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Iraq Economy 2011
https://theodora.com/wfb2011/iraq/iraq_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
An improved security environment and an initial wave of foreign investment are helping to spur economic activity, particularly in the energy, construction, and retail sectors. Broader economic improvement, long-term fiscal health, and sustained increases in the standard of living still depend on the government passing major policy reforms and on continued development of Iraq's massive oil reserves. Although foreign investors viewed Iraq with increasing interest in 2010, most are still hampered by difficulties in acquiring land for projects and by other regulatory impediments. Iraq's economy is dominated by the oil sector, which provides over 90% of government revenue and 80% of foreign exchange earnings. Since mid-2009, oil export earnings have returned to levels seen before Operation Iraqi Freedom and government revenues have rebounded, along with global oil prices. In 2011 Baghdad probably will increase oil exports above the current level of 1.9 million barrels per day (bbl/day) as a result of new contracts with international oil companies, but is likely to fall short of the 2.4 million bbl/day it is forecasting in its budget. Iraq is making modest progress in building the institutions needed to implement economic policy. In 2010, Bagdad signed a new agreement with both the IMF and World Bank for conditional aid programs that will help strengthen Iraq's economic institutions. Some reform-minded leaders within the Iraqi government are seeking to pass laws to strengthen the economy. This legislation includes a package of laws to establish a modern legal framework for the oil sector and a mechanism to equitably divide oil revenues within the nation, although these and other important reforms are still under contentious and sporadic negotiation. Iraq's recent contracts with major oil companies have the potential to greatly expand oil revenues, but Iraq will need to upgrade its oil processing, pipeling, and export infrastructure to enable these deals to reach their potential. The Government of Iraq is pursuing a strategy to gain additional foreign investment in Iraq's economy. This includes an amendment to the National Investment Law, multiple international trade and investment events, as well as potential participation in joint ventures with state-owned enterprises. Provincial Councils also are using their own budgets to promote and facilitate investment at the local level. However, widespread corruption, inadequate infrastructure, insufficient essential services, and antiquated commercial laws and regulations stifle investment and continue to constrain the growth of private, non-energy sectors. The Central Bank has successfully held the exchange rate at approximately 1,170 Iraqi dinar/US dollar since January 2009. Inflation has decreased consistently since 2006 as the security situation has improved. However, Iraqi leaders remain hard pressed to translate macroeconomic gains into improved lives for ordinary Iraqis. Unemployment remains a problem throughout the country. Reducing corruption and implementing reforms - such as bank restructuring and developing the private sector - would be important steps in this direction.

GDP (purchasing power parity):
$117.7 billion (2010 est.)
country comparison to the world: 64

$111.5 billion (2009 est.)
$106.7 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$84.14 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.5% (2010 est.)
country comparison to the world: 44

4.5% (2009 est.)
7.8% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,600 (2010 est.)
country comparison to the world: 162

$3,600 (2009 est.)
$3,500 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 9.7%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 63%
[see also: GDP - composition by sector - industry country ranks ]
services: 27.3% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
8.5 million (2008 est.)
country comparison to the world: 54
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 21.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 59.8%
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
15.3% (2009 est.)
country comparison to the world: 153

15.2% (2008 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
25% (2008)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $52.8 billion
[see also: Budget - revenues country ranks ]
expenditures: $72.4 billion (2010 est.)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
4.2% (2010 est.)
country comparison to the world: 122

6.8% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
8.83% (31 December 2009)
country comparison to the world: 16

16.75% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15.64% (31 December 2009 est.)
country comparison to the world: 21

19.5% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$35.69 billion (31 December 2010 est)

$30.02 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$46.01 billion (31 December 2010 est.)

$37.9 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$21.94 billion (31 December 2008 est.)
country comparison to the world: 76

$10.16 billion (31 December 2007 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$2.6 billion (31 July 2010)
country comparison to the world: 94

$2 billion (31 July 2009)
$1.878 billion (31 March 2008)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
wheat, barley, rice, vegetables, dates, cotton; cattle, sheep, poultry

Industries:
petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing

Industrial production growth rate:
4.8% (2009 est.)
country comparison to the world: 70
[see also: Industrial production growth rate country ranks ]

Electricity - production:
46.39 billion kWh (2009 est.)
country comparison to the world: 49
[see also: Electricity - production country ranks ]

Electricity - consumption:
52 billion kWh (2009 est.)
country comparison to the world: 44
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
5.6 billion kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
2.399 million bbl/day (2009 est.)
country comparison to the world: 12
[see also: Oil - production country ranks ]

Oil - consumption:
687,000 bbl/day (2009 est.)
country comparison to the world: 24
[see also: Oil - consumption country ranks ]

Oil - exports:
1.91 million bbl/day (2009 est.)
country comparison to the world: 11
[see also: Oil - exports country ranks ]

Oil - imports:
116,900 bbl/day (2009 est.)
country comparison to the world: 61
[see also: Oil - imports country ranks ]

Oil - proved reserves:
115 billion bbl (1 January 2010 est.)
country comparison to the world: 4
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
1.88 billion cu m (2008 est.)
country comparison to the world: 58
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
9.454 billion cu m
country comparison to the world: 48
note: 1.48 billion cu m were flared (2008 est.)
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 169
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 161
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
3.17 trillion cu m (1 January 2010 est.)
country comparison to the world: 11
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$2.715 billion (2010 est.)
country comparison to the world: 40

-$19.9 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$49.1 billion (2010 est.)
country comparison to the world: 54

$40.86 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
crude oil 84%, crude materials excluding fuels, food and live animals

Exports - partners:
US 27.62%, India 14.45%, Italy 10.14%, South Korea 8.62%, Taiwan 5.61%, China 4.23%, Netherlands 4.13%, Japan 3.99% (2009)

Imports:
$42.56 billion (2010 est.)
country comparison to the world: 51

$50 billion (2008 est.)
[see also: Imports country ranks ]

Imports - commodities:
food, medicine, manufactures

Imports - partners:
Turkey 24.99%, Syria 17.36%, US 8.66%, China 6.79%, Jordan 4.17%, Italy 3.98%, Germany 3.97% (2009)

Reserves of foreign exchange and gold:
$45.68 billion (31 December 2010 est.)
country comparison to the world: 24

$44.38 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$52.58 billion (31 December 2010 est.)
country comparison to the world: 55

$73 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Iraqi dinars (IQD) per US dollar - 1,170 (2010), 1,170 (2009), 1,176 (2008), 1,255 (2007), 1,466 (2006)


NOTE: The information regarding Iraq on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Iraq Economy 2011 information contained here. All suggestions for corrections of any errors about Iraq Economy 2011 should be addressed to the CIA.



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