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Iraq

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Summary

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.

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.

Central bank

Central Bank of Iraq

International Reserves

US$ 50.642 billion (Source: World Bank; Data updated: November 2010)

Gross Domestic Product - GDP

US$ 108.418 billion (2010 estimate)

GDP (Purchasing Power Parity)

125.665 billion of International dollars (2010 estimate)

Real GDP growth

2000

2001

2002

2003

2004

2005

2006

2007

N/A

N/A

N/A

N/A

N/A

-0.7%

6.2%

1.5%

2008

2009

2010

2011*

9.5%

4.2%

0.8%

9.6%

*Estimate

GDP per capita - current prices

US$ 3,301 (2004 estimate)

GDP per capita - PPP

$3,826 International Dollars (2004 estimate)

GDP (PPP) - share of world total

1980

1990

2000

2010

2015**

N/A

N/A

N/A

0.16%

0.21%

**Forecast

GDP - composition by sector

  • agriculture: 9.6%
  • industry: 62.8%
  • services: 27.6% (2009 estimate)
  • (Data released on November 2010)

Gross domestic expenditure on R&D (% of GDP)

N/A

(Data released on November 2010)

Inflation

2008

2009

2010

2011*

2.7%

-2.8%

5.1%

5%

*Estimate

Unemployment rate

2008

2009

2010

2011*

N/A

N/A

N/A

N/A

*Estimate

Household saving rates

N/A

(Data released on November 2010)

Public debt (General government gross debt as a % of GDP)

2007

2008

2009

2010

2011*

175.3%

108.6%

143.1%

112.3%

38.9%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)

2007

2008

2009

2010*

2011**

12.4%

-3.3%

-21.9%

-14.2%

-8.2%

*Estimate   **Forecast

Government bond ratings

Standard & Poor's: N/A

Moody's rating: N/A

Moody's outlook: N/A

(Foreign Currency Government Bond Ratings; Data last updated Nov 2010)

Market value of publicly traded shares

2007

2008

2009

N/A

N/A

N/A

Largest companies in Iraq

Current account balance

US$ -3.5 billion (2010 estimate)

Current account balance by percentage of GDP

-3.2% of GDP (2010 estimate)

Exports as percent of GDP

(Exports of goods and services)

N/A

(Data released on December 2010)

Shares in world total merchandising export

0.35%

(Data were released in Nov 2011 and refer to 2010)

Shares in world total commercial services export

0.02%

(Data were released in Nov 2011 and refer to 2007)

Total exports

US$49.1 billion f.o.b. (2010 estimate)

Export commodities

crude oil 84%, crude materials excluding fuels 8%, food and live animals 5%

Total imports

US$43.5 billion f.o.b. (2008 estimate)

Import commodities

food, medicine, manufactures

Exports - major partners

US 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 - major partners

Syria 30.5%, Turkey 19.8%, US 11.1%, Jordan 5%, China 4.8% (2007)

Contact

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