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Iraq: Economy

Economy Iraq
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 from the war of at least $100 billion. After hostilities ended 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 beginning in December 1996 helped improve conditions for the average Iraqi citizen. 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 have recently been more than three-quarters prewar level. However, 28% of Iraq's export revenues under the program have been deducted to meet UN Compensation Fund and UN administrative expenses. The drop in GDP in 2001-02 was largely the result of the global economic slowdown and lower oil prices. Per capita food imports increased significantly, while medical supplies and health care services steadily improved. Per capita output and living standards were still well below the prewar level, but any estimates have a wide range of error. The military victory of the US-led coalition in March-April 2003 resulted in the shutdown of much of the central economic administrative structure and the loss of a comparatively small amount of capital plant.
GDP:
purchasing power parity - $58 billion (2002 est.)
GDP - real growth rate:
-3% (2002 est.)
GDP - per capita:
purchasing power parity - $2,400 (2002 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):
70% (2002 est.)
Labor force:
6.5 million (2002 est.)
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:
36.01 billion kWh (2001)
Electricity - production by source:
fossil fuel: 98.4%
hydro: 1.6%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
33.49 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
2.452 million bbl/day (2001 est.); note - production was disrupted as a result of the March-April 2003 war (2001 est.)
Oil - consumption:
460,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
113.8 billion bbl (37257)
Natural gas - production:
2.76 billion cu m (2001 est.)
Natural gas - consumption:
2.76 billion cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
3.149 trillion cu m (37257)
Agriculture - products:
wheat, barley, rice, vegetables, dates, cotton; cattle, sheep
Exports:
$13 billion f.o.b. (2002 est.)
Exports - commodities:
crude oil
Exports - partners:
US 40.9%, Canada 8.2%, France 8.2%, Jordan 7.5%, Netherlands 6.4%, Italy 5.4%, Morocco 4.7%, Spain 4.4% (2002)
Imports:
$7.8 billion f.o.b. (2002 est.)
Imports - commodities:
food, medicine, manufactures
Imports - partners:
Jordan 11%, France 8.8%, China 8.4%, Germany 7.6%, Russia 7.3%, Australia 7.2%, Vietnam 6.6%, Italy 6.4%, Japan 5.6% (2002)
Debt - external:
$120 billion (2002 est.)
Economic aid - recipient:
$327.5 million (1995)
Currency:
Iraqi dinar (IQD)
Currency code:
IQD
Exchange rates:
Iraqi dinars per US dollar - 0.31 (2002), 0.31 (2001), 0.31 (2000), 0.31 (1999), 0.31 (1998), note: fixed official rate since 1982; market rate subject to wide fluctuations
Fiscal year:
calendar year

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Background & Country Profile
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Government
Economy
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Transportation
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Source: The CIA World Fact Book 2003

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