GDP (239)

Syria will start imposing a Valued Added Tax with a rate of 10 percent starting 2009, according to Mohammad Hussein, Minister of Finance.
Syria’s Gross Domestic product should grow by 4 percent in 2008, according to IMF projections.

Funds raised through Treasury Securities will initially be used to finance only investment projects and not current expenditures, Mohammad Hussein, Minister of Finance said.

A new factbook published by the World Bank provides new figures for expatriates’ inward and outward remittances in Syria and the World.
Syria’s Gross Domestic Product should increase by 6 percent in 2007, according to Abdallah Dardari, deputy Prime Minister in charge of economic affairs.
The 2008 budget has been approved by the Syrian President with total commitments of SYP 600 billion or USD 12 billion, from SYP 588 billion for the 2007 budget, an annual increase of 2 percent in nominal terms.
Syria’s human development level remained stable in 2005, according to the latest Human Development Index published by the United Nations Development programme.
Expatriate remittances to Syria reached USD 804 million in 2006, equivalent to 2.3 percent of its GDP, according to a new report by the United Nations' International Fund for Agricultural Development.
The impact of the tourism sector on the Syrian economy will represent 13.4 percent of GDP in 2007 according to a report from the World Travel and Tourism Council.
Global Insight, a risk analysis firm, upgraded Syria’s medium-term sovereign credit rating from “CCC-” to “CCC” with a stable outlook.

The debate on the gradual lifting of subsidies on oil by-products is gaining pace in the Syrian media following the Government’s announcement that subsidies will be reduced starting 2008.

Rakia Moalla-Fetini, IMF mission chief for Syria, talks to The Syria Report in an exclusive interview.
Below an extract from our soon-to-be-published report on the Telecom and IT sectors in Syria.

Subsidies by the Syrian Government will cost the State’s treasury SYP 350 billion (USD 7 billion) in 2008 according to Abdallah Dardari.

Bashar Al-Assad’s speech to the nation on July 17, marking the beginning of his second term as president, contained many references to Syria’s economic situation.

The English transcript of the speech of Syrian President Bashar Al-Assad on the Re-election on July 17, 2007.


The International Monetary Fund has published an extremely positive report on the performance of the Syrian economy in 2006.

Syria is still far from its target of a social market economy, says Taysir Raddawi, the head of the State Planning Commission.

Abdallah Dardari, Deputy Prime Minister in charge of Economic Affairs, painted a rosy picture of the state of the Syrian economy during a press conference in Damascus on May 21


Syria will not implement the Value Added Tax next year, Mohammad Hussein, Minister of Finance, said

Syria’s nominal Gross Domestic Product reached SYP 1 813 billion (USD 35.70 billion) in 2006 according to a source at the Central Bank of Syria

Syria’s exports reached SYP 516 billion in 2006 on the back of a healthy growth in non-oil exports, according to Abdallah Dardari.


Syria will need a major effort to reduce its budget deficit in the coming few years because of the fall in oil proceeds, according to Mohammad Hussein, Minister of Finance.


The value of crude oil exports represented only a third of total exports in the first nine months of 2006, according to preliminary data published by the Central Bureau of Statistics.

Recently released data by the Syrian authorities show revised figures for GDP growth and trade and current account for the years 2004 and 2005
Syria’s Gross Domestic Product is expected to grow by 5.6 percent in 2007 according to Abdallah Dardari, Deputy Prime Minister for Economic Affairs
Syria’s current account to GDP ratio should remain in the red and double next year to 4.9 percent according to data from the World Bank’s annual “Global Economic Prospects” report

Syria’s human development ranking remained stable for the third year running according to the latest Human Development Report (HDR 2006) published by the United Nations.

The text of the intervention of Samir Aita, economic and financial consultant, during a banking conference held in Damascus between November 3-5.
The text of the intervention of Abdul Kader Husrieh, Partner at Ernst & Young Syria LLP, during a banking conference held in Damascus between November 3-5

Private insurance companies will earn premiums of around SYP 200 million in 2006, their first year of activity, according to Mohammad Hussein, Minister of Finance. Mr Hussein was speaking during an insurance forum held in Damascus between November 13-14

Syria’s Gross Domestic Product should grow by 5 percent this year and 5.2 percent in 2007 according Ibrahim al-Ali, the head of Syria’s Central Bureau of Statistics. In 2005 GDP growth stood at 4.5 percent
The Syrian Government is increasing significantly its investment expenditures.
The International Monetary Fund has made public for the second year in a row its annual assessment of the economic situation in Syria.

The turnover of Syriatel, the largest of Syria’s two mobile phone network operators, grew 31.5 percent in 2005 to reach SYP 25.5 billion (USD 510 million) from SYP 19.39 billion in 2004.

GDP grew by 5.5 percent in the non-oil component of the Syrian economy in 2005 according to Abdallah Dardari, deputy Prime Minister in charge of Economic Affairs.

The Syrian economy will need SYP 1,800 billion (USD 34 billion) in investments in the coming five years if it is to reach a GDP growth rate of 7 percent in 2010, which is the target rate set by the 10th 5-year plan of the country, according to Abdallah...

The latest release by UNIDO of the Comparative Industrial Performance (CIP) index for the year 2004, shows that the Syrian economy ranks 121 out of 155 countries.

The Syrian Government approved the draft text of the 10th 5-year plan early January. The text is doing away with detailed planning and is focusing instead on defining strategies and setting goals.

Tax collection in Syria is improving following a series of laws and decisions issued by the Syrian government in the last two years.

The Central Bureau of Statistics (CBS) expects Syria’s growth rate to reach 4.5 percent for the year 2005, recording an increase from last year’s rate of 2.0%.


The Syria Report talks to Syrian writer Ali Abdallah, former PLO member and veteran critic of the Syrian regime who was recently released from prison after being held for reading a statement from the Muslim Brotherhood in a public debating forum.



More details have been released on the country’s 2006 budget.


In an unprecedented and unexpected move, the Syrian government surprised the industrial and the commercial local community by allowing the import of garments from all over the world with a tariff barrier of 47.5 percent.

The International Monetary Fund (IMF) warned Syria that the country’s oil reserves will be exhausted in the next two decades and urged the country to initiate the appropriate reforms so as to generate other sources of revenue.
Syria ranked the same relatively to last year in the Human Development Report (HDR) 2005 published by the United Nations Development Program (UNDP).

 Syria’s conclusion of a deal with Russia over its bilateral debt is an important achievement for Syria’s financial authorities. USD 10 billion are off & the total debt to GDP ratio is now below 10%. At once, it’s over two-thirds of Syria’s total foreign debt that has been settled either by being written off or by a rescheduling agreement.

Arab investments in Syria reached USD 61.1 million in 2004 according to the annual Report on Investment Climate in Arab Countries published by the Inter-Arab Investment Guarantee Corporation (IAIGC).
Syria’s gross domestic product stood at SYP 1,103 billion (USD 22.062 billion) in 2004, a 3.2% annual growth according to preliminary figures from the Central Bureau of Statistics (CBS).
The Syrian President has issued a decree authorizing private insurance activity in the country. The law puts an end to 46 years of monopoly by the state-owned Syrian Insurance Company (SIC).