Middle East > Iraq > Economy

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Agriculture > products wheat, barley, rice, vegetables, dates, cotton; cattle, sheep, poultry
Budget > Revenues	$39,900,000,000.00		[43rd of 166]
Consumer price index	128.79 %		[1st of 165]
Current account balance	$6,025,000,000.00		[32nd of 181]
Debt > External	$100,900,000,000.00		[32nd of 136]
Economy > Overview Iraq's economy is dominated by the oil sector, which has traditionally provided about 95% of foreign exchange earnings. Although looting, insurgent attacks, and sabotage have undermined economy rebuilding efforts, economic activity is beginning to pick up in areas recently secured by the US military surge. Oil exports are around levels seen before Operation Iraqi Freedom, and total government revenues have benefited from high oil prices. Despite political uncertainty, Iraq is making some progress in building the institutions needed to implement economic policy and has negotiated a debt reduction agreement with the Paris Club and a new Stand-By Arrangement with the IMF. Iraq has received pledges for $13.5 billion in foreign aid for 2004-07 from outside of the US, more than $33 billion in total pledges. The International Compact with Iraq was established in May 2007 to integrate Iraq into the regional and global economy, and the Iraqi government is seeking to pass laws to strengthen its economy. This legislation includes a hydrocarbon law to establish a modern legal framework to allow Iraq to develop its resources and a revenue sharing law to equitably divide oil revenues within the nation, although both are still bogged down in discussions. The Central Bank has been successful in controlling inflation through appreciation of the dinar against the US dollar. Reducing corruption and implementing structural reforms, such as bank restructuring and developing the private sector, will be key to Iraq's economic success.
Exchange rates New Iraqi dinars per US dollar - 1,890 (second half, 2003), 0.3109 (2002), 0.3109 (2001), 0.3109 (2000)
Exports	$38,140,000,000.00		[56th of 189]
Exports to US	$1,953,700,000.00		[29th of 224]
GDP	$12,602,490,000.00		[91st of 203]
GDP (purchasing power parity)	$102,400,000,000.00		[64th of 187]
GDP > Real growth rate	5.9%		[85th of 198]
GDP growth > annual %	46.5 annual %		[1st of 187]
Gross National Income	$0.00		[171st of 172]
Imports of goods, services and income > BoP, current US$	8,574,950,000 BoP $		[28th of 156]
Inflation rate (consumer prices)	4.7%		[102nd of 192]
Total reserves minus gold > current US$	12,104,090,000 $		[46th of 178]
Tourist arrivals	346,000		[83rd of 152]
Tourist arrivals by region of origin > Europe	501		[190th of 195]
Trade balance with US	-$1,953,200,000.00		[210th of 224]

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