ECONOMY

Petroleum and natural gas are some of Syria's most vital natural resources.Ý Some other natural resources include phosphate rock, asphalt, and salt as the main minerals found in Syria.

Syria's industrial base consists of areas such as food, textiles, sugar, engineering, chemicals, cement and building materials which are predominately state-run, the private sector has begun to play a larger role in the textile, food, leather, paper, chemicals, cement and sugar processing industries as well. With the enactment of Law #10, private businesses are provided with many incentives that has led to great improvement in the quality of existing products as well as the manufacturing of new products, which had previously been imported.

The largest export is that of both crude and refined oil. With a barrels to day ration of 300,000. In 1994, oil exports of $2.06 billion accounted for nearly 60% of Syria's total exports.1 Cotton, it being Syria's major cash crop, is also a large export, both in raw and cotton knits. As well as other exports such as fruits and vegetables.

Syria's imports have raw materials, being essential for industry and agriculture, advanced oil- field equipment, and heavy machinery for infrastructure construction.

type of SYSTEM?

The Syrian economy is in the beginning stages of a transformation period. Recent economic liberalization steps have led to a restoration of entrepreneurial activities in the private sector. With the enactment of Law #10 (passed in 1991), foreign investment has begun to increase in the country and Syrian ousted (expatriot) capital is beginning to return. This has led to increased growth of the economy. In 1992, Syria's GDP grew by almost 10%. The GDP continued to grow in 1993 and 1994, with a 5% and 5.2% increase. The economy will continue to grow at a rate of 5.8% as it has from 1997, as was predicted.

http://www.cafe-syria.com/Petroleum.htm