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Iraq - Trade & Marketing Information
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ALIGN="RIGHT" SRC="/cgtd/global/mideast/iraq.gif"> Iraq - key economic data 

More info on Iraq - Analysis on Economy 

Economy Overview:

    The Ba'thist regime engages in extensive central planning and management of
    industrial production and foreign trade while leaving some small-scale
    industry and services and most agriculture to private enterprise. The
    economy has been dominated by the oil sector, which has traditionally
    provided about 95% of foreign exchange earnings. 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
    austerity measures and to borrow heavily and later reschedule foreign debt
    payments. After the end of hostilities in 1988, oil exports gradually
    increased with the construction of new pipelines and restoration of damaged
    facilities. Agricultural development remained hampered by labor shortages,
    salinization, and dislocations caused by previous land reform and
    collectivization programs. The industrial sector, although accorded high
    priority by the government, also was under financial constraints. Iraq's
    seizure of Kuwait in August 1990, subsequent international economic
    embargoes, and military action by an international coalition beginning in
    January 1991 drastically changed the economic picture. Industrial and
    transportation facilities, which suffered severe damage, have been partially
    restored. Oil exports remain at less than 5% of the previous level.
    Shortages of spare parts continue. Living standards deteriorated even
    further in 1993 and 1994; consumer prices have more than doubled in both
    1993 and 1994. The UN-sponsored economic embargo has reduced exports and
    imports and has contributed to the sharp rise in prices. The Iraqi
    government has been unwilling to abide by UN resolutions so that the
    economic embargo can be removed. The government's policies of supporting
    large military and internal security forces and of allocating resources to
    key supporters of the regime have exacerbated shortages. In brief, per
    capita output in 1993-94 is far below the 1989-90 level, but no precise
    estimate is available.


National product:
    GDP - purchasing power parity - $NA
National product real growth rate:
    NA%
National product per capita:
    $NA
Inflation rate (consumer prices):
    NA%
Unemployment rate:
    NA%
Budget:
  revenues:
    $NA
  expenditures:
    $NA, including capital expenditures of $NA




Industrial production:

    growth rate NA%; manufacturing accounts for 10% of GNP (1989)
Electricity:
  capacity:
    7,170,000 kW
  production:
    25.7 billion kWh
  consumption per capita:
    1,247 kWh (1993)



Economic Activity


Industries:

    petroleum production and refining, chemicals, textiles, construction
    materials, food processing

Agriculture:
    accounted for 11% of GNP and 30% of labor force before the Gulf war;
    principal products - wheat, barley, rice, vegetables, dates, other fruit,
    cotton, wool; livestock - cattle, sheep; not self-sufficient in food output
Iraq - key foreign trade data 



Exports:

    $10.4 billion (f.o.b., 1990)
  Commodities:
    crude oil and refined products, fertilizer, sulfur
   Major Trade Partners::
    US, Brazil, Turkey, Japan, Netherlands, Spain (1990)



Imports:

    $6.6 billion (c.i.f., 1990)
  Commodities:
    manufactures, food
   Major Trade Partners::
    Germany, US, Turkey, France, UK (1990)


External debt:
    $50 billion (1989 est.), excluding debt of about $35 billion owed to Gulf
    Arab states
Iraq - Trade, Industry & Marketing information

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