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Area: 438,317 sq. km

Population: 35,161,000 (2014, est.)

Capital: Baghdad

GDP: USD 223.5bn (2014, est.)

Exports: USD 94.43bn (2014, est.)

Imports: USD 62.34bn (2014, est.)

Currency: Iraqi Dinar (IQD)

Exchange rate: 1 USD = 1,545 IQD (01/2016)


Economic Structure in Development:

Since 2003, GP has steadily increased. Starting with the value of USD 13.6bn in 2003, GDP recovered from the war damages and reached used the 65.2bn 2007, and then increasing to use the 135.5bn in 2010. Macroeconomic developments have been broadly positive: economic growth has accelerated from 5.9% in 2010 to 8.4% % in 2012 and was estimated to 6.3% in 2014. Inflation has declined from about 5.6% at the end of 2011 to 2.3% in 2013. The fiscal performance has been mixed in due to high oil revenues and the under-execution of the investment budget. Fiscal surpluses reached almost 5% in 2011 and 4% of GDP in 2012. The budget for 2014 accounts of USD 150.1bn, with 36% planned for project investments, especially in the energy sector. On of this grove was based upon the oil production. As experts increased, so did GDP. When exports jumped from the never rich of 860,665 bpd in 2003 to 1.5m in 2004, GDP went up 46.5%. Likewise, when there was only marginal expansion of experts such as from 2006 to 2007, there was a slowdown in GDP growth, from 10.2% down to 1.4%. Iraq is exceptionally rich in oil, but economy must endure serious structural instabilities. The proven all reserves amount in total to approximately 143bn barrels and the fifth largest reserves worldwide. Since 2003, all production has increased in turn Iraq into the eighth largest oil producer globally. The current oil exports, which is made up 90% of total government revenues in recent years, are expected to increase from 2.3m bpd up to 3.4m bpd in 2014 in reach about 9m bpd by 2017. The higher output led to a rise in GDP per capita from USD 2,350 in 2004 to USD 4,320 in 2012. Despite the fact that revenues shrank from USD 94bn in 2012 to USD 89.2bn in 2013, there are no new oil fields ready to produce, which will not only increase the output and the total exports volume in 2014. However, the high incidence of crude oil has led to a neglect of non-oil sectors, which represent 40% of the economy. The non-oil sector is highly dependent on government spending given the limited direct spill overs from the oil sector, which is operated mostly by international oil companies. The Iraqi economy is dominated by the public sector. The government and the state-owned enterprises employ more than 50% of the labour force. Rising government employment and improved wages contribute to social stability, but improvements in public services have been limited. The unemployment rate fell from 15% in 2008 to 11% in 2013.

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