Syria

Syria

Syria is a middle-income, developing country with a diversified economy based on agriculture, heavy modern industry, and energy. Commerce has always been important to the Syrian economy, which benefited from the country's location along major east-west trade routes.

 

Given the policies adopted from the 1960s through the late 1980s, Syria failed to join an increasingly interconnected global economy. In late 2001, however, Syria submitted a request to the World Trade Organization to begin the accession process. Major elements of current Syrian trade rules would have to change in order to be consistent with the WTO. For the time being, Syria is intent on signing an Association Agreement with the European Union that would entail significant trade liberalization.

 

The bulk of Syrian imports have been raw materials essential for industry, agriculture, equipment, and machinery. Major exports include crude oil, refined products, raw cotton, clothing, fruits, and cereal grains.

 

Ad hoc economic liberalization continues to provide hope to Syria's private sector. In 1990, the government established an official parallel exchange rate (neighboring country rate) to provide incentives for remittances and exports through official channels. This action improved the supply of basic commodities and contained inflation by removing risk premiums on smuggled commodities.

 

Total GDP: $98.83 billion (2008 est.)

 

GDP Growth Rate: 5.1% (2008 est.)

 

GDP Per Capita: $5,000 (2008 est.)

 

Population: 20,178,485

 

Population Growth Rate: 2.129% (2009 est.)

 

Fertility Rate: 3.12 children born/woman (2009 est.)

 

Age Structure:

0-14 years: 35.9% (male 3,724,770/female 3,510,182)

15-64 years: 60.8% (male 6,285,866/female 5,980,029)

65 years and over: 3.4% (male 318,646/female 358,992)

(2009 est.)

 

Source: CIA World Factbook