Syrian economy has lost billions since start of conflict

Around 1.5 million Syrians have lost their jobs in the 22-month war A recent report from the Syrian Centre for Policy Research has revealed that the Syrian economy has lost $48.4 billion since the outbreak of the revolution, while official Syrian statements and western economic reports estimate the figure to be closer to $70 billion.According to the London-based newspaper al-Hayat, the Syrian Centre for Policy Research released a report titled, The Syrian Impasse: Economic and Social Implications.
The report estimated the losses suffered by the Syrian economy during the last 22 months at $48.4bn, equal to 81.7 percent of GDP in 2010.
The total losses are distributed to 50 percent loss in GDP, 43 percent damage in the capital stock, in addition to 7 percent which represents an increase in military spending as a result of the crisis.
Overall, the crisis led to negative growth in the gross domestic product of 3.7 percent in 2011, and 18.8 percent in 2012.
The report said that 28.3 percent of the total losses in GDP, which amounted to $6.8bn, were because of US and European sanctions.
The report also pointed out that the majority of the losses were in the oil sector and were estimated at $3.9bn, noting that the sectors of transport, manufacturing and finance bore the rest of the losses.
It pointed to foreign trade that has been affected by the sanctions, indicating that Syrian exports to Arab countries declined by 52 percent and to the European Union by 93 percent. The deficit in the trade balance has increased and the value of local currency has remarkably depreciated, in addition to the increasing difficulties in importing essential goods and basic services from many countries.
Around 1.5 million Syrians have lost their jobs because of the events, the report said, adding that the unemployment rate broke the record and reached 34.9 percent by the end of 2012. Most of those who lost their jobs during the crisis are young people, the report said.