| Economy | Iraq |
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Economy - overview:
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An improving security environment and foreign investment are helping to spur economic activity, particularly in the energy, construction, and retail sectors. Broader economic development, long-term fiscal health, and sustained improvements in the overall standard of living still depend on the central government passing major policy reforms. Iraq's largely state-run economy is dominated by the oil sector, which provides more than 90% of government revenue and 80% of foreign exchange earnings. Since mid-2009, oil export earnings have returned to levels seen before Operation Iraqi Freedom. As global oil prices remained high for much of 2011, government revenues increased accordingly. For 2012, Iraq's draft budget forecasts oil exports of 2.6 million barrels per day (bbl/day), a significant increase from Iraq's average of 2.2 million bbl/day in 2011. Iraq's contracts with major oil companies have the potential to further expand oil revenues, but Iraq will need to make significant upgrades to its oil processing, pipeline, and export infrastructure to enable these deals to reach their economic potential. Iraq is making slow progress enacting laws and developing the institutions needed to implement economic policy, and political reforms are still needed to assuage investors' concerns regarding the uncertain business climate. The government of Iraq is eager to attract additional foreign direct investment, but it faces a number of obstacles including a tenuous political system and concerns about security and societal stability. Rampant corruption, outdated infrastructure, insufficient essential services, and antiquated commercial laws stifle investment and continue to constrain growth of private, nonoil sectors. In 2010, Bagdad signed agreements with both the IMF and World Bank for conditional aid programs designed to help strengthen Iraq's economic institutions. Iraq is considering a package of laws to establish a modern legal framework for the oil sector and a mechanism to equitably divide oil revenues within the nation, although these reforms are still under contentious and sporadic negotiation. Political and economic tensions between Baghdad and local governments have led some provincial councils to use their budgets to independently promote and facilitate investment at the local level. The Central Bank has successfully held the exchange rate at about 1,170 Iraqi dinar/US dollar since January 2009. Inflation has remained under control since 2006 as security improved. However, Iraqi leaders remain hard pressed to translate macroeconomic gains into an improved standard of living for the Iraqi populace. Unemployment remains a problem throughout the country. Encouraging private enterprise through deregulation would make it easier for both Iraqi citizens and foreign investors to start new businesses. Rooting out corruption and implementing reforms - such as bank restructuring and developing the private sector - would be important steps in this direction. |
GDP (purchasing power parity):
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$127.2 billion (2011 est.)
$116 billion (2010 est.)
$115.1 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$3,900 (2011 est.)
$3,600 (2010 est.)
$3,700 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$108.6 billion (2011 est.) |
GDP - real growth rate:
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9.6% (2011 est.)
0.8% (2010 est.)
4.2% (2009 est.) |
GDP - composition by sector:
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agriculture: 9.7%
industry: 60.5%
services: 29.8% (2011 est.) |
Investment (gross fixed):
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void |
Population below poverty line:
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25% (2008 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.6%
highest 10%: 25.7% |
Distribution of family income - Gini index:
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void |
Inflation rate (consumer prices):
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6% (2011 est.)
2.4% (2010 est.) |
Central bank discount rate:
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6% (December 2011)
6.5% (31 December 2010 est.) |
Commercial bank prime lending rate:
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7.2% (31 December 2011 est.)
6% (31 December 2010 est.) |
Stock of money:
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$26.1 billion (31 December 2008)
$18.81 billion (31 December 2007) |
Stock of money - per capita:
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859 USD per capita |
Stock of quasi money:
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$5.415 billion (31 December 2008)
$3.67 billion (31 December 2007) |
Stock of quasi money - per capita:
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179 USD per capita |
Stock of domestic credit:
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$11.11 million (31 December 2011 est.)
$10.16 billion (31 December 2007 est.) |
Stock of domestic credit - per capita:
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1 USD per capita |
Stock of narrow money:
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$50.3 billion (31 December 2011 est.)
$44.22 billion (31 December 2010 est.) |
Stock of broad money:
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$58.69 billion (31 December 2011 est.)
$51.61 billion (31 December 2010 est.) |
Labor force:
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8.9 million (2010 est.) |
Labor force participation rate:
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29.28 % of population |
Labor force - by occupation:
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agriculture: 21.6%
industry: 18.7%
services: 59.8% (2008 est.) |
Unemployment rate:
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15% (2010 est.)
15.3% (2009 est.) |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $69.2 billion
expenditures: $82.6 billion (2011 est.) |
Budget revenues per capita:
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2,277 USD per capita |
Taxes and other revenues:
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88.6% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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18.8% of GDP (2011 est.) |
Public debt:
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void |
Industries:
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petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing |
Industrial production growth rate:
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4.8% (2010 est.) |
Electricity - production:
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48.96 billion kWh (2010 est.) |
Electricity - production per capita:
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1,611 kWh per capita |
Electricity - consumption:
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55.66 billion kWh (2010 est.) |
Electricity - consumption - per capita:
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1,831 kWh per capita |
Electricity - exports:
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0 kWh (2011 est.) |
Electricity - imports:
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6.7 billion kWh (2010 est.) |
Oil - production:
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2.642 million bbl/day (2011 est.) |
Oil - production per capita:
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86,910 bbl/day per capita |
Oil - consumption:
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694,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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8.33 bbl/year per capita |
Oil - exports:
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2.17 million bbl/day (2011 est.) |
Oil - imports:
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231,200 bbl/day (2009 est.) |
Oil - proved reserves:
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115 billion bbl (1 January 2011 est.) |
Natural gas - production:
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1.3 billion cu m (2010 est.) |
Natural gas - production per capita:
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43 cu m per capita |
Natural gas - consumption:
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1.3 billion cu m
note: 1.48 billion cu m were flared (2010 est.) |
Natural gas - consumption - per capita:
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43 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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0 cu m (2010 est.) |
Natural gas - proved reserves:
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3.17 trillion cu m (1 January 2011 est.) |
Agriculture - products:
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wheat, barley, rice, vegetables, dates, cotton; cattle, sheep, poultry |
Current account balance:
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$17.37 billion (2011 est.)
$2.096 billion (2010 est.) |
Current account balance - per capita:
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572 USD per capita |
Exports:
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$78.38 billion (2011 est.)
$51.76 billion (2010 est.) |
Exports per capita:
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2,579 USD per capita |
Exports - commodities:
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crude oil 84%, crude materials excluding fuels, food and live animals |
Exports - partners:
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US 24.3%, India 16.7%, China 12.1%, South Korea 8.2%, Italy 6.9%, Japan 6.6% (2010) |
Imports:
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$53.93 billion (2011 est.)
$43.92 billion (2010 est.) |
Imports per capita:
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1,775 USD per capita |
Imports - commodities:
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food, medicine, manufactures |
Imports - partners:
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Turkey 24.2%, Syria 18.6%, China 14.4%, US 6.6% (2010) |
Reserves of foreign exchange and gold:
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$53.47 billion (31 December 2011 est.)
$48.61 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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1,759 USD per capita |
Debt - external:
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$45.29 billion (31 December 2011 est.)
$52.58 billion (31 December 2010 est.) |
Debt - external - per capita:
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1,490 USD per capita |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - at home - per capita:
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void |
Stock of direct foreign investment - abroad:
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void |
Stock of direct foreign investment - abroad - per capita:
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void |
Market value of publicly traded shares:
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$4 billion (9 December 2011)
$2.6 billion (31 July 2010)
$2 billion (31 July 2009 est.) |
Market value of publicly traded shares - per capita:
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132 USD per capita |
Currency (code):
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New Iraqi dinar (NID) as of 22 January 2004 |
Exchange rates:
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Iraqi dinars (IQD) per US dollar -
1,170 (2011 est.)
1,170 (2010 est.)
1,170 (2009)
1,176 (2008)
1,255 (2007) |
Fiscal year:
|
calendar year |
|
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