FINANCIAL NEWS

Syria’s GDP loses USD20b in 2012

06 Feb 2013

(MENAFN) The Institute for International Finance (IIF) stated that the uprising in Syria trimmed around USD20 billion from the country’s gross domestic product (GDP) last year, reported Emirates 24/7.

The Washington-based financial center said that GDP is estimated to have declined by 20 percent in 2012, affected by economic sanctions imposed by the Arab League, Turkey and the West, in addition to the ongoing violence that fended off investors.

The country’s fiscal gap is projected to expand to 13 percent of GDP from 11 percent in 2011.

It noted that the official exchange rate of the Syrian pound had dived by around 51 percent since the end of 2010 to nearly 70 to the US dollar, whereas the black market rate hovers around 90 to the US dollar, thus, inflation grew to 40 percent in August.

It is worth noting that in current prices, Syria’s GDP stood at USD57.5 billion in 2010, and fell to around USD46.7 billion in 2011, while it is estimated to have declined more, to USD29.5 billion in 2012.

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