| Economy |
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| Economy - overview: |
Decreasing insurgent attacks and an improving security environment in many parts of the country are helping to spur economic activity. Iraq's economy is dominated by the oil sector, which has traditionally provided over 90% of foreign exchange earnings. Oil exports are around levels seen before Operation Iraqi Freedom. Total government revenues have benefited from high oil prices in recent years; however, revenues have declined significantly since the oil price drop in fall 2008. Iraq is making some progress in building the institutions needed to implement economic policy. In March 2009 Iraq will conclude a Stand-By Arrangement (SBA) with the IMF that details economic reforms. The SBA has allowed an 80% reduction of the debt owed to Paris Club creditor nations. The International Compact with Iraq was established in May 2007 to integrate Iraq into the regional and global economy, and the Iraqi government is seeking to pass laws to strengthen its economy. This legislation includes a hydrocarbon law to establish a modern legal framework to allow Iraq to develop its resources and a revenue sharing law to equitably divide oil revenues within the nation, although both are still under contentious political negotiation. Some foreign entities have expressed interest in reinvigorating Iraq's industrial sector. The government of Iraq is pursueing a strategy to gain foreign participation in joint ventures with State-owned enterprises. Provincial Councils are also using their own budgets to promote and facilitate investment at the local level. The Central Bank has been successful in controlling inflation through appreciation of the dinar against the US dollar. However, Iraq's challenge will be to use macroeconomic gains to improve the lives of ordinary Iraqis. Reducing corruption and implementing structural reforms, such as bank restructuring and developing the private sector, will be key to Iraq's economic success.
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| GDP: |
$113.9 billion (2008 est.)
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| GDP - offical exchange rate: |
$93.8 billion (2008 est.)
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| GDP - real grwoth rate: |
9.8% (2008 est.) |
| GDP - composition by sector: |
agriculture: 5%
industry: 68%
services: 27% (2006 est.) |
| Population below poverty line: |
NA% |
| Household income or consumption by percentage share: |
lowest 10%: NA%
highest 10%: NA% |
| Inflation rate (consumer prices): |
100% (2000 est.) |
| Labor force: |
4.4 million (1989) |
| Labor force - by occupation: |
agriculture: NA%
industry: NA%
services: NA% |
| Unemployment rate: |
18.2% to 30% (2008 est.)
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| Budget: |
revenues: $NA
expenditures: $NA, including capital expenditures of $NA |
| Industries: |
petroleum, chemicals, textiles, construction materials, food processing |
| Industrial production growth rate: |
NA% |
| Electricity - production: |
230 Volts, 50 cycles AC; 29.42 billion kWh (1999) |
| Electricity - production by source: |
fossil fuel: 97.96%
hydro: 2.04%
nuclear: 0%
other: 0% (1999) |
| Electricity - consumption: |
39.88 billion kWh (2008 est.)
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| Electricity - exports: |
0 kWh (1999) |
| Electricity - imports: |
0 kWh (2008)
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| Agriculture - products: |
wheat, barley, rice, vegetables, dates, cotton; cattle, sheep |
| Exports: |
$66.1 billion f.o.b. (2008 est.)
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| Exports - commodities: |
crude oil 84%, crude materials excluding fuels 8%, food and live animals 5%
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| Exports - partners: |
US 36.8%, Italy 12.6%, South Korea 9.5%, Taiwan 6.3%, Spain 5.2%, Canada 4.7%, France 4.4%, Netherlands 4.2% (2007) |
| Imports: |
$43.5 billion f.o.b. (2008 est.)
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| Imports - commodities: |
food, medicine, manufactures
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| Imports - partners: |
Syria 30.5%, Turkey 19.8%, US 11.1%, Jordan 5%, China 4.8% (2007)
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| Debt - external: |
$139 billion (2000 est.) |
| Economic aid - recipient: |
$327.5 million (1995) |
| Currency: |
Iraqi dinar (IQD) |
| Exchange rates: |
Iraqi dinars per US dollar - 0.3109 (fixed official rate since 1982); black market rate - Iraqi dinars per US dollar - 1,910 (December 1999), 1,815 (December 1998), 1,530 (December 1997), 910 (December 1996), 3,000 (December 1995); note - subject to wide fluctuations |
| Fiscal year: |
calendar year |
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