Economy of Syria
Syria is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Syria may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Syria exports around $2.67 billion and imports roughly $8.92 billion. 15.2% of population in the country are unemployed. The total number of unemployed people in Syria is 2,779,230. In Syria, 11.9% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Syria is low, indicating that it has a stable economy. Investors should consider Syria to be a safe location for investments and other financial ventures. Government expenditure on education is 4.9% of GDP. The Gini Index of the country is 42. Syria is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Syria has a Human Development Index (HDI) of 0.658. Syria has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Syria is 3.645. The strength of legal rights index for Syria is 1. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.
The currency of Syria is Syrian pound. The plural form of the word Syrian pound is pounds. The symbol used for this currency is £, and it is abbreviated as SYP. The Syrian pound is divided into Piastre; there are 100 in one pound.
The depth of credit information index for Syria is 2, which means that information is usually insufficient, although still able to provide a certain degree of clarity; accesibility is still a major problem.
In Syria, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Syria. Locally, the central bank of Syria is called مصرف سورية المركزي. The average deposit interest rate offered by local banks in Syria is 1%.
Syria has a government debt of 44% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Syria is set at 22%. Personal income tax ranges from 5% to 15%, depending on your specific situation and income level.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Syria is $121397 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Syria was last recorded at $7 million. PPP in Syria is considered to be very good when compared to other countries. Very good PPP indicates that citizens in this country find it easy to purchase local goods. Local goods can include food, shleter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with very good PPP are safe locations for investments. The total Gross Domestic Product (GDP) in Syria is 35,164 billion. Based on this statistic, Syria is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Syria was last recorded at $2 million. The average citizen in Syria has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Syria averaged 0% in 2014. According to this percentage, Syria is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Syria.
Major industries in the country are petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining, cement, oil seeds crushing, automobile assembly. The total labor force of Syria is 4,758,960 people, wherein 15.2% of population in the country are unemployed. The total number of unemployed people in Syria is 2,779,230. The Industrial Production growth rate of Syria is 6%.To read more about industrial information within Syria click on industry of Syria.
There are 45644 km2 of arable land in Syria, and it comprises 25% of the country's total territory. There are 53871 km2 of cultivated land in Syria. The country's major agricultural crops and products are wheat, barley, cotton, lentils, chickpeas, olives, sugar beets, beef, mutton, eggs, poultry, milk.To read more about agriculture click on agriculture of Syria.