07/09/2011 (Agence Europe) - EU sanctions have hit Syrian economy. Syrian Finance Minister Mohamed Jleilati predicted on Wednesday 7 September that the rate of growth in Syria would fall to around 1% following the wave of protest that has shaken the country, and he acknowledged that European Union sanctions would have an impact on the economy. In an interview with AFP, Jleilati admitted that trade and industry would be affected by the sanctions as most of Syria's exports were to Europe. However, he played down the impact of EU sanctions against the oil industry. The EU buys 95% of the oil exported by Syria, somewhere between a quarter and a third of the country's revenue. 70% of Syrian oil is refined in Syria. What remains is exported to friendly countries, the minister said. If Europe no longer wanted Syrian oil, then other buyers would be sought and the oil would be sold to the highest bidder, he said. (L.C./transl.rt)