University of Phoenix

The fastest growing school in the world. Highly career-focused education, designed to accelerate the careers of working professionals. Both campus-based and online. Wide range of degrees, programs, locations.

Iraq Economy: from the All Country Info reference guide to country facts

Iraq Economy

Iraq Economy: A summary of information about Iraq Economy, from government research data as well as independent research and other sources.

You are here:
All CountriesIraq > Iraq Economy

Iraq: Economy

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 of at least $100 billion from the war. After
the end of hostilities 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. The government's policies of supporting
large military and internal security forces and of allocating
resources to key supporters of the regime have exacerbated shortages.
The implementation of the UN's oil-for-food program in December 1996
has helped improve economic conditions. For the first six six-month
phases of the program, Iraq was allowed to export limited amounts of
oil in exchange for food, medicine, and other humanitarian goods. In
December 1999, the UN Security Council authorized Iraq to export under
the oil-for-food program as much oil as required to meet humanitarian
needs. Oil exports are now about three-quarters their prewar level.
Per capita food imports have increased significantly, while medical
supplies and health care services are steadily improving. Per capita
output and living standards are still well below the prewar level, but
any estimates have a wide range of error.
GDP
purchasing power parity - $59.9 billion (1999 est.)
GDP - real growth rate
13% (1999 est.)
GDP - per capita
purchasing power parity - $2,700 (1999 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)
135% (1999 est.)
Labor force
4.4 million (1989)
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
28.4 billion kWh (1998)
Electricity - production by source
fossil fuel: 97.89%
hydro: 2.11%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
26.412 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
wheat, barley, rice, vegetables, dates,
cotton; cattle, sheep
Exports
$12.7 billion (1999 est.)
Exports - commodities
crude oil
Exports - partners
Russia, France, China (1999)
Imports
$8.9 billion (1999 est.)
Imports - commodities
food, medicine, manufactures
Imports - partners
Russia, France, Egypt, Vietnam (1999)
Debt - external
$130 billion (1999 est.)
Economic aid - recipient
$327.5 million (1995)
Currency
1 Iraqi dinar (ID) = 1,000 fils
Exchange rates
Iraqi dinars (ID) per US$1 - 0.3109 (fixed official
rate since 1982); black market rate - Iraqi dinars (ID) per US$1 -
1,900 (December 1999), 1,815 (December 1998), 1,530 (December 1997),
3,000 (December 1995); subject to wide fluctuations
Fiscal year
calendar year
Locations:
Home
Afghanistan
Albania
Algeria
American Samoa
Andorra
Angola
Anguilla
Antarctica
Antigua & Barbuda
Arctic Ocean
Argentina
Armenia
Aruba
Ashmore & Cartier Islands
Atlantic Ocean
Australia
Austria
Azerbaijan
Bahrain
Baker Island
Bangladesh
Barbados
Bassas Da India
Belarus
Belgium
Belize
Benin
Bermuda
Bhutan
Bolivia
Bosnia & Herzegovina
Botswana
Bouvet Island
Brazil
British Indian Ocean Territory
British Virgin Islands
Brunei
Bulgaria
Burkina Faso
Burma
Burundi
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Central African Republic
Chad
Chile
China
Christmas Island
Clipperton Island
Colombia
Comoros
Cook Islands
Coral Sea Islands
Costa Rica
Croatia
Cuba
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Europa Island
Faroe Islands
Fiji
Finland
France
French Guiana
French Polynesia
Gabon
Gaza Strip
Georgia
Germany
Ghana
Gibraltar
Glorioso Islands
Greece
Greenland
Grenada
Guadeloupe
Guam
Guatemala
Guernsey
Guinea
Guyana
Haiti
Honduras
Hong Kong
Howland Island
Hungary
Iceland
India
Indian Ocean
Indonesia
Iran
Iraq
Ireland
Israel
Italy
Jamaica
Jan Mayen
Japan
Jarvis Island
Jersey
Johnston Atoll
Jordan
Juan De Nova Island
Kazakhstan
Kenya
Kingman Reef
Kiribati
Korea
Kuwait
Kyrgyzstan
Laos
Latvia
Lebanon
Lesotho
Liberia
Libya
Liechtenstein
Lithuania
Luxembourg
Macau
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Marshall Islands
Martinique
Mauritania
Mauritius
Mayotte
Mexico
Midway Islands
Moldova
Monaco
Mongolia
Montserrat
Morocco
Mozambique
Namibia
Nauru
Navassa Island
Netherlands
Netherlands Antilles
New Caledonia
New Zealand
Nicaragua
Niger
Nigeria
Niue
Norfolk Island
Northern Mariana Islands
Norway
Oman
Pacific Ocean
Pakistan
Palau
Palmyra Atoll
Panama
Papua New Guinea
Paracel Islands
Paraguay
Peru
Philippines
Pitcairn Islands
Poland
Portugal
Puerto Rico
Qatar
Reunion
Romania
Rwanda
Saint Helena
Saint Kitts & Nevis
Saint Lucia
Saint Pierre & Miquelon
Saint Vincent & The Grenadines
San Marino
Sao Tome & Principe
Saudi Arabia
Senegal
Serbia & Montenegro
Seychelles
Sierra Leone
Singapore
Slovakia
Solomon Islands
Somalia
South Africa
Southern Ocean
Spain
Spratly Islands
Sri Lanka
Sudan
Suriname
Svalbard
Swaziland
Sweden
Switzerland
Syria
Taiwan
Tajikistan
Tanzania
Thailand
Togo
Tokelau
Tonga
Trinidad & Tobago
Tromelin Island
Tunisia
Turkey
Turkmenistan
Turks & Caicos Islands
Tuvalu
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
Virgin Islands
Wake Island
Wallis & Futuna
West Bank
Western Sahara
World
Yemen
Zambia
Zimbabwe