Economy Syria
Economy - overview: Syria's predominantly statist economy has been growing slower than its 2.5% annual population growth rate, causing a persistent decline in per capita GDP. President Bashar AL-ASAD has made little progress on the economic front after one year in office, but does appear willing to permit a gradual strengthening of the private sector. His most obvious accomplishment to this end was the recent passage of legislation allowing private banks to operate in Syria, although a private banking sector will take years and further government cooperation to develop. ASAD's recent cabinet reshuffle may improve his chances of implementing further growth-oriented policies, although external factors such as the international war on terrorism, the Israeli-Palestinian conflict, and downturn in oil prices could weaken the foreign investment and government revenues Syria needs to flourish. A long-run economic constraint is the pressure on water supplies caused by rapid population growth, industrial expansion, and increased water pollution.
GDP: purchasing power parity - $54.2 billion (2001 est.)
GDP - real growth rate: 2% (2001 est.)
GDP - per capita: purchasing power parity - $3,200 (2001 est.)
GDP - composition by sector: agriculture: 27% industry: 23% services: 50% (2000 est.)
Population below poverty line: 15%-25%
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices): 0.3% (2001 est.)
Labor force: 4.7 million (1998 est.)