DAMASCUS, 23 May 2007 — The economy of Syria has seen a moderate growth over the last few years as can be depicted in the real GDP growth rate which averaged 5 percent over the last fives years. In 2005, nominal GDP grew significantly by 18 percent to reach SP1,479.6 billion up from SP1,253.9 billion in 2004, Global Investment House’ report titled “Syria Economic & Strategic Outlook” yesterday said.

This was the highest growth recorded by the country over the last few years. It achieved a real GDP growth rate of 4.5 percent in 2005. The IMF has forecast a growth rate of 3.7 percent for the year 2007.

Over the last few years, mining and manufacturing accounted for the largest slice of GDP, since the discovery of several major oilfields in northeast Syria in the mid-1980s. In 2005, mining and manufacturing represented 29 percent of nominal GDP, according to the latest available data from the Central Bureau of Statistics. Agricultural sector made the second largest contribution to GDP of 21.9 percent. Wholesale and retail trade is another important sector, typically accounting for around 15-20 percent of GDP.

Other sectors percentage contribution to GDP in 2005 were as follows: transport & communication at 12.3 percent, government services at 9.7 percent, finance & insurance at 5 percent of GDP.

In 2005, mining and manufacturing, as well as finance and insurance, have seen their shares in output increase by 2 percent and about 1 percent respectively, while other sectors gained marginally or witnessed negative growth rate.