The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Syria, Economy of

  • Barry Turner
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2880

Abstract

Syria experienced GDP growth above 3% every year from 2004 to 2010. In 2009 manufacturing, mining and public utilities contributed 31.4% to GDP; followed by agriculture, 21.1%; trade, restaurants and hotels, 17.0%; transport and communications, 10.1%; and public administration, 9.8%. With the onset of civil war in 2011, the economy contracted by 2–3%. Prior to 2011 oil accounted for 20% of government revenues and 35% of export receipts, with agriculture responsible for 20% of GDP. Since 2011 the EU has imposed sanctions on oil exports and the once prosperous tourism sector has been devastated. Inflation rose above 30% in 2012 and the economy is estimated to have contracted by 20%.

Keywords

Civil war EU Sanctions Piasters Syrian pound 

JEL Classification

O53 R11 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Barry Turner
    • 1
  1. 1.