Country Report Syria March 2011

Economic performance: New data lead to 2009 GDP growth being revised up to 6%

The Central Bank of Syria has published some fresh macroeconomic data in its most recent Quarterly Bulletin, covering the first half of 2010. (Most of the data in the bulletin are for monetary aggregates for which more recent figures are available in another interim publication issued by the Central Bank.) The main economic indicators in the bulletin include a slight upwards revision of real GDP growth for both 2008 and 2009 to 4.5% (from 4.3% in the previous bulletin) and 6% (from 5.9%), respectively. The variations appear to stem from exchange-rate factors as there has been a small upward adjustment in the figures for nominal GDP in Syrian pounds, whereas the US dollar GDP figures are unchanged. The strong performance in 2010 came despite a significant contraction in trade, reflecting both lower oil prices and the weak global economy. Total exports declined by 29% from S£714bn (US$16bn) in 2008 to S£508bn in 2009; imports fell by 13% to S£651bn from S£750bn. The current account moved from a surplus of S£3.1bn in 2008 to a deficit of S£54.2bn in 2009, equivalent to 2.3% of GDP.

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