page_title: Economy of Syria
section_title: External trade and investment
hierarchical_section_title: Economy of Syria / External trade and investment
caption_attribution_description: English: This bubble map shows the global distribution of Syrian exports in 2006 as a percentage of the top market (Iraq - $3,352,770,000). This map is consistent with incomplete set of data too as long as the top producer is known. It resolves the accessibility issues faced by colour-coded maps that may not be properly rendered in old computer screens. Data was extracted on 19th September 2007 from http://www.imfstatistics.org/DOT Based on :Image:BlankMap-World.png
context_page_description: Syria's economic history has been turbulent, and has deteriorated considerably since the beginning of the Syrian Civil War. The Arab Socialist Ba'ath Party came to power in 1963, and adopted socialist policies involving nationalizations and land reform. After General Hafez al-Assad took power in 1970, restrictions on private enterprise were relaxed, though a substantial part of the economy was still under government control. By the 1980s, Syria was politically and economically isolated, and in the midst of a deep economic crisis. Real per capita GDP fell 22% between 1982 and 1989. In 1990, the Assad government instituted a series of economic reforms, although the economy remained highly regulated. The Syrian economy experienced strong growth throughout the 1990s, and into the 2000s. Syria's per capita GDP was US$4,058 in 2010. There is no authoritative GDP data available after 2012, due to Syria's civil war.
  Before the civil war the two main pillars of the Syrian economy were agriculture and oil, which together accounted for about one-half of GDP. Agriculture, for instance, accounted for about 26% of GDP and employed 25% of the total labor force.
context_section_description: Despite the mitigation of the severe drought that plagued the region in the late 1990s and the recovery of energy export revenues, Syria's economy faces serious challenges. With almost 60% of its population under the age of 20, unemployment higher than the current 9% is a real possibility unless sustained and strong economic growth takes off.
  Commerce has always been important to the Syrian economy, which benefited from the country's strategic location along major east-west trade routes. Syrian cities boast both traditional industries such as weaving and dried-fruit packing and modern heavy industry. Given the policies adopted from the 1960s through the late 1980s, Syria refused to join the "global economy". In late 2001, however, Syria submitted a request to the World Trade Organization (WTO) to begin the accession process. Syria had been an original contracting party of the former General Agreement on Tariffs and Trade but withdrew in 1951 because of Israel's joining. Major elements of current Syrian trade rules would have to change in order to be consistent with the WTO. In March 2007, Syria signed an Association Agreement with the European Union that would encourage both sides to negotiate a free trade agreement before 2010.
  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.
  Over time, the government has increased the number of transactions to which the more favorable neighboring country exchange rate applies. The government also introduced a quasi-rate for non-commercial transactions in 2001 broadly in line with prevailing black market rates.
  Given the poor development of its own capital markets and Syria's lack of access to international money and capital markets, monetary policy remains captive to the need to cover the fiscal deficit. Although in 2003 Syria lowered interest rates for the first time in 22 years and again in 2004, rates remain fixed by law.
caption: Syrian exports in 2006
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