The Syrian government has achieved many goals in the last decade. On the top of them was the transition from central to social market economy, which equals between the economic efficiency and justice in social distribution. Moreover, the establishment of a stock market was a mirror for the national economy that reflects its sectors activities. Basically, the national economy consists of four major sectors; commercial, services, industrial, and agricultural sector. Two of them have grown widely; these are the industrial and the services sectors. On the other hand, the national economy has grown larger over the few past decades, which was driven by some global terms like globalization, and mass media communication. In this context, the relationship between Turkey and Syria became stronger, especially in the economic field. As a result of this relationship, the two countries decided to restructure Aleppo – Gazi Entab international road. Furthermore, the exports and imports have witnessed a tremendous change in the last twenty years. Oil export helped to reduce the difference in the trade balance between exports and imports as whole. The Major Exports are oil, gas, garments, textiles, fruit, wheat, foodstuffs, animal products, agricultural products, cotton, olive oil and phosphate. Major Imports are transportation means, chemicals, tea, coffee beans, metals, machinery and industrial requirements. However, crude oil production has decreased, it reaches nowadays 300000 barrel per day. In addition, Syria imports gasoline and diesel, and exports heavy crude oil because its expensive refinement and high maintenance costs.
Updated Economic Outlook ( first Half of 2012)
Nowadays, Syrian economy suffers from turbulence that goes country wide and from the sanctions against exports, imports, and international banking affairs. Furthermore, the economy for this reason has weakened heavily; this can clearly be seen from the economic data like GDP, Inflation, and trading balance. GDP growth is going to show up negative value for year ahead. Inflation has growing badly in the fourth quarter of 2011 and in the first quarter of this year. Further, it reached a very high level since 80’s; the inflation rate surged to 50% and for some kind of goods (till updating this report) reached 100% despite all the monetary policies that were taken from the central bank.
Soures: Central Bureau Of Statistics, Ministry of economy and trade