Economy of Iraq
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1 Iraqi Dinar equals0.00085 US Dollar
|$192.7 billion (2017 est.)|
|-0.4% (2017 est.)|
GDP per capita
|$17,000 (2017 est.)|
GDP by sector
|agriculture: 4.8% industry: 40.6% services: 54.6% (2017 est.)|
|2% (2017 est.)|
|41.2% (2017 est.)|
|8.2 million (2014 est.)|
Labour force by occupation
|agriculture: 21.6%; industry: 18.7%; services: 59.8% (2008 est.)|
|Unemployment||14.8% (2016 est.)|
|Exports||$63.31 billion (2017)|
Main export partners
|Imports||$36.47 billion (2017 est.)|
Main import partners
|$58.13 billion (31 December 2014 est.)|
|63.7% / $125 billion (2016)|
|Revenues||$69.2 billion (2011 est.)|
|Expenses||$82.6 billion (2011 est.)|
|Economic aid||$700,000,000 (2017)|
|B- (Standard & Poor's)|
|$66.85 billion (31 December 2014 est.)|
Since mid-2009, oil export earnings have returned to levels seen before
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.
Nominal GDP grew by 213% in the 1960s, 1325% in the 1970s, 2% in the 1980s, -47% in the 1990s, and 317% in 2000s.
Real GDP per capita (measured in 1990 $) increased significantly during the 1950s, 60s and 70s, which can be explained by both higher oil production levels as well as oil prices, which famously peaked in the 1970s due to the OPEC’s oil embargo. In following two decades however, GDP per capita in Iraq dropped substantially because of multiple wars, namely the 1980-88 war with Iran, the 1990-1991 Gulf War.
Prior to the outbreak of the war with Iran in September 1980, Iraq's economic prospects were bright. Oil production had reached a level of 560,000 m³ (3.5 million barrels) per day in 1979, and oil revenues were 21 billion dollars in 1979 and 27 billion in 1980 due to record oil prices. At the outbreak of the war, Iraq had amassed an estimated 35 billion in
Iraq's seizure of
Iraq changed its oil
The removal of sanctions on 24 May 2003 and
One of the key economic challenges was Iraq's immense foreign debt, estimated at $125 billion. Although some of this debt was derived from normal export contracts that Iraq had failed to pay for, some was a result of military and financial support during Iraq's war with Iran.
The Jubilee Iraq campaign argued that much of these debts were
In a December 2006
Between 100,000 barrels per day (16,000 m3/d) and 300,000 barrels per day (48,000 m3/d) of Iraq’s declared oil production over the past four years could have been siphoned off through corruption or smuggling, according to a US Study from May 12, 2007.