GDP

In 2021, Syria’s gross domestic product increased by 1.30 percent to USD 20.50 billion, according to the latest data published by the government.

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.

Syria’s gross domestic product will shrink for the third consecutive year in 2023, according to a recent publication from the World Bank.

While the February 06 earthquake has increased diplomatic activities between Syria and the Arab world, Damascus will likely remain relatively isolated. Sanctions will also largely remain in place for the foreseeable future.

Syria’s gross domestic product declined in 2020 for the first time in four years, according to data released by the Syrian government.

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.