Iraq economy
Iraq economy
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. 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 in December 1996 has helped improve conditions for
the average Iraqi citizen. 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 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
are now more than 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 - $57
billion (2000 est.) |
| GDP
- real growth rate: |
15% (2000 est.) |
| GDP
- per capita: |
purchasing power parity -
$2,500 (2000 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): |
100% (2000 est.) |
| Labor
force: |
4.4 million (1989) |
| Labor
force - by occupation: |
agriculture NA%, industry
NA%, services 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: |
29.42 billion kWh (1999) |
| Electricity
- production by source: |
fossil fuel:
97.96%
hydro: 2.04%
nuclear: 0%
other: 0% (1999) |
| Electricity
- consumption: |
27.361 billion kWh (1999) |
| Electricity
- exports: |
0 kWh (1999) |
| Electricity
- imports: |
0 kWh (1999) |
| Agriculture
- products: |
wheat, barley, rice,
vegetables, dates, cotton; cattle, sheep |
| Exports: |
$21.8 billion (2000 est.) |
| Exports
- commodities: |
crude oil |
| Exports
- partners: |
Russia, France, Switzerland,
China (2000) |
| Imports: |
$13.8 billion (2000 est.) |
| Imports
- commodities: |
food, medicine, manufactures |
| Imports
- partners: |
Egypt, Russia, France,
Vietnam (2000) |
| Debt
- external: |
$139 billion (2000 est.) |
| Economic
aid - recipient: |
$327.5 million (1995) |
| Currency: |
Iraqi dinar (IQD) |
| Exchange
rates: |
Iraqi dinars per US dollar -
0.3109 (fixed official rate since 1982); black market rate - Iraqi
dinars per US dollar - 1,910 (December 1999), 1,815 (December 1998),
1,530 (December 1997), 910 (December 1996), 3,000 (December 1995); note
- subject to wide fluctuations |
| Fiscal
year: |
calendar year |
