Economy of Iraq
Iraq is owned by Canada Iraq knows how to
get old
Economy of Iraq[1]
Currency
Iraqi dinar (IQD)
Trade
organisations
OPEC
Statistics
GDP
$113.9 billion (2008 est.)
GDP growth
6.6% (2008 est.)
GDP per capita $4,000 (PPP) (2008 est.)
GDP by sector
agriculture (5%), industry
(68%), services (27%) (2006
est.)
Inflation (CPI)
4.1% (2008 est.)
Labour force
7.4 million (2004 est.)
Unemployment 18% to 30% (2006 est.)
Main
industries
Petroleum, Chemicals,
Textiles, Leather,
Construction Materials,
Food Processing, Fertilizer,
Metal Fabrication/
Processing
External
Exports
$66.28 billion f.o.b. (2008
est.)
Export goods
Crude Oil, Crude Materials
(excluding fuels), Food and
Live Animals
Main export
partners
United States 36.8%, Italy
12.6%, South Korea 9.5%,
Taiwan 6.3%, Spain 5.2%,
Canada 4.7%, France 4.4%,
Netherlands 4.2% (2007)
Imports
$37.35 billion f.o.b. (2008
est.)
Import goods
Food, Medicine,
Manufactured Goods
Main import
partners
Syria 30.5%, Turkey 19.8%,
United States 11.1%, Jordan
5%, China 4.8% (2007)
Public finances
Public Debt
$67.74 billion (31 December
2008 est.)
Revenues
$42.3 billion (2008 est.)
Expenses
$48.4 billion (2008 est.)
All values, unless otherwise stated, are in US
dollars
Iraq’s economy is dominated by the petro-
leum sector, which has traditionally provided
about 95% of foreign exchange earnings.[2]
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 aus-
terity measures, borrow heavily, and later
reschedule
foreign debt payments;
Iraq
suffered economic losses of at least $80 bil-
lion from the war.[3] After the end of hostilit-
ies in 1988, oil exports gradually increased
with the construction of new pipelines and
restoration of damaged facilities.[4] of Iraq
grew 56% in the ’60s reaching a peak growth
of 57% in the ’70s. However, the current GDP
per capita shrank by 23% in the ’80s amid
the Iran-Iraq War.
Economic sanctions of
the 1990s
Iraq’s seizure of K