bank, is setting-up an Islamic bank in Syria in joint venture with local partners.

Syria’s economy continued to grow at about 4 percent last year, as the impact of the global crisis remained limited, an IMF report said.

Syria’s economy is expected to grow by 4 percent in 2010 and 5.5 percent in 2011, according to a recent World Bank report.
After a severe decline in 2008, Syria’s major agricultural crops posted a recovery in 2009, according to data from the Ministry of Agriculture.

The Syrian Parliament has approved the country’s 2010 budget, which will see a significant rise in investment expenditures, in particular in the electricity, water and housing sectors.


Syria’s 2008 budget posted a deficit of SYP 44 billion, or 2 percent of the country’s GDP, according to the final accounts of that year as disclosed by the Syrian Cabinet.

Remittances to Syria are expected to stand at USD 827 million in 2009, according to a recent update from the World Bank.
The Syrian Cabinet has approved an increase of 10 percent in its 2010 budget to SYP 754 billion.

Syria ranked 107th in the world in the Human Development Index released last week by the United Nations Development Programme.

Syria’s Real Gross Domestic Product should grow by 3 percent in 2009, according to the International Monetary Fund.
Foreign Direct Investment in Syria reached USD 2.1 billion in 2008, an increase of 70 percent compared to the previous year, according to UNCTAD.
*By Shamel Azmeh
The link between urban studies and economic issues is virtually non-existent in Syria. People who are interested in economic matters rarely take the issue of urbanization into consideration while architects and city planners consider economic matters to be totally outside the scope of their work.

Syria’s inflation rate stood at 15.15 percent, and not 5.4 percent, last year the Central Bureau of Statistics said.

Syria's real Gross Domestic Product rose by 7 percent in 2008 while the inflation rate stood at 5.4 percent, according to preliminary data from the Central Bureau of Statistics.

The drought affecting Syria’s north-eastern region is leading to dramatic economic, human and social consequences, according to a joint FAO/WFP assessment mission conducted in May.


Turkey has agreed to increase the water flow from the Euphrates River to Syria and Iraq, according to Turkey’s Foreign Minister, Ahmad Davutoglu, as poor water levels continue to have a severe impact on Syrian farmers.

*By Ben Simpfendorfer
The rise of China is one of this century’s great stories. The country ranks as the world’s third largest economy, the world’s second largest oil consumer, and one of the largest holders of United States government debt. It is no surprise that the sudden slowing in China’s economic growth, from 13 percent to 7 percent, has captured the attention of bankers and CEOs alike.

The Syrian Government has reduced the retail price of gas oil by 20 percent to SYP 20.00 (USD 0.42) per litre effective April 1st.


Syria ranked 85th in the World in terms of the competitiveness of its tourism industry according to an annual report published by the World Economic Forum.


The Damascus Securities Exchange will finally open its doors on March 10, a day after the previously announced deadline, which falls on a holiday.


The last year saw a sharp increase in economic freedoms in Syria according to the results of an international survey.

The Syrian economy will go through a “very difficult year” in 2009, the Syrian Minister of Finance said, in the strongest statement yet by a Government official on the impact the world crisis will have on the local economy.

Syria’s budget will post a deficit of USD 4.8 billion next year or 9 percent of its GDP.


Remittances by Syrian expatriates are expected to reach USD 850 million this year, according to the World Bank.


A bi-annual report by the World Bank has forecast a growth of 2.5 percent in Syria’s Gross Domestic product next year.

Syria’s GDP growth should continue at moderate to high levels in the coming years, its fiscal and current account deficits be contained at around 3 and 4 percent respectively and its CPI fall back to single digits, according to preliminary findin...
Syria’s Gross Domestic Product should rise by 4.2 percent this year and 5.2 percent in 2009, according to the International Monetary Fund.

The United Nations is making an unprecedented call to raise USD 20 million to support over 1 million Syrians that have been affected by the recent drought.

Syria's income from the Travel and Tourism Industry (TTI) should grow to reach SYP 122 billion in 2008, according to an annual report by the World Travel and Tourism Council.
*By Omar Shakir
It has been said that it is a dangerous thing to be an Iraqi in Syria these days. Indeed, Iraqis are routinely blamed on the Syrian street for a whole host of problems, ranging from rising prices to overcrowding classrooms to increasing crime rates. 


The news that the wheat crop is the poorest in almost two decades could not have come at a worse time for the Syrian Government.

The establishment of the Agricultural Support Fund by the Syrian Government is expected to streamline and provide more efficiency to its agricultural policy.
Syria has settled all the debt it owed to the Czech Republic and Slovakia.