GDP News

Fish production has reached 13,000 tonnes this season, reaching pre-2011 levels. Syria's imports of fish and fishery products are expected to rise following the Central Bank of Syria's decision on February 18 to allow tourist establishments to import seafood and fishery items not available in the local market.
Since the arrival of the new Indian ambassador, Irshad Ahmad, to Syria last October, Mr Ahmad has immediately stepped up the economic diplomacy efforts. Yet, bilateral trade between India and Syria has declined since 2019.
The Central Bank of Jordan has tightened money transfers from Jordan to Syria by reverting the easement of conditions adopted in March 2023 in the aftermath of the February 6 earthquake. The Jordanian move can be seen as a way to avoid international sanctions.
After 13 years of conflict, humanitarian needs in Syria are on the rise while international aid funds continues to shrink and Syria’s economy rapidly deteriorates. The dependency on international humanitarian assistance has greatly expanded over the past decade, although such aid has not improved living conditions or sustained economic recovery.
Syria recorded an annual inflation rate of 84.9 percent in 2022, compared to an average of 5.1 percent in the rest of Arab countries and 8.5 percent recorded globally, according to the Annual Bulletin of the Syrian Centre for Policy Research, published on October 12. The hike in prices of food and non-alcoholic beverages contributed to 41.3 percent of last year’s general inflation, followed by the housing, water, electricity and gas category, then transportation and health.
Syria recently announced plans to apply for membership in the BRICS economic bloc in hopes that its entry would lessen its dependence on the U.S. dollar, facilitate investments in the country, and allow it to bypass sanctions.
The Biden administration recently published a written strategy outlining aspects of its interagency plan to intercept and dismantle “illicit captagon networks linked to the Assad regime.” The plan also includes proposals to collaborate with affected countries, such as Jordan, Lebanon, and Saudi Arabia, which has become the biggest market for the narcotic, according to recent investigations and reports. 
The balance sheet of Syrian private sector banks grew last year, as deposits by public sector entities surged, according to official financial reports by the banks. The influence of the presidential palace can be seen in the large lending portfolio of two banks.
The World Bank released on June 09 its first comprehensive report in years on the state of the Syrian economy. The report uses innovative remote-based data to measure some key indicators, such as nighttime lights and nighttime lights-based output estimates, shipping-position data, and population and conflict maps. Some of the findings raise questions, however, while the report lacks any political economy dimension. Unsurprisingly, the forecasts for the coming years are gloomy.
Remittances in Syria today are said to represent the equivalent of as much as a third of the country’s GDP, according to a UN agency. This is by far the highest estimate provided by any international organisation on the volume of remittances entering the country and, if correct, would put Syria among the top 15 countries in the world for remittance receipt levels.