FINANCIAL NEWS

Syria’s 2012 economy to post 0-2% growth

15 Jun 2012

(MENAFN) Syria’s Finance Minister, Mohammed Al Jleilati, stated that in 2012, growth of the country’s gross domestic product (GDP) will be between 0-2 percent, reported Arabian Business.

Al Jleilati said that in spite of the sanctions imposed against the country, Syria’s economy will not fall.

He added that fiscal deficit during the period will stay within normal forecasts, meeting the government’s target of between 6 percent and 7 percent of GDP.

On the other hand, he said that before the start of the revolution, the Syrian oil industry represented 20 percent of GDP, and 95 percent of the country’s oil exports went to the EU, however, the oil sanctions trimmed USD4 billion from the industry’s revenue.

It is worth noting that before the uprising, production of Syrian refineries used to contribute nearly 70 percent of crude consumed in the country, whereas cooking gas, diesel and other derivatives were purchased.

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