Syrian Arab Republic: 2006 Article IV Consultation—Staff Report; and Public Information Notice on the Executive Board Discussion

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 294

Publication date: August 2006

ISBN: 9781451836295

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Topics covered in this book

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Banks and Banking , Economics- Macroeconomics , Public Finance , Taxation - General , ISCR , CR , balance , exchange rate , price , GDP

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Summary

Non-oil GDP growth in Syria may have risen to about 5½ percent in 2005, from 5 percent in 2004, buoyed by business investment and supported by household consumption and non-oil exports. Private consumption was boosted by rapid credit growth, a boom in real estate prices triggered by capital inflows, and the large wage increase from mid-2004. Overall, net non-oil exports contributed positively to growth and to an improvement in the non-oil current account deficit, thereby helping to maintain external balance despite the sharp decline in net oil exports.