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Iraq
ECONOMY
Gross Domestic Product (GDP): estimated at US$35
billion in 1986; in 1987 GDP estimated to have a 1.7 percent real
growth rate, after negative growth rates 1981-86. Following outbreak
of war with Iran in 1980, oil production decreased sharply.
Currency: 1,000 fils = 20 dirhams = 1 Iraqi
dinar (ID). (For value of Iraqi dinar--see Glossary). Data on
financial status of Iraq is meager because Central Bank of Iraq,
which is main source of official statistics, has not released
figures since 1977.
Oil Industry: Contribution to GDP in 1986 estimated
at 37.5 percent. Production of crude oil averaged nearly 2.1 million
barrels per day (bpd--see Glossary) in 1987; estimated at nearly
2.5 million bpd in 1988; oil exports in 1987 estimated at 1.7
million bpd; oil revenues in 1987 estimated at US$11.3 billion.
Oil reserves in late 1987 calculated at 100 billion barrels definite
and 40 billion additional barrels probable. Natural gas production
in 1987 estimated at 7 million cubic meters; an estimated 5 million
cubic meters burned off and remainder marketed. Natural gas reserves
of nearly 850 billion cubic meters.
Manufacturing and Services: Contribution of
services (including construction, estimated at 12 percent) to
GDP in 1986 estimated at 49 percent; mining and manufacturing
contributed about 6 percent. Government figures put value of industrial
output in 1984 at almost ID2 billion (for value of Iraqi dinar--
see Glossary), up from about ID300 million in 1968. Principal
industries nonmetallic minerals, textiles, food processing, light
manufacturing, with combination of government and government and
private-owned plants. Construction is estimated to employ about
20 percent of civilian and military labor force (because much
construction is defense related, figures are lacking). Government
figures showed 1984 industrial labor force at 170,000, with 80
percent of workers in state factories, 13 percent in private sector,
and 7 percent in mixed sector.
Agriculture: Accounted for about 7.5 percent
of GDP in 1986; employed about 33 percent of the labor force in
1987. Cereal production increased almost 80 percent between 1975
and 1985; wheat and barley main crops. Date production dropped
sharply because of war damage to date palms.
Exports: About US$12 billion (including crude
oil) in 1987. Crude oil, refined petroleum products, natural gas,
chemical fertilizers, and dates were major commodities.
Imports: About US$7 billion in 1987. Government
import statistics in 1984 showed 34.4 percent capital goods, 30
percent raw materials, 22.4 percent foodstuffs, and 12.5 percent
consumer goods.
Major Trade Areas: Exports (in order of magnitude)
in 1986 mainly to Brazil, Spain, and Japan. Imports (in order
of magnitude) in 1986 mainly from Japan, Turkey, Federal Republic
of Germany (West Germany), Italy, and Britain.
Data as of May 1988
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