Damascus, (SANA) – The March 8th Revolution in 1963 marked a major and important turning point in Syria's history, the strength and endurance of which were inspired by the spirit of popular struggle.

The Revolution boosted Syria Syria's position as a country with political and economic power with independent political and economic decision-making.

Statistics show that Syrian economy achieved a remarkable leap since the Revolution and until today, affirming the strength of national economy and the validity of the economic steps that were taken, as Syria's GDP didn't exceed SP 35 billion before 1963, while amounting to SP 1,422 billion in 2009 despite the global financial crisis.

The general budget for 2010 amounts to SP 754 billion, marking an increase of SP 69 billion (10%) from the 2009 budget.

Trade exchange also witnessed considerable growth since the Revolution, as it amounted to few million of Syrian pounds before 1963. Currently, trade exchange amounts to billions of dollars in exports and imports, reflecting the massive leap Syria achieved in bolstering its economic and commercial bonds with the countries of the world.

This considerable development is accompanied by many indicators in Syria's economy, from the opening of private banks, insurance and money exchange companies and the Damascus Securities Exchange, which was opened in March 2009 to correspond with the issuing of legislations that allow financing and real-estate companies to operate and invest, along with companies that finance small and medium-sized projects, all of which aims at keeping up with changes in international economy.

There are currently 18 banks in the general and private sectors, 13 insurance companies, 22 money-exchange companies and two micro-financing companies, in addition to 6 governmental banks and a governmental insurance company. Bank branches across Syria amount to 425 branches and 88 offices.

Syria ranked high in the indicators of the World Travel & Tourism Council report for 2009, showing that tourism in Syria produces 11.2% of the GDP, providing 23% of foreign currency. Syria ranked fifth among a list of the 10 most important tourist destinations in a poll run by the British Wanderlust magazine, with Damascus ranking sixth among tourist cities.

Growth rates in transport and services increased by 6.8% between 2005 and 2009, with a 9.3% increase in the social services sector.

H. Sabbagh / Mazen