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Syrian Arab Republic

Author(s):
International Monetary Fund
Published Date:
February 2009
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Table 1.Syrian Arab Republic: Gross Domestic Product at Market Prices, 2003–06
2003200420052006
(In millions of Syrian Pounds)
Agriculture264,840281,177305,351347,361
Mining259,742331,959418,503466,859
Building and construction39,37936,16240,32045,450
Wholesale and retail trade177,738221,393300,022349,380
Transport and communication151,002141,599160,851192,504
Finance and insurance38,74953,32973,969103,359
Social and personal services28,19331,42137,16242,511
Government services107,008154,044159,460175,762
Non-profit private services614706795908
Customs duties22,57222,90417,200
Value of imported money services-11,223-28,539-32,549
GDP at market prices1,067,2651,263,1391,490,7981,708,745
Source: The Central Bureau of Statistics.
Source: The Central Bureau of Statistics.
Table 2.Syrian Arab Republic: National Income and Prices, 2003–07
2003200420052006Prel.

2007
(In billions of SP, unless otherwise indicated)
GDP at market prices (in constant 2000 prices)1,0181,0861,1351,1931,243
Oil GDP215202184177168
Non-oil GDP8038849501,0161,075
GDP at market current prices1,0671,2631,4911,7092,025
Oil GDP200277357404380
Non-oil GDP8679861,1341,3051,558
Nominal GDP ($ billions)2225293441
(Change in percent)
Real GDP growth6.74.55.14.2
Oil GDP-6.1-8.6-7.1-5.0
Non-oil GDP10.27.56.95.8
GDP deflator10.912.99.113.7
Oil GDP18.549.119.924.6
Non-oil GDP3.37.07.712.8
Sources: Syrian authorities; and Fund staff estimates.
Sources: Syrian authorities; and Fund staff estimates.
Table 3.Syrian Arab Republic: Production, Consumption, and Trade of Crude Oil and Petroleum Products, 2003–07
20032004200520062007
(In millions of metric tons)
Production of crude oil23.923.221.720.319.3
Heavy crude8.99.09.610.59.1
Light crude15.014.212.19.710.2
Net exports of crude oil11.210.69.97.77.2
Exports of crude oil14.211.310.38.17.6
Heavy crude3.74.04.04.04.2
Light crude10.57.36.34.13.4
Imports of crude oil3.00.70.40.40.4
Refineries intake12.712.511.811.612.1
Net exports of refined oil2.8-1.3-3.4-4.1-5.8
Exports of refined products4.82.01.91.41.21
Imports of refined products (including LPG)2.03.35.35.47.0
Domestic consumption of refined oil products11.713.714.715.816.7
Gasoline1.01.01.21.41.5
Kerosene0.20.20.20.20.2
Gas oil5.46.57.07.47.6
Fuel oil (Mainly Electricity Production)3.84.64.75.35.7
Asphalt0.60.60.70.60.6
LPG0.70.70.80.80.8
Other products0.20.10.10.10.1
Losses in refining and change in stocks-1.90.20.50.81.5
(In thousands of barrels per day)
Production of crude oil477.4462.0431.0400.2380.4
Heavy crude168.8170.0183.0199.9192.1
Light crude308.6292.0248.0200.3188.3
Net exports of crude oil226.0213.7197.3151.6144.5
Exports of crude oil286.0227.4205.5160.3153.2
Heavy crude70.076.776.775.685.3
Light crude216.0150.7128.884.767.9
Imports of crude oil60.013.78.28.78.6
Net exports of refined products56.5-26.6-67.7-81.9-122.2
Exports of refined products96.940.539.027.724.4
Imports of refined oil products40.467.1106.7109.6146.7
(Change in percent)
Memorandum item:
Annual oil production-3.8-3.2-6.7-7.1-5.0
Exports of oil and petroleum products-9.2-29.9-8.0-22.6-6.7
Imports of oil and petroleum products20.1-19.542.32.827.1
Domestic consumption0.116.57.28.05.8
Sources: Ministry of Oil; Oil Marketing Office; and Fund staff estimates.
Sources: Ministry of Oil; Oil Marketing Office; and Fund staff estimates.
Table 4.Syrian Arab Republic: Prices of Selected Oil Products, 2003–07
20032004200520062007
(In U.S. dollars per barrel)
The price of representative basket of crude oil 1/28.8937.7653.464.371.1
Change in percent15.830.741.320.510.6
Syria's crude oil price
Heavy24.228.641.352.361.5
Light27.935.852.863.370.5
Weighted average26.933.448.357.965.3
(In Syrian pounds per metric ton)
Domestic retail prices of petroleum products
High octane gasoline32,91032,91032,91040,53040,530
Regular gasoline32,42432,42432,42439,93139,931
Average gasoline32,66732,66732,66740,23140,231
Kerosene19,26928,14828,14828,14828,148
Gas oil8,7028,7028,7028,7028,702
Fuel oil (type 3)1,4046,3906,3906,3906,390
Asphalt1,1911,1912,3812,381
LPG27,77027,77027,77027,770
Other products59,45159,45159,45159,451
International prices of selected petroleum products valued at the official budget rate
High octane gasoline13,33519,58429,04434,99238,708
Regular gasoline13,33519,58429,04434,99238,708
Kerosene12,20618,54827,50833,14136,660
Gas oil11,74717,85126,00028,78631,843
Fuel oil (type 3)6,8357,31411,15012,46213,785
Asphaltn.a.n.a.13,80014,82116,395
LPGn.a.n.a.23,95027,54330,468
Other productsn.a.n.a.38,70055,79461,719
Ratio of domestic prices to international prices (in percent)
Regular gasoline243166112114103
Kerosene1581521028577
Gas oil7449333027
Fuel oil (type 3)2187575146
Net petroleum price subsidies (in billions of SP)1867140175216
Tax on gasoline1914472
Subsidies on subsidized products3781144182218
Sources: Ministry of Petroleum and Mineral Resources; Oil Market Intelligence; and Fund staff estimates.

Simple average of UK Brent, Dubai, and West Texas Intermediate spot prices reflecting world exports of light, medium, and heavy crude oil.

Sources: Ministry of Petroleum and Mineral Resources; Oil Market Intelligence; and Fund staff estimates.

Simple average of UK Brent, Dubai, and West Texas Intermediate spot prices reflecting world exports of light, medium, and heavy crude oil.

Table 5.Syrian Arab Republic: Production, Cultivated Area, and Yield of Major Crops, 2003–07(Production in thousand tons; area in thousand hectares; and yield in tons per hectare)
20032004200520062007
Cereals
Wheat
Production4,912.94,931.54,668.74,537.44,041.0
Area1,796.01,786.61,903.81,831.1
Yield2.72.72.42.4
Barley
Production1,079.11,202.0767.4527.1784.0
Area1,253.61,310.11,327.11,290.5
Yield0.90.90.50.4
Millet (white corn)
Production4.34.53.93.2
Area5.14.14.23.9
Yield0.81.00.90.8
Maize (yellow corn)
Production226.7158.9187.2210.1177.0
Area62.045.351.056.5
Yield3.73.53.63.7
Industrial crops
Cotton (unginned)
Production811685.71,022.01,029.0711.0
Area205.4215.6237.6234.2
Yield3.93.24.34.4
Sugar beets
Production1205.21,437.91,096.21,217.61,366
Area28.232.625.927.5
Yield42.744.142.144.1
Tobacco
Production24.824.928.823.4
Area16.315.816.321.0
Yield1.51.51.71.1
Fruits
Olives
Production552.31,190.7612.21,027.2495.0
Area517564.9544.7531.4
Yield1.12.11.11.9
Grapes
Production307.3336.7306.3242.7
Area5255.754.051.3
Yield5.96.05.64.7
Dry Legumes
Lentils
Production168.4180.7153.6125.3109.0
Area138.8150.0142.8137.4
Yield1.21.21.00.9
Sources: Central Bureau of Statistics; and Ministry of Agriculture.
Sources: Central Bureau of Statistics; and Ministry of Agriculture.
Table 6.Syrian Arab Republic: Construction Activity, 2003–06 1/(In thousands of square meters)
2003200420052006
Nonresidential1,4752,2102,7863,159
Commercial557677954888
Industrial4187851,0881,364
Other500748744907
Residential5,1519,23613,58412,687
Total6,62611,44616,37015,846
Source: Central Bureau of Statistics.

Licensed buildings only.

Source: Central Bureau of Statistics.

Licensed buildings only.

Table 7.Syrian Arab Republic: Labor Market Developments, 2003–06(In thousands, unless otherwise indicated)
2003200420052006
Population17,55017,98018,35618,941
Working age population (15+)10,36610,97811,32911,691
Male5,2555,5255,9106,225
Female5,1115,4535,4195,466
Labor force5,0734,9085,1025,342
Male4,0513,9194,2524,540
Female1,022989850802
Employment4,5344,3024,6944,899
Male3,7613,5084,0144,286
Female773794680613
Employers390370399458
Self employed1,2221,1601,2111,270
Wage earners2,2072,0942,6572,682
Of which: Public employment1,2461,2921,2641,351
Of which: Civil servants9879349861,010
Other (mainly unpaid family members)715678427489
Unemployment539606408443
Male290411255254
Female249195170189
Participation rate (in percent) 1/48.944.745.045.7
Male77.170.971.972.9
Female20.018.115.714.7
Employment rate (in percent) 2/43.739.241.441.9
Male71.663.567.968.9
Female15.114.612.511.2
Unemployment rate (in percent) 3/10.612.38.08.3
Male7.210.56.05.6
Female24.419.720.023.6
Source: Central Bureau of Statistics.

Participation in the labor force, in percent of working age population.

In percent of working age population.

In percent of labor force.

Source: Central Bureau of Statistics.

Participation in the labor force, in percent of working age population.

In percent of working age population.

In percent of labor force.

Table 8.Syrian Arab Republic: Investment Approvals, 2003–06
2003200420052006
(Value of projects approved in billions of SP)
1.Investment approval under Law No. 10
Agricultural sector471316
Industrial sector37164253409
Transport sector393222
Real estate and other sectors016622
Total43180364470
(Number of projects approved)
Agricultural sector19212666
Industrial sector95227236351
Transport sector140241281280
Real estate and other sectors2386
Total256492551703
2.Investment approvals in tourism (in billions of SP)436101
Sources: Investment Office; and Ministry of Tourism.

With the exception of investment in the tourism sector, investment approvals in all other sectors were under Law No. 10.

Sources: Investment Office; and Ministry of Tourism.

With the exception of investment in the tourism sector, investment approvals in all other sectors were under Law No. 10.

Table 9.Syrian Arab Republic: Consumer Price Index, 2003–08 (2000 =100)
WeightsIndices
2000 CPI 1/2005 CPI 2/200320042005200620072008 3/
(Annual average)
Foods and non-alcoholic beverages65.041.9108.1114.4123.6125.7137.3160.7
Alcoholic beverages and tobacco2.22.1114.9115.5117.9122.3120.9126.2
Clothing and shoes7.48.5103.1104.4109.5110.3111.4119.8
Rent, electricy and gas, and other energy products7.522.1119.7121.9122.3127.1130.5136.7
Household goods, furniture, appliances, and maintenance services4.76.1100.7106.5113.5113.9113.0120.3
Health4.66.2121.3126.7136.3148.0147.7153.6
Transportation2.73.2122.7125.4128.8130.4130.9153.1
Telecommunications0.92.7122.7125.4128.8129.9128.3118.3
Entertainment and culture1.11.7102.6101.1100.6102.499.499.8
Education0.41.0130.4141.1159.1149.9153.3157.9
Hotels and restaurants2.41.8149.8151.2184.1187.1191.4263.7
Other goods and services1.22.7104.2108.2121.3118.4119.3128.2
Sources: Central Bureau of Statistics; and Fund staff calculations.

Average weight calculated from the quarterly weights as derived from the 1996/97 household budget survey.

Weights derived from the 2004/05 household budget survey.

Data for 2008 are for end-June.

Sources: Central Bureau of Statistics; and Fund staff calculations.

Average weight calculated from the quarterly weights as derived from the 1996/97 household budget survey.

Weights derived from the 2004/05 household budget survey.

Data for 2008 are for end-June.

Table 10.Syrian Arab Republic: Monthly Consumer Price Index, 2003–08 (2000 =100)
200320042005200620072008
January104.1109.3118.0134.8142.5151.1
February107.8112.1120.9135.2142.9154.9
March107.0111.8120.2135.9142.2157.5
April109.2116.9123.0135.0139.9159.3
May111.6114.7118.9133.6136.4162.3
June113.4113.6120.2133.1135.4162.2
July108.6113.4119.5132.1137.0161.4
August107.3112.8120.2132.7139.6163.7
September108.2111.7122.8134.9141.3
October110.7116.0127.5134.6142.6
November114.3118.5128.9136.2144.2
December113.1123.3129.8139.3145.9
Sources: Central Bureau of Statistics; and Fund staff calculations.
Sources: Central Bureau of Statistics; and Fund staff calculations.
Table 11.Syrian Arab Republic: Details of Budgetary Revenue, 2003–07(In millions of Syrian pounds)
Prel.
20032004200520062007
Total revenue320,839342,466356,344434,875449,695
Oil-related proceeds164,672141,151106,153124,701100,213
Profit tax on SPC84,56962,39648,00050,00066,000
Surplus from SPC48,75953,32625,23930,38026,855
Royalties 1/31,34425,42932,91444,3217,358
Surcharges 2/3/00000
Non-oil tax revenues117,620145,405160,310198,598217,938
Taxes on income and profits38,72659,07359,29065,02270,845
Rental income1,5551,6641,5161,4711,675
Business tax27,33552,25052,56956,31860,235
Wages and salaries9,3604,7654,7576,6687,895
Interest and dividends4763944485651,040
Taxes on property and wealth1,6662,2533,2372,7513,254
Unimproved land3143534659
Inheritance and gifts561627960362335
Property transfers1,0661,3641,9272,1372,660
Livestock8219297206200
Taxes on domestic goods and services14,41017,70126,73039,54743,266
Consumption tax (including construction material)10,37614,06522,23634,95439,083
Consumption tax (excluding construction material)4,2166,29822,18234,95439,083
Tax on construction material6,1607,7675400
Agricultural products (including cotton)213257000
Excises3,8213,3794,4944,5934,183
International trade28,78731,32730,66432,87729,556
Imports28,78731,32330,66428,58025,044
Customs duties26,12728,79026,7582,9032,961
Statistical fees1,8921,8482,7231,3941,551
Foreign trade tax7686851,18300
Exports04000
Non-petroleum surcharges3,3902,0386686,5669,145
Natural gas00000
Tobacco3,3902,0386146,5668,951
Construction materials00540194
Other tax revenues30,64133,01339,72151,83561,872
Car fees4,7075,5507,95413,22915,677
TV fees433317111
Stamp fees11,37813,10814,55216,22617,244
Other tax revenues3/14,51314,32217,19822,36928,950
Nontax revenues38,54755,91089,881111,576131,544
Public enterprise surpluses33,17948,03375,883103,128124,564
Agricultural9310386167181
Extractive industries (non-oil)2403901,1692,44815,616
Manufacturing industries10,0457,0107,97421,01612,819
Utilities6,03510,7567,83213,27817,729
Construction447386348806714
Trade3,7301,9802,8263,2643,011
Transportation and communication9,64914,24822,21032,01939,039
Finance2,16611,95532,56828,88232,855
CBoS and CB9,85328,09626,00029,577
Other2,1024,4722,8823,278
Social and personal services4976381776561,919
Hotels277567693592681
Other nontax revenue5,3687,87713,9988,4486,980
Sources: Ministry of Finance; and Fund staff estimates and projections.

Represents about 13 percent of the value of petroleum receipts (15 percent for heavy oil, 12.5 percent for light oil) valued at the official budget rate.

Consists of profits generated by the Syrian Petroleum Distribution and Storage Company (SPDSC), transferred to the budget. These stem from the difference between the price paid by the SPDSC to the refineries and the price it receives from the retail outlets (e.g., petrol stations).

Includes collection of tax arrears from all taxes, fees on transit, public services, fees on Syrian workers working abroad (in dollars), national security fees, and fees on irrigation.

Sources: Ministry of Finance; and Fund staff estimates and projections.

Represents about 13 percent of the value of petroleum receipts (15 percent for heavy oil, 12.5 percent for light oil) valued at the official budget rate.

Consists of profits generated by the Syrian Petroleum Distribution and Storage Company (SPDSC), transferred to the budget. These stem from the difference between the price paid by the SPDSC to the refineries and the price it receives from the retail outlets (e.g., petrol stations).

Includes collection of tax arrears from all taxes, fees on transit, public services, fees on Syrian workers working abroad (in dollars), national security fees, and fees on irrigation.

Table 12.Syrian Arab Republic: Details of Budgetary Revenue, 2003–07(In percent of GDP)
Prel.
20032004200520062007
Total revenue30.127.123.925.422.2
Oil-related proceeds15.411.27.17.34.9
Profit tax on SPC7.94.93.22.93.3
Surplus from SPC4.64.21.71.81.3
Royalties 1/2.92.02.22.60.4
Surcharges 2/0.00.00.00.00.0
Non-oil tax revenues11.011.510.811.610.8
Taxes on income and profits3.64.74.03.83.5
Rental income0.10.10.10.10.1
Business tax2.64.13.53.33.0
Wages and salaries0.90.40.30.40.4
Interest and dividends0.00.00.00.00.1
Taxes on property and wealth0.20.20.20.20.2
Unimproved land0.00.00.00.00.0
Inheritance and gifts0.10.00.10.00.0
Property transfers0.10.10.10.10.1
Livestock0.00.00.00.00.0
Taxes on domestic goods and services1.41.41.82.32.1
Consumption tax (including construction material)1.01.11.52.01.9
Consumption tax (excluding on construction material)0.40.51.52.01.9
Tax on construction material0.60.60.00.00.0
Agricultural products (including cotton)0.00.00.00.00.0
Excises0.40.30.30.30.2
International trade2.72.52.11.91.5
Imports2.72.52.11.71.2
Customs duties2.42.31.80.20.1
Statistical fees0.20.10.20.10.1
Foreign trade tax0.10.10.10.00.0
Exports0.00.00.00.00.0
Non-petroleum surcharges0.30.20.00.40.5
Natural gas0.00.00.00.00.0
Tobacco0.30.20.00.40.4
Construction materials0.00.00.00.00.0
Other tax revenues2.92.62.73.03.1
Car fees0.40.40.50.80.8
TV fees0.00.00.00.00.0
Stamp fees1.11.01.00.90.9
Other tax revenues 3/1.41.11.21.31.4
Nontax revenues3.64.46.06.56.5
Public enterprise surpluses3.13.85.16.06.2
Agricultural0.00.00.00.00.0
Extractive industries (non-oil)0.00.00.10.10.8
Manufacturing industries0.90.60.51.20.6
Utilities0.60.90.50.80.9
Construction0.00.00.00.00.0
Trade0.30.20.20.20.1
Transportation and communication0.91.11.51.91.9
Finance0.20.92.21.71.6
CBoS and CB0.81.91.51.5
Other0.20.30.20.2
Social and personal services0.00.10.00.00.1
Hotels0.00.00.00.00.0
Other nontax revenue0.50.60.90.50.3
Sources: Ministry of Finance; and Fund staff estimates and projections.

Represents about 13 percent of the value of petroleum receipts (15 percent for heavy oil, 12.5 percent for light oil) valued at the official budget rate.

Consists of profits generated by the Syrian Petroleum Distribution and Storage Company (SPDSC), transferred to the budget. These stem from the difference between the price paid by the SPDSC to the refineries and the price it receives from the retail outlets (e.g., petrol stations).

Includes collection of tax arrears from all taxes, fees on transit, public services, fees on Syrian workers working abroad, (in dollars), national security fees, and fees on irrigation.

Sources: Ministry of Finance; and Fund staff estimates and projections.

Represents about 13 percent of the value of petroleum receipts (15 percent for heavy oil, 12.5 percent for light oil) valued at the official budget rate.

Consists of profits generated by the Syrian Petroleum Distribution and Storage Company (SPDSC), transferred to the budget. These stem from the difference between the price paid by the SPDSC to the refineries and the price it receives from the retail outlets (e.g., petrol stations).

Includes collection of tax arrears from all taxes, fees on transit, public services, fees on Syrian workers working abroad, (in dollars), national security fees, and fees on irrigation.

Table 13.Syrian Arab Republic: Details of Budgetary Expenditure, 2003–07(In millions of Syrian pounds)
Prel.
20032004200520062007
Total expenditure350,609396,904424,456455,237520,525
Current expenditure197,738240,257270,098278,750325,691
Wages and salaries118,171144,122157,039163,966169,575
Defense 1/58,97674,66278,74069,40570,277
Civilian wages59,19569,46078,29994,56199,298
Goods and services19,03519,34721,53522,54624,321
Subsidies4,5804,8178,68231,48045,575
Interest payments on debt7,50511,00017,40017,90018,067
Domestic 2/3,2405,0009,0009,5009,502
External4,2656,0008,4008,4008,565
Transfers48,44760,97165,44242,85868,153
Payments for pensions10,54113,4208,92017,50519,500
Payments for social insurance7001,0007,3301,5001,750
Transfers to public enterprises12,20621,55124,26216,78940,339
Transfers to PSF25,00025,00024,9307,0646,564
Development expenditure152,871156,647154,358176,487194,834
Social sector54,93153,66360,32364,65968,781
Agriculture16,89117,94415,53317,86322,485
Extractive industries3,9298,4878,12211,61216,694
Manufacturing industries9,3407,7818,3949,3718,815
Utilities27,52436,38834,60539,92519,267
Construction470386409877714
Trade1,8032,4341,7873,8892,646
Transportation and communication19,25826,02721,25724,82931,173
Finance1,5271,9442,4283,2874,359
Other (transfers)17,1981,5931,50017519,900
Nominal GDP1,067,2651,263,1391,490,7961,708,7482,024,966
Sources: Ministry of Finance; and Fund staff estimates and projections.

Including administrative expenses.

Including interest payments on investment certificates and on post office savings fund deposits.

Sources: Ministry of Finance; and Fund staff estimates and projections.

Including administrative expenses.

Including interest payments on investment certificates and on post office savings fund deposits.

Table 14.Syrian Arab Republic: Details of Budgetary Expenditure, 2003–07(In percent of GDP)
Prel.
20032004200520062007
Total expenditure32.931.428.526.625.7
Current expenditure18.519.018.116.316.1
Wages and salaries11.111.410.59.68.4
Defense 1/5.55.95.34.13.5
Civilian wages5.55.55.35.54.9
Goods and services1.81.51.41.31.2
Subsidies0.40.40.61.82.3
Interest payments on debt0.70.91.21.00.9
Domestic 2/0.30.40.60.60.5
External0.40.50.60.50.4
Transfers4.54.84.42.53.4
Payments for pensions1.01.10.61.01.0
Payments for social insurance0.10.10.50.10.1
Transfers to public enterprises1.11.71.61.02.0
Transfers to PSF2.32.01.70.40.3
Development expenditure14.312.410.410.39.6
Social sector5.14.24.03.83.4
Agriculture1.61.41.01.01.1
Extractive industries0.40.70.50.70.8
Manufacturing industries0.90.60.60.50.4
Utilities2.62.92.32.31.0
Construction0.00.00.00.10.0
Trade0.20.20.10.20.1
Transportation and communication1.82.11.41.51.5
Finance0.10.20.20.20.2
Other (transfers)1.60.10.10.01.0
Sources: Ministry of Finance; and Fund staff estimates and projections.

Including administrative expenses.

Including interest payments on investment certificates and on post office savings fund deposits.

Sources: Ministry of Finance; and Fund staff estimates and projections.

Including administrative expenses.

Including interest payments on investment certificates and on post office savings fund deposits.

Table 15.Syrian Arab Republic: Price Stabilization Fund (PSF) Operations, 2003–07
Prel.
20032004200520062007
Revenue25,72526,45726,75725,41925,500
Own resources 1/7251,4571,757419500
Budgetary transfers25,00025,00025,00025,00025,000
Expenditure27,91227,00929,58435,55839,513
Wheat subsidy 2/22,93522,15724,22829,12030,369
Other 3/4,9774,8525,3566,4389,144
Of which: Sugar4,1264,1434,3875,2737,617
Of which: Rice7015657969571,382
PSF balance-2,187-552-2,827-10,139-14,012
Sources: Ministry of Finance; and Fund staff estimates and projections.

Earmarked surcharge levied on subsidized goods.

Generalized subsidy on flour, equal to the total cost of flour less its administered price. Including the subsidy for wheat exports.

Each Syrian citizen receives a coupon to purchase a limited amount of subsidized goods at less than market prices; purchases in excess of the subsidized quantity are made at market prices.

Sources: Ministry of Finance; and Fund staff estimates and projections.

Earmarked surcharge levied on subsidized goods.

Generalized subsidy on flour, equal to the total cost of flour less its administered price. Including the subsidy for wheat exports.

Each Syrian citizen receives a coupon to purchase a limited amount of subsidized goods at less than market prices; purchases in excess of the subsidized quantity are made at market prices.

Table 16.Syrian Arab Republic: Surpluses of Public Enterprises Transferred to the Budget, 2003–07(In millions of Syrian pounds)
Prel.
20032004200520062007
Agriculture, forestry, and fisheries9310386190181
Extractive industries (excluding oil)2403901,1691,79715,616
Manufacturing industries10,0457,0107,97419,68512,819
Electricity, gas, and water6,03510,7567,83210,96017,729
Building and construction447386348669714
Trade3,7301,9802,8261,4773,011
Transportation, storage, and communications9,64914,24822,21031,87039,039
Finance, banking, insurance, and housing2,16611,95532,56829,85232,855
Of which: Central Bank and CBoS9,85328,09626,00029,577
Social and personal services497638188761,919
Hotels277567693563681
Total33,17948,03375,72497,939124,564
Source: Ministry of Finance.
Source: Ministry of Finance.
Table 17.Syrian Arab Republic: Budgetary Contribution of Selected Public Enterprises, 2003–06(In millions of Syrian pounds)
Budget
2003200420052006
TaxSurplusTotalTaxSurplusTotalTaxSurplusTotalTaxSurplusTotal
Commercial Bank of Syria3,1215,8969,017312158969,017
Syrian petroleum company84,56945,177129,74662,39653,325115,72148,00025,23973,23947,91192,327140,238
Food industry organization186374560129823952172570742264606870
Textile industry organization171,2691,286112,9432,954161,9531,9692773,5003,777
Sugar organization0188188124824942392434303307
Cement organization3037721,0753591,4641,8234461,0501,4966411,5862,227
Tobacco organization2,3161,8464,1621,9212,5294,4502,3024,0126,3141,1412,4053,546
Cotton ginning and marketing organization02,8502,850011,05111,05105,4855,4852,1854,2676,452
Homs refinery0-19,115-19,11503,0893,0890774774145477622
Banyas refinery0-9,048-9,0480375375040440467565632
Electricity organization000000000000
Syrian petroleum distribution Storage company1,7801,4203,2001,4851,5373,02203473470308308
Consumer organization07777379821808179299
Company for retail trade000000000000
Organization for feed7010817883134217127378505107274381
UMRAN (metals and building materials)4102967062755858605614820404646
Foreign trade organization (machinery and equipment)149144293000000000
Telecommunications organization10,87011,44922,3199,22920,07929,30810,40023,07233,47212,56427,54340,107
Post office05151039390424203737
Syrian airlines01,2901,29001,6751,67501,8681,86811,8711,872
Latakia port company1953385333887061,0945559681,523134317451
Tartous port company2613185795691,1621,7315861,0611,6474721,0241,496
Organization for producing electricity00007,4437,44306,4906,49007,2947,294
Organization for electricity distribution01,5291,5299001,9582,85801,9141,91402,0542,054
Total 1/101,12669,496170,62277,749111,244188,99365,78680,812146,59869,041151,750220,791
Total excluding the Syrian Petroleum company16,55724,31940,87615,35357,91973,27217,78655,57373,35921,13059,42380,553
Source: Ministry of Finance.

Losses are entered as a zero in the calculation of total budgetary contributions of enterprises.

Source: Ministry of Finance.

Losses are entered as a zero in the calculation of total budgetary contributions of enterprises.

Table 18.Syrian Arab Republic: Government Debt by Type of Debt Holder, 2003–07
Prel.
20032004200520062007
(In millions of Syrian pounds)
Total debt947,4331,043,837535,939638,917585,142
Domestic Debt83,547118,867187,333293,222291,201
Monetary authorities-86,219-15,15539,39648,89523,636
Banks (net)141,38895,230101,136205,472227,802
Other holders28,37838,79246,80138,85539,762
Foreign debt 1/2/863,886924,970348,606345,694293,941
(In percent of GDP)
Total debt84.782.635.935.928.9
Domestic Debt7.59.412.516.514.4
Monetary authorities-7.7-1.22.62.71.2
Banks (net)12.67.56.811.511.2
Other holders2.53.13.12.22.0
Foreign debt 1/2/77.373.223.319.414.5
Sources: Ministry of Finance; Central Bank of Syria; and Fund staff estimates.

Valued at a weighted average exchange rate.

The sharp drop in the debt stock in 2005 reflects the rescheduling of the Russian debt in that year.

Sources: Ministry of Finance; Central Bank of Syria; and Fund staff estimates.

Valued at a weighted average exchange rate.

The sharp drop in the debt stock in 2005 reflects the rescheduling of the Russian debt in that year.

Table 19.Syrian Arab Republic: Domestic Public Debt, 2003–07(In billions of Syrian pounds)
20032004200520062007
Held by the banking system55.280.1140.5150.8168.9
Central bank-86.2-15.239.455.086.2
Claims305.7309.9312.7314.4318.1
Deposits391.9325.0273.3259.4231.8
Commercial banks141.495.3101.195.882.6
Claims154.5113.0121.1109.3105.7
CBoS27.728.234.136.041.3
Agricultural bank0.30.30.30.30.3
Industrial bank0.81.51.81.82.6
Real estate3.64.25.15.66.0
Popular credit bank40.88.79.45.56.9
Certificates of investment35.90.04.00.10.0
Other claims4.98.75.45.46.9
Savings bank81.370.170.360.048.7
Deposits13.117.720.013.523.1
CBoS1.52.21.75.111.4
Agricultural bank7.811.113.52.95.1
Industrial bank
Real estate1.00.80.71.01.3
Popular credit2.83.64.14.55.3
Savings bank
Investment certificates held by nonbanks28.438.742.838.839.8
Total domestic public debt83.5118.9183.3189.6208.6
Memorandum items
Total investment certificates64.338.846.838.939.8
Domestic financing of budget deficit0.635.364.46.319.0
Bank financing4.325.060.410.318.1
Central bank-16.671.154.615.631.2
Commercial banks20.9-46.15.8-5.3-13.2
Nonbank financing-3.710.44.0-4.01.0
Source: Central Bank of Syria.
Source: Central Bank of Syria.
Table 20.Syrian Arab Republic: Central Bank Balance Sheet, 2003–07
Prel.
20032004200520062007
(In billion of Syrian pounds)
Net foreign assets124.1135.8154.5169.4221.0
(in millions of U.S. dollars)4,9265,3916,1306,7218,770
Net domestic assets253.5336.9354.8389.2434.6
Net domestic credit88.7129.4182.8204.5245.9
Net credit to government-86.2-15.239.448.984.5
Claims on government305.7309.9312.7315.3319.0
Government deposits391.9325.0273.3266.4287.5
Credit to public enterprises0.10.10.10.10.1
Credit to banks174.8144.5143.3155.5161.3
Other items (net)164.8207.5172.0184.7188.8
Of which: valuation adjustment92.5111.1209.3259.6334.3
Other72.396.4-37.3-74.9-145.5
Reserve money377.7472.8509.3558.6655.7
Currency issued294.4344.3407.4411.4441.4
Currency outside banks285.0332.8384.7399.0422.3
Currency with banks9.411.522.712.419.1
Deposits of public enterprises13.122.515.519.712.7
Deposits of banks69.9105.785.9127.0201.2
Other non-government, nonbank deposits0.40.40.50.50.3
(In percent of initial stock of reserve money)
Net foreign assets5.33.13.92.99.2
Net domestic assets4.922.13.86.88.1
Net domestic credit2.810.811.34.37.4
Net credit to government-4.818.811.51.96.4
Credit to public enterprises0.00.00.00.00.0
Credit to banks7.6-8.0-0.22.41.0
Other items (net)2.111.3-7.52.50.7
Of which: valuation adjustment0.44.920.89.913.4
Other1.76.4-28.3-7.4-12.6
Reserve money10.225.27.79.717.4
Source: Central Bank of Syria.
Source: Central Bank of Syria.
Table 21.Syrian Arab Republic: Consolidated Balance Sheet for Banking System 2004–08(In billions of Syrian pounds)
Private BanksPublic BanksAll banks
20052006200720042005200620072004200520062007
Assets89.2178.0290.51224.01244.41227.61298.61250.21333.61405.71589.1
Reserves at the central bank 1/15.637.873.8103.280.697.1145.0108.596.2135.0218.8
Foreign assets44.278.6106.8606.7590.2514.0423.8619.5634.5592.6530.6
Credit to the government0.00.00.0112.9121.1109.3105.7112.9121.1109.3105.7
Credit to public entreprises0.00.00.0182.3199.2236.8327.9182.3199.2236.8327.9
Credit to the private sector 2/16.834.868.1143.3198.7219.3237.4147.7215.5254.1305.5
Other assets12.626.841.875.654.551.158.879.367.177.9100.7
Liabilities89.2178.0290.51224.01244.41227.61298.61250.21333.61405.71589.1
Total deposits66.5143.9223.9651.2663.7655.0694.0671.2730.2798.8917.8
Of which: Public enterprises4.80.00.1205.0234.4205.1206.8205.0234.4205.1206.9
Demand deposits14.226.752.2242.3273.5241.4251.0246.3287.7268.1303.2
Time and savings deposits16.939.470.6316.2300.7323.4338.3322.7317.6362.8408.9
Time deposits10.732.158.512.538.193.0116.816.348.9125.1175.3
Savings deposits6.27.312.0303.7262.6230.4221.5306.4268.8237.7233.6
Government deposits0.00.00.038.929.413.523.138.929.413.523.1
Foreign exchange deposits35.477.7101.153.860.076.781.563.495.4154.4182.7
Prepayments and blocked accounts7.910.415.198.793.8110.6150.799.2101.7120.9165.8
Foreign liabilities2.51.87.44.719.27.46.15.321.79.213.5
Central bank refinancing0.00.00.0145.9148.8156.8162.8145.9148.8156.8162.8
Other liabilities12.422.044.1323.5318.9297.9285.1328.7331.3319.8329.2
Of which: Capital 3/8.912.625.746.858.9178.7179.151.367.8191.3204.8
Of which: Valuation adjustment 3/0.30.00.0167.8167.87.48.3167.8168.07.48.3
Source: Central Bank of Syria.

Including cash in vaults.

Including credit to cooperatives and the mixed sector.

The large increase in capital account in 2006 and the correspondent decline in valuation adjustment is due to CBoS reclassification of valuation adjustment as reserves in the capital account.

Source: Central Bank of Syria.

Including cash in vaults.

Including credit to cooperatives and the mixed sector.

The large increase in capital account in 2006 and the correspondent decline in valuation adjustment is due to CBoS reclassification of valuation adjustment as reserves in the capital account.

Table 22.Syrian Arab Republic: Sectoral Distribution of Credit, 2003–08
2003200420052006200730 June 2008
PrivatePublicPrivatePublicPrivatePublicPrivatePublicPrivatePublicPrivatePublic
By economic activity
Agriculture-82,694-85,3968280,3423982,0009298,23356593,805
Mining, manufacturing, and utilities-22,467-26,0522,03727,9008,82930,94711,07122,59618,32422,418
Building and construction-35,137-47,3846364,17486170,1142,89988,3882,99299,470
Wholesale and retail trade-122,004-131,4609,665156,58114,199188,64630,169269,45238,686362,270
Other activities-24,6694,40735,4015,20675,67211,48784,40023,89686,58933,36773,295
Total-286,9714,407325,69317,053404,66935,415456,10768,127565,25893,935651,258
By type of credit
Discounts-19,25659229,2044,85153,6257,1532,69714,9161,92620,5971,758
Guaranteed Loans and Advances-142,130468169,1835,429205,4797,186232,53315,553246,32335,426329,677
Personally Secured Credits and Overdrafts-52,301986119,3801,887131,9548,701139,82215,734278,25928,321281,462
Islamic transactions----------8,720-
Other credits-73,2842,3617,9264,88613,61012,37565,76421,92338,75187038,361
Total-286,9714,407325,69317,053404,66835,415440,81668,126565,25993,935651,258
By sector ownership
Non-financial public sector-177,567-182,331-199,195-236,771-327,862-403,369
Mixed sector-122-118-108-59-16--
Cooperative sector-11,881-12,629-12,411-14,410-12,317--
Private sector-97,4014,407130,61417,053192,95535,415204,86768,127225,06393,935247,889
Total-286,9714,407325,69217,053404,66935,415456,10768,127565,25893,935651,258
Source: Central Bank of Syria.
Source: Central Bank of Syria.
Table 23.Syrian Arab Republic: Interest Rate Structure for Public Banks, 2004–08
Public sector operationsPrivate sector operations
2004 1/2/20052006 6/2004 1/2/3/20052006 6/2008 7/
(Lending rates and fees)(Lending rates and fees)
Commercial Bank of Syria
Discounts6.57.07.07.58.08.08.0
Lending rates4.0–6.54.5–74.5–7.06.0–8.56–9.56–9.56.0–9.5
Commitment fee0.5–1.00.5–1.1
Monitoring Fee0.5–1.50.5–1.50.5–1.50.5–1.50.5–1.5
Industrial Bank
Discounts6.57.07.07.58.08.08.0
Lending rates6.5–7.57.0–7.57.0–7.57.5–8.58.5–10.08.5–9.08.5–9.0
Commitment fee 4/0.5–1.0
Processing fee
Popular Credit Bank
Discounts8.58.08.08.0
Lending rates6.0–7.56.5–10.06.5–10.06.5–10.0
Commitment fee0.5–1.0
Processing fee
Monitoring fee0.5–1.50.5–1.50.5–1.50.5–1.50.5–1.5
Agricultural Cooperative Bank
Lending rates4.0–6.04.5–6.54.5–6.55.56.0–8.06.0–8.06.0–8.0
Commitment fee 5/0.5–1.00.5–1.00.5–1.00.5–1.0
Processing fee
Real Estate Bank
Lending rates6.5–9.57.0–7.57–7.57.0–9.57.5–107.5–107.5–10.0
Commitment fee0.5–1.0
Monitoring Fee0.5–1.50.5–1.50.5–1.50.5–1.50.5–1.5
Savings Bank
Lending rates7.0–7.57.0–7.58.0–8.58.5–9.58.5–9.58.5–9.5
Commitment fee0.5–1.0
Monitoring Fee0.5–1.50.5–1.50.5–1.50.5–1.50.5–1.5
(Bank deposit rates) 1/(Bank deposit rates) 1/
Current accounts and demand deposits1.00.50.52.01.01.01 ± 1%
Savings accounts5.0….
Less than one million5.05.06 ± 2%
Greater than one million3.03.0
Deposits held for less than one year5.57.5–8.57.5–8.57.0–9.0 ± 2%
Deposits held for no less than 12 months6.09.09.0
Investment certificates6.57.57.57.0
Childrens' savings deposits6.07.57.5
Source: Central Bank of Syria.

Applies to public banks only. For private banks, lending rates are indicative.

Lending and discount rates are maximum rates, and may be reduced by up to 1 percentage point.

Deposit rates are minimum rates and may be increased by up to 1 percentage point.

Medium- and long-term loans only.

Long-term loans only.

Starting August 2006, the lending rates became indicative for public banks.

As of End-May.

Source: Central Bank of Syria.

Applies to public banks only. For private banks, lending rates are indicative.

Lending and discount rates are maximum rates, and may be reduced by up to 1 percentage point.

Deposit rates are minimum rates and may be increased by up to 1 percentage point.

Medium- and long-term loans only.

Long-term loans only.

Starting August 2006, the lending rates became indicative for public banks.

As of End-May.

Table 24.Syrian Arab Republic: Composition of Exports, 2003–07 1/
20032004200520062007
(In millions of Syrian pounds)
Total exports, f.o.b.265,039346,166424,300505,012579,034
Crude oil165,518135,792178,730169,576219,541
Non-oil67,068179,177210,183215,889205,001
Textiles17,20414,61217,96478,37183,562
Fruits and vegetables8,8298,9849,24932,64255,554
Raw cotton6,4207,6018,1748,53415,376
Live animals and meat10,3019,87510,43812,41120,839
Phosphate1,4121,4782,7612,9952,171
Raw hide and leather7658158973,2484,084
Lentils1,2591,2981,5734536,568
Tobacco108126167174124
Wheat0136348101,060
Others53,223165,449193,999196,598170,155
(In percent of total)
Total exports, f.o.b.100.0100.0100.0100.0100.0
Crude oil62.539.242.133.637.9
Non-oil25.351.849.542.735.4
Textiles6.54.24.215.514.4
Fruits and vegetables3.32.62.26.59.6
Raw cotton2.42.21.91.72.7
Live animals and meat3.92.92.52.53.6
Phosphate0.50.40.70.60.4
Raw hide and leather0.30.20.20.60.7
Lentils0.50.40.40.11.1
Tobacco0.00.00.00.00.0
Wheat0.00.00.10.00.2
Others20.147.845.738.929.4
Sources: Central Bureau of Statistics; and Central Bank of Syria.

Excluding “personal” exports which are included in the balance of payments.

Sources: Central Bureau of Statistics; and Central Bank of Syria.

Excluding “personal” exports which are included in the balance of payments.

Table 25.Syrian Arab Republic: Composition of Imports, 2003–07 1/
20032004200520062007
(In millions of Syrian pounds)
Total imports, f.o.b236,768389,006502,368531,324684,557
Machinery and equipment40,85553,30361,27663,31266,794
Metal and related products35,02953,52963,67865,289100,303
Foodstuff31,73135,57044,94245,12448,360
Chemicals and related products20,45128,52632,25231,14738,575
Textiles and textile articles19,39022,43323,61421,78519,868
Transport equipments21,73830,28838,31448,74450,590
Resins, artificial rubber and related pro19,64125,93332,20634,44646,687
Petroleum products8,60956,205123,650144,151225,764
Paper and related products7,3648,66210,33311,199
Raw and refined sugar5,9108,1918,90911,01516,658
Wood and related products6,6197,7708,9647,742
Fruits and vegetables2,7223,3403,5795,0506,857
Live animals, meat and canned meat1,8742,2462,0223,285
Other14,83553,01048,62939,03564,100
(In percent of total)
Total imports, f.o.b.100.0100.0100.0100.0100.0
Machinery and equipment17.313.712.211.99.8
Metal and related products14.813.812.712.314.7
Foodstuff13.49.18.98.57.1
Chemicals and related products8.67.36.45.95.6
Textiles and textile articles8.25.84.74.12.9
Transport equipments9.27.87.69.27.4
Resins, artificial rubber and related pro8.36.76.46.56.8
Fuels3.614.424.627.133.0
Paper and related products3.12.22.12.1
Raw and refined sugar2.52.11.82.12.4
Wood and related products2.82.01.81.5
Fruits and vegetables1.10.90.71.01.0
Live animals, meat and canned meat0.80.60.40.6
Other6.313.69.77.39.4
Sources: Central Bureau of Statistics; and Central Bank of Syria.

Excluding “personal” exports which are included in the balance of payments.

Sources: Central Bureau of Statistics; and Central Bank of Syria.

Excluding “personal” exports which are included in the balance of payments.

Table 26.Syrian Arab Republic: Destination of Exports, 2003–07(In millions of Syrian pounds
20032004200520062007
Total exports, f.o.b.265,039346,166424,300505,012579,034
Arab Common Market and CAEU 1/22,14944,60937,031110194120,250
Other Arab countries33,17729,96531,52078,722107,504
EU countries151,267134,068189,367204,589230,871
Other European countries23,63019,10316,55926,08311,734
United States and Canada10,9738,46914,28210,84613,775
Rest of the world23,843109,952135,54174,57894,900
(In percent of total)
Arab Common Market and CAEU 1/8.412.98.721.820.8
Other Arab countries12.58.77.415.618.6
EU countries57.138.744.640.539.9
Other European countries8.95.53.95.22.0
United States and Canada4.12.43.42.12.4
Rest of the world9.031.831.914.816.4
Total exports, f.o.b.100.0100.0100.0100.0100.0
Sources: Central Bureau of Statistics; and Central Bank of Syria.

Egypt, Iraq, Jordan, Kuwait, Libya, Somalia, Sudan, United Arab Emirates, and Yemen.

Sources: Central Bureau of Statistics; and Central Bank of Syria.

Egypt, Iraq, Jordan, Kuwait, Libya, Somalia, Sudan, United Arab Emirates, and Yemen.

Table 27.Syrian Arab Republic: Origin of Imports, 2002–07
20032004200520062007
(In millions of Syrian pounds)
Total imports, c.i.f.236,768389,006502,368531,324684,557
Arab Common Market and CAEU 1/16,28628,16933,55652,02275,768
Other Arab countries15,50625,88429,22040,16059,169
EU countries44,96353,284100,916138,851202,511
Other European countries43,21866,44276,633113,969118,379
United States and Canada12,29314,89413,23814,03017,250
Rest of the world104,502200,333248,805172,292211,480
(In percent of total)
Arab Common Market and CAEU 1/6.97.26.79.811.1
Other Arab countries6.56.75.87.68.6
EU countries19.013.720.126.129.6
Other European countries18.317.115.321.517.3
United States and Canada5.23.82.62.62.5
Rest of the world44.151.549.532.430.9
Total imports, c.i.f.100.0100.0100.0100.0100.0
Sources: Central Bureau of Statistics; and Central Bank of Syria.

Egypt, Iraq, Jordan, Kuwait, Libya, Somalia, Sudan, United Arab Emirates, and Yemen.

Sources: Central Bureau of Statistics; and Central Bank of Syria.

Egypt, Iraq, Jordan, Kuwait, Libya, Somalia, Sudan, United Arab Emirates, and Yemen.

Table 28.Syrian Arab Republic: Tourism Activities, 2003–06
2003200420052006
(In thousands)
Total4,3886,1535,8296,009
Neighboring Arab countries2,6603,9753,6014,041
Other Arab countries739875852774
European countries174232242218
Asian countries724943999804
Others91128135172
Nights spent by tourists (in thoursands)7,5907,9959,1239,788
Arabs4,5645,0815,8056,689
Foreigners3,0262,9143,3183,099
Source: The Central Bureau of Statistics.
Source: The Central Bureau of Statistics.
Table 29.Syrian Arab Republic: Tourism Spending, 2003-07(In millions of Syrian pounds, unless otherwise specified)
20032004200520062007
Total spending (billions of SP)70.7111.5115.4138.9142.6
In billions of US$1.32.12.12.72.9
Spending by Syrian expatriates (billions of SP)26.844.241.943.143.1
In billions of US$0.50.80.80.80.9
Spending by other tourists (billions of SP)43.967.373.595.899.5
In billions of US$0.81.31.41.82.0
By Arab tourists (billions of SP)33.553.457.476.678.9
In billions of US$0.61.01.11.51.6
By other nationalities (billions of SP)10.413.916.119.220.6
In billions of US$0.20.30.30.40.4
Source: Central Bank of Syria.
Source: Central Bank of Syria.

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