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Iraq Economy 2010
http://www.workmall.com/wfb2010/iraq/iraq_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on February 1, 2010

Economy - overview:
Decreased insurgent attacks and an improved security environment are helping to spur economic activity, particularly in the retail sector. Broader economic improvement, long-term fiscal health, and sustained increases in standard of living still depend on the government passing major policy reforms. Iraq's economy is dominated by the oil sector, which provides over 90% of government revenue and foreign exchange earnings. Oil exports have rebounded to levels seen before Operation Iraqi Freedom and government revenues have benefited, despite oil prices declining significantly since their apex of more than $140 per barrel in July 2008. Iraq is making modest progress in building the institutions needed to implement economic policy. In March 2009 Iraq concluded a Stand-By Arrangement (SBA) with the IMF that details economic reforms. Completion of the SBA was a condition for Iraq to receive a full 80% reduction of its debt owed to Paris Club creditor nations. The International Compact with Iraq was established in May 2007 to integrate Iraq into the regional and global economy, and 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 export infrastructure to enable these deals to reach their potential. Some foreign entities have expressed interest in reinvigorating Iraq's industrial sector. The government of Iraq is pursuing a strategy to gain foreign participation in joint ventures with State-owned enterprises, but has had little success in recent years. Provincial Councils also are using their own budgets to promote and facilitate investment at the local level. The Central Bank has been successful in controlling inflation through appreciation of the dinar against the US dollar. However, Iraqi leaders remain hard pressed to tranlate macroeconomic gains into improved lives for ordinary Iraqis. Reducing corruption and implementing structural reforms, such as bank restructuring and developing the private sector, would be important steps in this direction.

GDP (purchasing power parity):
$96.6 billion (2009 est.)

$91.31 billion (2008 est.)
$84.7 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$70.1 billion (2009 est.)

GDP - real growth rate:
5.8% (2009 est.)

7.8% (2008 est.)
1.5% (2007 est.)

GDP - per capita (PPP):
$3,300 (2009 est.)

$3,200 (2008 est.)
$3,100 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 9.6%
industry: 62.8%
services: 27.6% (2009 est.)

Labor force:
8.175 million (2008 est.)

Labor force - by occupation:
agriculture: 21.6% NA%
industry: 18.7% NA%
services: 59.8% NA%

Unemployment rate:
15.2% (2008 est.)

18% (2006 est.)
note: official data; unofficial estimates as high as 30%

Population below poverty line:
25% NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $45.6 billion
expenditures: $58.6 billion (2009 est.)

Inflation rate (consumer prices):
3.5% (2009 est.)

2.8% (2008 est.)

Central bank discount rate:
NA% (31 December 2008)

20% (31 December 2007)

Commercial bank prime lending rate:
17% (31 December 2008)

22% (31 December 2007)

Stock of money:
$26.1 billion (31 December 2008)

$18.81 billion (31 December 2007)

Stock of quasi money:
$5.415 billion (31 December 2008)

$3.67 billion (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$NA (31 December 2007)

Market value of publicly traded shares:
$2 billion (31 July 2009)

$1.878 billion (31 December 2007)
$NA (31 December 2006)

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:
3.4% (2009 est.)

Electricity - production:
46.39 billion kWh (2008 est.)

Electricity - consumption:
52 billion kWh (2008 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
5.6 billion kWh (2008 est.)

Oil - production:
2.42 million bbl/day (2008 est.)

Oil - consumption:
500,000 bbl/day (2008 est.)

Oil - exports:
1.9 million bbl/day (2008 est.)

Oil - imports:
116,900 bbl/day (2007 est.)

Oil - proved reserves:
115 billion bbl (1 January 2009 est.)

Natural gas - production:
1.88 billion cu m (2008 est.)

Natural gas - consumption:
9.454 billion cu m
note: 1.48 billion cu m were flared (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
3.17 trillion cu m (1 January 2009 est.)

Current account balance:
$-1.389 billion (2009 est.)

$14.05 billion (2008 est.)

Exports:
$37.89 billion (2009 est.)

$58.81 billion (2008 est.)

Exports - commodities:
crude oil 84%, crude materials excluding fuels 8%, food and live animals 5%

Exports - partners:
US 37.3%, India 13.8%, Italy 9.4%, South Korea 6.8% (2008)

Imports:
$35.77 billion (2009 est.)

$37.22 billion (2008 est.)

Imports - commodities:
food, medicine, manufactures

Imports - partners:
Syria 26.4%, Turkey 19.7%, US 10.7%, Jordan 6.5%, China 6% (2008)

Reserves of foreign exchange and gold:
$46.76 billion (31 December 2009 est.)

$49.8 billion (31 December 2008 est.)

Debt - external:
$50.29 billion (31 December 2009 est.)

$67.74 billion (31 December 2008 est.)

Exchange rates:
Iraqi dinars (IQD) per US dollar - 1,169 (2009), 1,176 (2008), 1,255 (2007), 1,466 (2006), 1,475 (2005)


NOTE: The information regarding Iraq on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Iraq Economy 2010 information contained here. All suggestions for corrections of any errors about Iraq Economy 2010 should be addressed to the CIA.



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