Economy (1)

Iraq

11 Mar 2015 Written by Admin SAE

Iraq's economy is dominated by the oil sector. Oil exports provide over 90% of government revenue and 80% of foreign exchange earnings. 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 3.5 million barrels per day, and oil revenues were $21 billion in 1979 and $27 billion in 1980. At the outbreak of the war, Iraq had amassed an estimated $35 billion in foreign exchange reserves.

Despite a difficult security and political environment, Iraq managed to maintain macroeconomic stability over the past years. An improving security environment and foreign investment are helping to spur economic activity, particularly in the energy, construction, and retail sectors. Broader economic development, long-term fiscal health, and sustained improvements in the overall standard of living still depend on the central government passing major policy reforms.

Iraq will need to address serious medium-term challenges in order to be able to create the conditions for high and sustainable growth that is necessary to improve the living standards of its people. The economy continues to suffer from severe structural weaknesses such as a small nonoil sector, high unemployment, public sector dominance, and a weak business environment.
While oil-growth is projected to remain high over the coming years, boosting non-oil private sector growth will need a long-term government strategy centered on improving the business environment and opening up opportunities for the private sector.

Essential Information

Area: 438,317 sq km
Population: 31,858,481 (2013 est.)
Capital: Baghdad
Principal Towns: Basra, Mosul, Kirkuk.
Languages: Arabic is the official language, while some 15% of the population speak Kurdish. English and French are widely used in business.
Gross Domestic Product: $130.6 billion (2012 est.)
GDP per capita: $4,099 (2012 est.)
GDP per capita (PPP): $4,600 (2012 est.)
International Reserves: $67.7 billion (2012 est.)
Climate: The summer is very hot; the July average for Baghdad is 35°C, but this can exceed 40°C. The north is cooler. Winters are cold with Baghdad frequently seeing frost. In the north one can expect snow while the south is much warmer.
Currency: $1 = 1,161.00 IQD Iraqi Dinar

DEMOGRAPHY
Age Distribution (2013 est.)
0-14 years: 37.6%
15-24 years: 19.7%
25-54 years: 35.4%
55-64 years: 4.2%
65 years and over: 3.1%

Population Growth 2.345% (2012 est.)

Education
Of total population, 78.2% age 15 and over can read and write (2010)

NATURAL RESOURCES
Fossil Fuel
Petroleum, natural gas
Minerals
Phosphates, sulfur
Hydro-electric
In 2006, hydroelectrique power production of Iraq was estimated at 480 million kwh.

Visa Requirements:

All visitors, except Jordanian and some other Arab nationals, require visas. Visitors must be sponsored and visas must be obtained in advance. Anyone remaining for more than 15 days must register with the residence department and may subsequently require an exit visa to depart.
Within five days of arrival visitors must attend a hospital or health centre to make an appointment for an AIDS test. A certificate or proof of a forthcoming appointment is required.

National Day, 3 October