aq:Economy

Economy - overview: Iraq's economy is dominated by the oil sector,
which has traditionally provided about 95% of foreign exchange
earnings. In the 1980s, financial problems caused by massive
expenditures in the eight-year war with Iran and damage to oil export
facilities by Iran led the government to implement austerity measures,
borrow heavily, and later reschedule foreign debt payments; Iraq
suffered economic losses of at least $100 billion from the war. After
the end of hostilities in 1988, oil exports gradually increased with
the construction of new pipelines and restoration of damaged
facilities. Iraq's seizure of Kuwait in August 1990, subsequent
international economic sanctions, and damage from military action by
an international coalition beginning in January 1991 drastically
reduced economic activity. 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.
The implementation of the UN's oil-for-food program in December 1996
has helped improve economic conditions. For the first six six-month
phases of the program, Iraq was allowed to export limited amounts of
oil in exchange for food, medicine, and other humanitarian goods. In
December 1999, the UN Security Council authorized Iraq to export under
the oil-for-food program as much oil as required to meet humanitarian
needs. Oil exports are now about three-quarters their prewar level.
Per capita food imports have increased significantly, while medical
supplies and health care services are steadily improving. Per capita
output and living standards are still well below the prewar level, but
any estimates have a wide range of error.

GDP: purchasing power parity - $59.9 billion (1999 est.)

GDP - real growth rate: 13% (1999 est.)

GDP - per capita: purchasing power parity - $2,700 (1999 est.)

GDP - composition by sector:
agriculture: 6%
industry: 13%
services: 81% (1993 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 135% (1999 est.)

Labor force: 4.4 million (1989)

Labor force - by occupation: agriculture NA%, industry NA%, services
NA%

Unemployment rate: NA%

Budget:
revenues: $NA
expenditures: $NA, including capital expenditures of $NA

Industries: petroleum, chemicals, textiles, construction material