The Syrian Ministry of Industry recently reported that the contribution of the local mining sector to Syria’s GDP rose to 25.2 percent in 2000, up from 19.8 percent in 1999. The growth is attributed to the increase in oil prices in the year 2000. During the same year, Syria’s light oil output fell by 6.3 percent while heavy oil output increased by one percent, reports Al-Sharq Al-Awsat daily.
In addition, the contribution of local manufacturing industries to the country’s GDP dropped to 0.2 percent in 2000, down from 5.6 percent in 1999, while the product value of the local manufacturing industries declined from 46 billion Syrian pounds ($864 million) in 1999 to a mere SP 1.6 billion in 2000; a SP 44.4 billion crash. This decrease has been attributed to rising production costs in the country. –(MENA Report)
© 2001 Mena Report (www.menareport.com )