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The Ba'thist regime engages in extensive central planning and management of
industrial production and foreign trade while leaving some small-scale
industry and services and most agriculture to private enterprise.
The
economy has been 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 and to borrow heavily and later reschedule foreign debt
payments.
After the end of hostilities in 1988, oil exports gradually
increased with the construction of new pipelines and restoration of damaged
facilities.
Agricultural development remained hampered by labor shortages,
salinization, and dislocations caused by previous land reform and
collectivization programs.
The industrial sector, although accorded high
priority by the government, also was under financial constraints.
Iraq's
seizure of Kuwait in August 1990, subsequent international economic
embargoes, and military action by an international coalition beginning in
January 1991 drastically changed the economic picture.
Industrial and
transportation facilities, which suffered severe damage, have been partially
restored.
Oil exports remain at less than 5% of the previous level.
Shortages of spare parts continue. Living standards deteriorated even
further in 1993 and 1994; consumer prices have more than doubled in both
1993 and 1994.
The UN-sponsored economic embargo has reduced exports and
imports and has contributed to the sharp rise in prices. The Iraqi
government has been unwilling to abide by UN resolutions so that the
economic embargo can be removed.
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.
In brief, per
capita output in 1993-94 is far below the 1989-90 level, but no precise
estimate is available.
GDP - purchasing power parity - $NA
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$NA, including capital expenditures of $NA
$10.4 billion (f.o.b., 1990)
crude oil and refined products, fertilizer, sulfur
US, Brazil, Turkey, Japan, Netherlands, Spain (1990)
$6.6 billion (c.i.f., 1990)
Germany, US, Turkey, France, UK (1990)
$50 billion (1989 est.), excluding debt of about $35 billion owed to Gulf
Arab states
growth rate NA%; manufacturing accounts for 10% of GNP (1989)
petroleum production and refining, chemicals, textiles, construction
materials, food processing
accounted for 11% of GNP and 30% of labor force before the Gulf war;
principal products - wheat, barley, rice, vegetables, dates, other fruit,
cotton, wool; livestock - cattle, sheep; not self-sufficient in food output
US commitments, including Ex-Im (FY70-80), $3 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $647 million;
Communist countries (1970-89), $3.9 billion
1 Iraqi dinar (ID) = 1,000 fils
Iraqi dinars (ID) per US$1 - 3.2 (fixed official rate since 1982);
black-market rate (March 1995) US$1 = 1200 Iraqi dinars; semi-official rate
US$1 = 650 Iraqi dinars
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