Inflation

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

Syriatel and MTN’s revenues posted an increase last year, according to their preliminary disclosures. The two companies have monopolised Syria's telecommunication sector since they launched operations in 2002.

Although political normalisation between Damascus and Cairo may pave the way for a more important role for Egypt-based Syrian entrepreneurs, Syrian businesspersons continue to face economic and political barriers both in Egypt and their home country, according to a new report.

By the middle of last year, inflation had already reached 55 percent, according to a new consumer price index issued by an independent Syrian organisation. Meanwhile, the government has lifted one of the last tools it used to keep a lid on prices, risking further price increases.

Details published in the Official Gazette have provided more information about Syria’s 2023 budget, including indications on allocations to the Ministry of Defence.

Initial data from Syrian officials indicate that the inflation rate this year is in the high double-digit levels, although the pace of the increase is slightly lower than in 2021.