Syria Economic Forecast
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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.
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.
Again, unlike some of its neighbours, Syria does not have a lot of oil. It has proven reserves of 2.5 billion barrels, produces around 365,000 barrels a day, and exports around 150,00 barrels. Those numbers have been gradually declining, so the energy sector is not going to support any strengthening in economic growth.
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Syria GDP Forecast
Syria is the 65th largest economy in the world. In 2010, GDP (PPP) for Syria was US$ 105.324 Billion.
The Syrian economy is expected to continue to grow from its somewhat low base, to reach US$112.56 billion in 2011, and ultimately US$149.075 billion by 2015.
In 2010 it grew 4.997%, the 59th fastest growing country in the world.
This is up from 3.99%, and the rate of grow is expected to increase in coming years, to 5.496% in 2011, and to then average between 5.5% and 5.7% until 2015.
Syria is a relatively poor country, with a GDP Per Capita (PPP) of US$5,107.93 in 2010. This makes it the 111th in world personal income rankings.
In 2009, GDP Per Capita was US$4,938.85 GDP Per Capita (PPP) representing 3.42% growth.
That figure is forecasted to grow to US$5,328.30 in 2011, or 4.31%, and to reach US$6,405.60 by 2015.
Per Capita GDP growth is less than overall economic growth, suggesting both that the population is growing fast and that economic growth in unevenly spread.
Syria Unemployment Forecast
The Syrian population stood at 20.62 million in 2010.
Syria is a young country with a high birth rate. It is growing at approximately 2.45% a year, and is forecast to reach 21.13 million in 2011 and 23.273 million by 2015.
In 2009, its labor force was estimated at 5.772 million. We estimate that figure was 6 million 2010, and will reach 6.243 million in 2011 and 6.493 million by 2013.
The Syrian economy is fairly under-developed, with a significant portion of the population relying on agriculture: some 19.2% are agrarian, 14.% are in industry, and 66.3% are in services.
The unemployment rate was estimated to be between 10% and 11% in 2010, and is expected to rise to the 11% – 12% range between 2011 and 2015.
Syria Inflation Rate Forecast
Average Syrian inflation in 2010 was 5.037%, and it is expected to stay in the 5% – 6% range between 2011 and 2015.
Syria Current Account Balance Forecast
The Current Account Balance for Syria in 2010 is US$-2.341 Billion.
Syria is expected to maintain a current account deficit going forward, declining to -US$2.252 in 2011, fluctuating somewhat from, there, before ultimately declining to -US$1.983 billion in 2015.
