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Home > Country Profiles > Syria

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Financial Outlook

The civil war in Syria has caused billions of dollars’ worth of damage, disrupting agriculture, devastating industry, and wiping out foreign currency income from tourism and oil exports. Moreover, by January 2014 Islamist rebels and extremist groups had seized control of most of Syria’s oil and gas resources and are using the proceeds to finance their fights against one another as well as against President Bashar al-Assad, according to the New York Times, which cited American officials. The newspaper added that that oil output had fallen to around 80,000 bpd at the end of 2013 from about 400,000 bpd in 2011. Consequently, the government had become increasingly dependent on its foreign allies, importing most of its oil from Iran and Iraq, as well as diesel and gasoline from Lebanon. Meanwhile, ABC News reported in January 2014 that GDP contracted by 21.8% in 2012 and by 22.5% in 2013, and that in 2014 it is projected to fall by 8.6%. ABC added that prices rose by 212% between 2011 and mid-2013, and possibly by much more in unstable areas.

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Further reading on Syria

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