Category: Syria

Syria Economic Structure

Syria’s economic structure and politics are highly centralised. Since the rise of the Baath party in 1963, centralisation of the economy has been followed in accordance to the socialist ideologies of the party and its leaders.

The main source of foreign income for the Syrian economy is from the export of oil, estimated at 155,000 bbl/day in 2010. Other exports include crude oil, minerals, petroleum products, fruits and vegetables, cotton fiber, textiles, clothing, meat and live animals, wheat – estimated to total $10.13 billion.

Syria Economic Forecast

Although some progress has been made, Syria is still a relatively under-developed economy with only modest growth prospects. Unlike its neighbours it has considerable arable land – in fact one third of the land area is farmed – and hence has a larger agricultural sector.

Efforts to reform and open up the national socialist economy have been limited. There is now some banking and stock market activity, but many economic sectors are still strictly controlled.

Syria Export, Import and Trade

Syria Import and Export Indicators and Statistics at a Glance

Total value of eports: $12.84 billion (2010 estimate)
Primary export items: crude oil, minerals, petroleum products, fruits and vegetables, cotton fiber, textiles, clothing, meat and live animals, wheat
Primary Export partners: Iraq (30.22% of total exports), Lebanon (12.21%), Germany (8.89%), Egypt (6.8%), Saudi Arabia (5.04%) and Italy (4.55%)

Syrian Economy

Syria is a developing country with GDP per capita of $4,800 (2010 estimate), making it one of the poorer countries in the world. The country has a diversified economy primarily dependent on services, energy and agriculture. The unit of currency is the Syrian pound (SYP).