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Syria Syria

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Syria – Quick View
ECR score33.6 (Mar 2011)
ECR rank123 (Mar 2011)
Economic
GDP (2009)USD 53.08 billion
GNI per capita PPP (2010)USD 4,760
FDI inflow (2009)USD 2,529.21 million
Inflation (2010)4.4%
Central bank assets (2010)USD 26,877.91 million
Unemployment rate (2009)8.2%
Government deficit (2009)USD 4,763.62 million
Tax revenue (2008)USD 5,058.72 million
Political
Government typeParliamentary Democratic
Recent political crisis2011 anti-government protests
Economic freedom score140th
Freedom of information score173rd
Corruption perception index127th
Structural
Birth rate28 per ‘000
Population balanceUnder 14 years – 37.1%
Population balanceOver 65 years – 4.1%
Life expectancy yearsMales – 72.3 years
Life expectancy yearsFemales – 76.1 years
Mortality rate3 per ‘000
Literacy rate84%
Internet access17.7%

[Top] Economic Overview

Gross Domestic Product (GDP)

In 2009, Syria’s gross domestic product at current prices increased by about 3% compared to the previous year. The country’s GDP in 2009 was SYP 2,519.15 billion as compared to 2,445.06 billion in 2008.

(Source: National Statistics)

Syria Gross Domestic Product

(Source: National Statistics, National Bank)

GDP per capita

In 2009, Syria’s GDP per capita was registered at SYP 125,175 as compared to SYP 124,469 in 2009.

(Source: National Statistics)

Gross National Income (GNI)

The gross national income at market prices in 2009 was 2,367.96 billion, whereas GNI at market prices was registered at 2,294.06 billion in 2008.

In 2009, GNI per capita was registered at SYP 117,663 as compared to SYP 116,782 in 2008.

(Source: National Statistics)

Syria’s GNI per capita, at PPP in 2010 was registered at USD 4,760 as compared to USD 4,150 in 2005.

(Source: UNDP)

Tax rates

Individual income tax in Syria is levied at rates ranging from 5% to 22%. Monthly income of up to USD 131 or SYP 6,000 is waived off.

Tax rates for different income slabs are as follows – 


Monthly earning (USD)

Tax rate (%)

 0 -  131

0

 132 - 261

5

 262 - 348

7

 349 - 435

9

 1,000

10.6

 2,000

15.5

 5,000

19.4

 10,000

20.7

 50,000

21.7

 100,000

21.9

 500,000

22

(Source: taxrates.cc)

Corporate tax rates range from 10% to 28%. The tax rates for various types of companies are:

  • For joint stock companies – 22%
  • For joint stock companies and insurance companies that have 51% of their shares offered to the public – 14%
  • For private banks and insurance companies – 25%

(Source: taxrates.cc)

Inflation 

Inflation rate in Syria for 2010 was registered at 4.4% as against 3% in 2009. In 2008, the inflation rate increased as high as 14.8%.

 

Syria Inflation Rate

 

(Source: IMF)


Foreign Direct Investment (FDI)

Foreign direct investment in Syria for 2009 was recorded at SYP 120,024 million.

(Source: National Statistics)

 

 

Syria Foreign Direct Investment

(Source: National Bank)

 

Portfolio Investment

Portfolio investment inflow in country during 2009 was registered at deficit of SYP 11,258. In 2008 also the country registered deficit in portfolio investment inflow of USD 55 million.

(Source: National Statistics, National Bank)

 

 

Central Bank Assets

 

Assets of Central Bank of Syria (SYP million)

End of Period

December 2010

Foreign Assets

242,238

Gold

608

SDR holding

4,826

Reserve tranche position

0.1

Cash and deposits

215,100

Other foreign assets

21,704

Domestic Assets

1,032,242

Claims on Public Sector

318,172

Claims on Local Banks

269,074

Total Assets

1,274,480

(Source: National Bank)

[Top] Financial Indicators & Government Financial

Consumer Price Index

Consumer price index (CPI) for the year 2010 was 142 as compared to 136 in 2009.

 

Syria Consumer Price Index

 

Base, Year 2005 = 100

(Source: National Bank)

 

 

Wholesale Price Index

The wholesale price index in the year 2009 was 145 as compared to 115 in 2008.

 

 

Syria Wholesale Price Index

 

Base, Year 2000 = 100

(Source: National Bank)

 

Interest rates

Interest rates for saving as well as time deposit are as follows –

 

Market interest rates on customers deposit (%)

 

Saving Deposit

Time Deposit

1 month

3 months

6 months

1 year

More than 1 year

2010 P

4.36

4.93

5.50

5.83

6.45

8.02

2009

4.67

4.98

5.60

5.92

6.73

8.31

2008

4.83

5.44

5.81

6.82

8.31

8.77

2007

4.81

7.06

7.48

7.88

8.33

8.42

(Source: National Bank)

 

Money supply

Broad money (M2) during October 2010 was registered at SYP 1,991,671 million. In 2009, M2 amounted to SYP 1,810,734 million.

 

 

Syria Monetary Aggregates

 

(Source: National Bank, National Bank)

 

Official exchange rate


Official exchange rate of Syrian Pound (SYP) per US Dollar (USD) at the end of October 2010 was 46.5. In 2009, the exchange rate was SYP 46.7 per USD.

 

 

Syria Exchange Rate

(Source: National Bank)

 

Government finances

Fiscal balance

Syria’s fiscal deficit in the year 2009 amounted to SYP 226,058 million. The total expenditure in 2009 was SYP 685,000 million.

 

 

Syria Fiscal Balance

 

(Source: National Bank)

Total Revenue


The total revenue in 2009 is estimated at SYP 458,942 million as compared to SYP 490,904 million in 2008.

Syria Total Revenue

(Source: National Bank)

Tax revenue

Non-oil tax revenue of the government of Syria for 2008 amounted to SYP 258,048 million (10.6% of GDP). Tax revenue increased by 16.5% as compared to 2007. In 2007, the tax revenue was SYP 221,424 million or 11% of GDP.

(Source: National Bank, National Bank)

Total Grants

The country did not receive any foreign grants in the year 2008 and 2009. The total grants received in the year 2007 amounted to SYP 259 million.

(Source: National Bank)

Current Account Balance

The current account balance in the year 2010 is estimated at 3.93% of the GDP as compared to 4.5% in 2009.

 

Syria Current Account Balance

 

(Source: IMF)

 

Balance of Payments

 

Balance of Payments (SYP million)

 

2009

2008

Current Account

-54,244

3,075

Goods and Services

-52,158

3,020

Income

-51,693

-53,498

Current transfers

49,607

53,553

Capital Account

9,809

3,399

Financial account

87,828

39,698

Total balance

43,393

46,172

Net errors and omissions

-27,074

-43,580

(Source: National Statistics, National Statistics)

[Top] Labour Force and Employment Overview

In 2009, labour force in Syria was 5.4 million and remained unchanged from 2008. Number of males and females in labour force during 2009 was 4.6 million and 0.8 million respectively. Labour force in urban areas was recorded at 2.97 million as compared to 2.46 million of labour force in rural areas.

(Source: National Statistics, National Statistics)

Number of economically active population is higher amongst the age group of 25-29 years with 16.2% of total labour force belonging to the particular age group. Economically active population for the age group of 20 to 24 years was registered at 13.2% of total labour force.

(Source: National Statistics)

Syria Age-wise Distribution of Total Labour Force

 

(Source: National Statistics)

 

 

Total labour force participation rate in the country for 2009 was 43%. Labour force participation rate amongst males and females was 45.1% and 8.2% respectively.

(Source: National Statistics)

Total number of employed person in the country during 2009 was 4.99. Of the total employed persons, 4.37 million were males and 6.25 million were females. Number of employees in private sector was 3.55 million as compared to 1.44 million in public sector.

Distribution of employees (2009)

Employment status

Total

Female

Male

Employer

199,427

4,846

194,581

Self Employed

1,497,823

59,150

1,438,673

Paid worker

3,090,518

489,715

2,600,803

Unpaid worker

211,461

71,466

139,995

Total

4,999,229

625,177

4,374,052

(Source: National Statistics)

 

 

Unemployment rate

In 2009, unemployment rate in the country was 8.2%. Total number of unemployed persons in Syria in the year 2009 was 442,953, an increase of 16.6% compared to previous year’s 379,891 unemployed persons.

(Source: National Bank, National Statistics, National Statistics)

 

Syria Unemployment Rate

 

(Source: National Bank)

 

 

Minimum wage

Average wage in the country is about EUR 178 per month which is 1.8 times of legal minimum wage.

(Source: economistes-arabes.org)

Level of Unionisation

The country’s law restricts free trade union movement in the country. All workers’ organisations are affiliated to the General Federation of Trade Unions (GFTU). The GFTU is the country’s official trade union federation and controlled by the Ba’th party.

(Source: ituc-csi.org)

[Top] Political Stability

Education

The education system is not well developed; the government has not done enough to improve the infrastructure of this neglected sector. The participation and enrolment rates are lower in comparison with other Asian countries.  There are wide disparities among male-female, inter-regional and rural-urban class.

In Pakistan, approximately 22% of females completed their primary schooling, compared with 47% of males. Only 30% of children receive secondary education.

(Source: World Bank)

The government expenditure on education was just 2% of total GNP.

(Source: State Bank of Pakistan)

The country’s literacy rate for the year 2009 was at 57%.

(Source: State Bank of Pakistan)

Health care

The expenditure on health care sector was 0.5% of the GNP.

(Source: State Bank of Pakistan)

As of 2007 there were 107,853 doctors in Pakistan; 19,623 were specialists, 7,446 were dentists. The population per doctor was 1,475, per dentist 21,362 and per nurse 3,644.

For the same period, total health facilities were 13,937 and total hospitals were 965. Total beds in hospitals and dispensaries were 105,005. Population per bed was 1,515 and population to health care facility ratio was 11,413.

 (Source: Ministry of Health)

[Top] Demographic Overview

Consumer price index

Pakistan Consumer Price Index

(Source: State Bank of Pakistan)

Base year 2000-01 = 100

The consumer price index in Pakistan has increased from 140 in 2008 to 159 in 2009, indicating the prices of consumer goods have been increasing.

Interest rates on saving deposits / time deposits


Interest Rates (%)

 

2010

2009

2008

2007

SBP Reverse Repo Rate (End Period)

12.5%

14.0%

12.0%

9.5%

Indicative Inter Bank Call Rates

11.6%

13.2%

9.9%

8.9%

Weighted Average Rates of Return on Deposits

4.29%

4.44%

4.13%

2.6%

Weighted Average Rates of Return on Deposits

4.29

4.44

4.13

2.6

(Source: State Bank of Pakistan)

Money supply (currency in circulation)

According to the State Bank of Pakistan, currency in circulation at the end of June 2010 was PKR 1,295,385 million.

 


Money supply (PKR million)

Components of M2

As of June 2010

As of Dec 2009

Currency in Circulation

1,295,385

1,296,911

Other Deposits with SBP

6,663

5,007

Total Private and PSE Deposits

4,820,641

4,494,339

Money supply

5,476,873

5,777,231

(Source: State Bank of Pakistan)

Government expenditure

Government expenditures in Pakistan increased in 2010 to PKR 2,577 billion to reach PKR 2,101.4 billion in 2009.

Expenditure of Government of Pakistan (PKR billion)

 

2010

2009

Revenue Expenditure

2,333.7

1,887.1

Capital Disbursements

243.3

214.3

Total Expenditure

2,577

2,101.4

Total Expenditure as % of GDP

17.6

16.5

 (Source: State Bank of Pakistan)

External debt and domestic debt

Total debt as the percentage of GDP decreased from 66% of 2009 to 65.2% in 2010.

External Debt and Domestic Debt

2010

2009

Short-term External Debt (USD million)

652

793

External Debt (USD million)

51,057

54,504

External Debt & Liability (USD million)

52,331

55,626

External Debt Servicing (USD million)

4,747

5,641

Domestic Debt (PKR billion)

3,861

4,653

Total Debt (PKR billion)

8,307

9,686

Total Debt as % of GDP

65.2

66.0

(Source: State Bank of Pakistan)

Official exchange rate

PKR per USD rate for the year 2010 was registered at 83.8. The Pakistani rupee per USD has increased from 59.86 in 2006 to 83.8 in 2010.

Pakistan Exchange Rate

(Source: State Bank of Pakistan)

Government financial well-being

Fiscal balance

Pakistan Fiscal Balance

(Source: State Bank of Pakistan)

Fiscal deficit for 2010 was PKR 525.1 billion which increased from 2009 where it was PKR 422.1 billion.

Total revenue

The country's revenue in 2010 was recorded at PKR 2,051.9 billion, which increased from PKR 1,679.3 billion.

Revenues of Government of Pakistan (PKR billion)

 

2010

2009

Direct Taxes

540.4

496.1

Indirect Taxes

942.6

755.4

Non-Tax Revenue

568.9

427.8

Total

2,051.9

1,679.3

(Source: State Bank of Pakistan)

Tax revenue

Tax revenues in Pakistan in 2010 were PKR 1,483 billion or 10.1% of the GDP.

Tax revenue (PKR billion)

 

2010

2009

Direct Taxes

540.4

496.1

Indirect Taxes

942.6

755.4

Total Taxes

1,483

1,251.5

Total taxes as percentage of GDP

10.1

9.8

(Source: Ministry of Finance)

Current account balance - surplus/deficit

Pakistan has registered current account deficit for the past many years. The current account deficit in 2008 was -8.47% of the GDP after which the deficit was reduced to -5.71% in 2009 and further to -2% in 2010.

Pakistan Current Account Balance

(Source: State Bank of Pakistan)

Balance of payments

Balance of Payments (USD Million)

 

2010p

2009

Current Account

-3,495

-9,261

Capital and Financial  Account

3,296

9,143

Errors and Omissions

-424

118

(Source: State Bank of Pakistan)

[Top] Soft Infrastructure

Literacy rate

In 2010, the literacy rate of Syria was 84.7%.

(Source: UNDP)

In 2009, the total allocation from the state budget for education was 18.9% or SYP 129.31 billion. Furthermore, the allocation for basic and secondary education was SYP 97.99 billion and for higher education it was SYP 31.32 billion.

 

Syria Expenditure on Education

(Source: National Statistics)

Total number of basic education schools in 2009 was 16,853, of which 16,386 were state schools and 350 were private schools. The number of secondary schools was 1,762, of which the distribution of private and state secondary schools was 108 and 1,654 respectively.

(Source: National Statistics)

Healthcare system

In 2009, the country had 1,433 health care centres. Of the total health care centres in the country, 1,372 were general healthcare centres and 61 were specialised healthcare centres. The number of polyclinics and medical points were 34 and 270 respectively.

(Source: National Statistics)

The total number of private hospitals in the country is 370, with 8,550 beds, and the number of government hospitals is 121 with 21,910 beds. In 2009, the country had an average of 661 persons per hospital bed.

(Source: National Statistics)

[Top] Hard Infrastructure

The total population of Pakistan for the year 2010 was 173.51 million, increasing at a rate of about 2.1% over the previous year.

(Source: Ministry of Finance)

The gender ratio in the country is imbalanced i.e. there are approximately 106.2 males for every 100 females in the country.

(Source: UN)

Pakistan Population by Gender

(Source: UN)

The mortality rate of infants (per 1,000 live births) was registered at 63.9 for the period 2005-2010.

The crude death rate in 2010 was recorded at 7.4 deaths (per 1,000) and crude birth rate was 28 (per 1,000).

The average life expectancy in 2010 was 64.5 years. The average life expectancy for males was 63.6 years and for females was 65.4 years (2010).

(Source: Ministry of Finance)

Population below 14 years of age in the country is 36.9% of the total population (for the year 2009). In 2009, 6.2% women and 6.1% men (% of total population) were aged above 60 years. The median age of the total population was 21.3 years.

International migrant stock to mid-2010 was recorded at 4.2 million people. This was approximately 2.3% of the total population.

(Source: UN)

The latest figures reveal that urban population in the country was 63.05 million and grew at an annual rate of 3.0% between 2005 and 2010. For the same period, the rural population was 110.46 million and grew at a slower rate of 1.2% per year.

(Source: Ministry of Finance, UN)

Ethnic groups in Pakistan include:

  • Punjabi
  • Sindhi
  • Pashtun
  • Baloch
  • Muhajir
  • Saraiki
  • Hazara

(Source: state.gov)

The country ranks 125th out of 169 countries on the Human Development index 2010 conducted by the United Nations. The HDI provides a composite measure of three dimensions of human development: living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and gross enrolment in education) and having a decent standard of living (measured by purchasing power parity, PPP, income).

(Source: UNDP)

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