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Iraq:
Economy

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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


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