Middle East - IRAQ



Country Profile:

Straddling the Tigris and Euphrates rivers and stretching from the Gulf to the Anti-Taurus Mountains, modern Iraq occupies roughly what was once ancient Mesopotamia, one of the cradles of human civilisation. Iraq’s economy has been dominated by the oil sector which has traditionally provided around 95% of its foreign exchange earnings. Before 2003 economic development was hindered by limitations on privatisation. Since then security problems have blocked efforts to establish new enterprises. The Central Bank has been successful in controlling inflation through the appreciation of the dinar against the dollar. Future issues vital to Iraq’s success include internal security improvement, structural reforms (such as banking reconstruction), reducing corruption and developing the private sector.

Main Trade Partners:

USA, Canada, China, Spain, Italy, Netherlands, France, Turkey, Syria, Jordan

Main Industries:

Petroleum, Chemicals, Fertilizer, Food Processing, Textiles, Cement


28,221,180 (July 2008 CIA World Factbook est.)


437,072 sq. km.


102.3 bn. (2007 IMF est.)

GDP Real Growth Rate:

5.0% (2007 CIA World Factbook est.)

GDP per Capita:

$3,600 (2007 IMF est.)

GDP per Sector:

Services 27.0%, Industry 68.0%, Agriculture 5.0% (2006 CIA World Factbook est.)

Stock Market Capitalisation:


Exchange Rate:

1 Iraqi Dinar = 0.000843 US$ (September 2008) 1 US $ = 1,185 Iraqi Dinars

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