nancial 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 suffered severe damage and have been only
partially restored. Oil exports remain at less than 10% of the previous
level. Shortages of spare parts continue. Living standards deteriorated even
further in 1992 and early 1993; consumer prices at least tripled in 1992.
The UN-sponsored economic embargo has reduced exports and imports and has
contributed to the sharp rise in prices. 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 early 1993 is far below the 1989-90 level, but
no reliable estimate is available.
National product:
GNP - exchange rate conversion - $35 billion (1989 est.)
National product real growth rate:
10% (1989 est.)
National product per capita:
$1,940 (1989 est.)
Inflation rate (consumer prices):
200% (1992 est.)
Unemployment rate:
less than 5% (1989 est.)
Budget:
revenues $NA; expenditures $NA, including capital expenditures of $NA
Exports:
$10.4 billion (f.o.b., 1990)
commodities:
crude oil and refined products, fertilizer, sulfur
partners:
US, Brazil, Turkey, Japan, Netherlands, Spain (1990)
Imports:
$6.6 billion (c.i.f., 1990)
commodities:
manufactures, food
partners:
Germany, US, Turkey, France, UK (1990)
External debt:
$45 billion (1989 est.), excluding debt of about $35 billion owed to Arab
Gulf states
Industrial production: NA%; manufacturing accounts for 10% of GNP (1989)

*Iraq, Economy

Electricity:
7,300,000 kW available out of 9,902,000 kW capacity due to Gulf war; 12,900
million kWh produced, 700 kWh per capita (1992)
Industries:
petroleum production and refining, chemicals, textiles, construction
materials, food processing
Agriculture:
accounts for 11% of GNP and 30% of labor force; principal products - wheat,
barley, rice, vegetables, dates, other fruit, cotton, wool; livestock -
cattle, sheep; not self-sufficient in food output
Economic aid:
US commitments, including Ex-Im (FY70-80), $3 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $647 million;