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    Iraq Economy - 1990

      Overview: The Bathist 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 is dominated by the oil sector, which provides about 95% of foreign exchange earnings. Since the early 1980s financial problems, caused by war expenditures and damage to oil export facilities by Iran, have led the government to implement austerity measures and to reschedule foreign debt payments. Oil exports have gradually increased with the construction of new pipelines. Agricultural development remains 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, is under financial constraints. New investment funds are generally allocated only to projects that result in import substitution or foreign exchange earnings.

      GNP: $35 billion, per capita $1,940; real growth rate 5% (1989 est.)

      Inflation rate (consumer prices): 30-40% (1989 est.)

      Unemployment rate: less than 5% (1989 est.)

      Budget: revenues $NA billion; expenditures $35 billion, including capital expenditures of NA (1989)

      Exports: $12.5 billion (f.o.b., 1988); commodities--crude oil and refined products, machinery, chemicals, dates; partners--US, Brazil, USSR, Italy, Turkey, France, Japan, Yugoslavia (1988)

      Imports: $10.2 billion (c.i.f., 1988); commodities--manufactures, food; partners--Turkey, US, FRG, UK, France, Japan, Romania, Yugoslavia, Brazil (1988)

      External debt: $40 billion (1988 est.), excluding debt to Persian Gulf Arab states

      Industrial production: NA%

      Electricity: 9,902,000 kW capacity; 20,000 million kWh produced, 1,110 kWh per capita (1989)

      Industries: petroleum, chemicals, textiles, construction materials, food processing

      Agriculture: accounts for less than 10% of GNP but 33% of labor force; principal products--wheat, barley, rice, vegetables, dates, other fruit, cotton, wool; livestock--cattle, sheep; not self-sufficient in food output

      Aid: US commitments, including Ex-Im (FY70-80), $3 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $607 million; OPEC bilateral aid (1980-89), $37.2 billion; Communist countries (1970-88), $3.9 billion

      Currency: Iraqi dinar (plural--dinars); 1 Iraqi dinar (ID) = 1,000 fils

      Exchange rates: Iraqi dinars (ID) per US$1--0.3109 (fixed rate since 1982)

      Fiscal year: calendar year

      NOTE: The information regarding Iraq on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Iraq Economy 1990 information contained here. All suggestions for corrections of any errors about Iraq Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)