| People | Iraq |
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Economy - overview:
|
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):
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$100 billion (2007 est.) |
GDP (official exchange rate):
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$55.44 billion (2007 est.) |
GDP - real growth rate:
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5% (2007 est.) |
GDP - per capita (PPP):
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$3,600 (2007 est.) |
GDP - composition by sector:
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agriculture: 5%
industry: 68%
services: 27% (2006 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
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void |
Inflation rate (consumer prices):
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4.7% (2007 est.) |
Labor force:
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7.4 million (2004 est.) |
Labor force participation rate:
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26.22 % of population |
Labor force - by occupation:
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agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
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18% to 30% (2006 est.) |
Budget:
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revenues: $42.3 billion
expenditures: $48.4 billion (FY08 est.) |
Budget revenues per capita:
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1,499 USD per capita |
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% (2007 est.) |
Electricity - production:
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33.53 billion kWh (2007 est.) |
Electricity - production per capita:
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1,189 kWh per capita |
Electricity - consumption:
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35.84 billion kWh (2007 est.) |
Electricity - consumption - per capita:
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1,270 kWh per capita |
Electricity - exports:
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0 kWh (2007) |
Electricity - imports:
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2.315 billion kWh (2007 est.) |
Oil - production:
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2.11 million bbl/day (2007 est.) |
Oil - production per capita:
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74,767 bbl/day per capita |
Oil - consumption:
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295,000 bbl/day (2007 est.) |
Oil - consumption - per capita:
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3.82 bbl/year per capita |
Oil - exports:
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1.67 million bbl/day (2007 est.) |
Oil - imports:
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NA bbl/day |
Oil - proved reserves:
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115 billion bbl (1 January 2007 est.) |
Natural gas - production:
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3.5 billion cu m (2007 est.) |
Natural gas - production per capita:
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125 cu m per capita |
Natural gas - consumption:
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980 million cu m
note: 1.48 billion cu m were flared (2005 est.) |
Natural gas - consumption - per capita:
|
35 cu m per capita |
Natural gas - exports:
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0 cu m (2005 est.) |
Natural gas - imports:
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0 cu m (2005) |
Natural gas - proved reserves:
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3.17 trillion cu m (1 January 2007 est.) |
Agriculture - products:
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wheat, barley, rice, vegetables, dates, cotton; cattle, sheep, poultry |
Current account balance:
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$7.802 billion (2007 est.) |
Current account balance - per capita:
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277 USD per capita |
Exports:
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$34.04 billion f.o.b. (2007 est.) |
Exports per capita:
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1,207 USD per capita |
Exports - commodities:
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crude oil 84%, crude materials excluding fuels 8%, food and live animals 5% |
Exports - partners:
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US 46.7%, Italy 10.7%, Spain 6.2%, Canada 6.2% (2006) |
Imports:
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$23.09 billion f.o.b. (2007 est.) |
Imports per capita:
|
819 USD per capita |
Imports - commodities:
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food, medicine, manufactures |
Imports - partners:
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Syria 26.5%, Turkey 20.5%, US 11.8%, Jordan 7.2% (2006) |
Reserves of foreign exchange and gold:
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$21.26 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
754 USD per capita |
Debt - external:
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$56.31 billion (31 December 2007 est.) |
Debt - external - per capita:
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1,996 USD per capita |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - abroad:
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void |
Market value of publicly traded shares:
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$NA |
Economic aid - donor:
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void |
Economic aid - recipient:
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$21.65 billion (2005) |
Economic aid - recipient per capita:
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768 USD per capita |
Currency (code):
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New Iraqi dinar (NID) as of 22 January 2004 |
Exchange rates:
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New Iraqi dinars per US dollar - 1,255 (2007), 1,466 (2006), 1,475 (2005), 1,890 (second half, 2003) |
Fiscal year:
|
calendar year |
|
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