Iraq:
Economy

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Other pages in this profile of Iraq:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Iraq's economy is dominated by the oil sector, which has traditionally provided about 95% of foreign exchange earnings. Although looting, insurgent attacks, and sabotage have undermined economy rebuilding efforts, economic activity is beginning to pick up in areas recently secured by the US military surge. Oil exports are around levels seen before Operation Iraqi Freedom, and total government revenues have benefited from high oil prices. Despite political uncertainty, Iraq is making some progress in building the institutions needed to implement economic policy and has negotiated a debt reduction agreement with the Paris Club and a new Stand-By Arrangement with the IMF. Iraq has received pledges for $13.5 billion in foreign aid for 2004-07 from outside of the US, more than $33 billion in total pledges. 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 bogged down in discussions. The Central Bank has been successful in controlling inflation through appreciation of the dinar against the US dollar. Reducing corruption and implementing structural reforms, such as bank restructuring and developing the private sector, will be key to Iraq's economic success.
GDP (purchasing power parity)	Definition - World rank and map $102.3 billion (2007 est.)
GDP (official exchange rate)	Definition $55.44 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 5% (2007 est.)
GDP - per capita	Definition - World rank and map $3,600 (2007 est.)
GDP - composition by sector	Definition agriculture: 5% industry: 68% services: 27% (2006 est.)
Labor force	Definition 7.4 million (2004 est.)
Labor force - by occupation	Definition agriculture: NA% industry: NA% services: NA%
Unemployment rate	Definition - World rank and map 18% to 30% (2006 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 4.7% (2007 est.)
Budget	Definition revenues: $42.3 billion expenditures: $48.4 billion (FY08 est.)
Agriculture - products	Definition wheat, barley, rice, vegetables, dates, cotton; cattle, sheep, poultry
Industries	Definition petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing
Industrial production growth rate	Definition - World rank and map 7.9% (2007 est.)
Electricity - production	Definition - World rank and map 33.53 billion kWh (2007 est.)
Electricity - consumption	Definition - World rank and map 35.84 billion kWh (2007 est.)
Electricity - consumption per capita	Definition - World rank and map 1,270 kWh (2007 est.)
Electricity - exports	Definition 0 kWh (2007)
Electricity - imports	Definition 2.315 billion kWh (2007 est.)
Oil - production	Definition - World rank and map 2.11 million bbl/day (2007 est.)
Oil - consumption	Definition - World rank and map 295,000 bbl/day (2007 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 10.5 bbl/day (2007 est.)
Oil - exports	Definition - World rank and map 1.67 million bbl/day (2007 est.)
Oil - imports	Definition - World rank and map NA bbl/day
Oil - proved reserves	Definition - World rank and map 115 billion bbl (1 January 2007 est.)
Natural gas - production	Definition - World rank and map 3.5 billion cu m (2007 est.)
Natural gas - consumption	Definition - World rank and map 980 million cu m note: 1.48 billion cu m were flared (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 35 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 3.17 trillion cu m (1 January 2007 est.)
Current account balance	Definition - World rank and map $7.802 billion (2007 est.)
Exports	Definition - World rank and map $38.11 billion f.o.b. (2007 est.)
Exports - commodities	Definition crude oil 84%, crude materials excluding fuels 8%, food and live animals 5%
Exports - partners	Definition US 40%, Italy 13.7%, Spain 5.6%, Canada 5.5%, France 4.7%, Netherlands 4.6% (2006)
Imports	Definition - World rank and map $24.81 billion f.o.b. (2007 est.)
Imports - commodities	Definition food, medicine, manufactures
Imports - partners	Definition Syria 29.9%, Turkey 19.3%, US 10.8%, Jordan 4.9%, China 4.6% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $25.66 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $100.9 billion (31 December 2007 est.)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $21.65 billion (2005)
Currency (code)	Definition New Iraqi dinar (NID) as of 22 January 2004
Exchange rates	Definition New Iraqi dinars per US dollar - 1,255 (2007), 1,466 (2006), 1,475 (2005), 1,890 (second half, 2003)
Fiscal year	Definition calendar year

Iraq: Economy

Iraq:
Economy