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Iraq Economy




Iraq    Economy Top of Page
Economy - overview: Iraq's economy is dominated by the oil sector, which has traditionally provided about 95% of foreign exchange earnings. In the 1980s, financial problems caused by massive expenditures in the eight-year war with Iran and damage to oil export facilities by Iran led the government to implement austerity measures, borrow heavily, and later reschedule foreign debt payments; Iraq suffered economic losses of at least $100 billion from the war. After the end of hostilities in 1988, oil exports gradually increased with the construction of new pipelines and restoration of damaged facilities. Iraq's seizure of Kuwait in August 1990, subsequent international economic sanctions, and damage from military action by an international coalition beginning in January 1991 drastically reduced economic activity. Although government policies supporting large military and internal security forces and allocating resources to key supporters of the regime have hurt the economy, implementation of the UN's oil-for-food program in December 1996 has helped improve conditions for the average Iraqi citizen. For the first six, six-month phases of the program, Iraq was allowed to export limited amounts of oil in exchange for food, medicine, and some infrastructure spare parts. In December 1999, the UN Security Council authorized Iraq to export under the program as much oil as required to meet humanitarian needs. Oil exports are now more than three-quarters their prewar level. Per capita food imports have increased significantly, while medical supplies and health care services are steadily improving. Per capita output and living standards are still well below the prewar level, but any estimates have a wide range of error.
GDP: purchasing power parity - $57 billion (2000 est.)
GDP - real growth rate: 15% (2000 est.)
GDP - per capita: purchasing power parity - $2,500 (2000 est.)
GDP - composition by sector: agriculture:  6%

industry:  13%

services:  81% (1993 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: NA%
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: 29.42 billion kWh (1999)
Electricity - production by source: fossil fuel:  97.96%

hydro:  2.04%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 27.361 billion kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: wheat, barley, rice, vegetables, dates, cotton; cattle, sheep
Exports: $21.8 billion (2000 est.)
Exports - commodities: crude oil
Exports - partners: Russia, France, Switzerland, China (2000)
Imports: $13.8 billion (2000 est.)
Imports - commodities: food, medicine, manufactures
Imports - partners: Egypt, Russia, France, Vietnam (2000)
Debt - external: $139 billion (2000 est.)
Economic aid - recipient: $327.5 million (1995)
Currency: Iraqi dinar (IQD)
Currency code: 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

 

Countryfacts Information Courtesy: CIA Worldbook







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