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Information About Iraq |
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Iraq's economy is dominated by the oil sector, which has traditionally provided about 95% of foreign exchange earnings.
There have been attempts by the international community to improve and repair the infrastructure of Iraq in the aftermath of the 2003 invasion, when much was destroyed.
Iraq was governed, after the 2003 invasion, by the Coalition Provisional Authority and, after June 28, 2004 by a series of Iraq-led governments During this period efforts were made to repair and replace damaged Iraqi infrastructure, including: water supply systems, sewage treatment plants, electricity production, hospitals and health clinics, schools, housing, and transportation systems.
Reconstruction efforts have also encompassed the promotion of economic development and government institutions such as the criminal justice system.
Decreasing insurgent attacks and an improving security environment in many parts of the country are helping to spur economic activity. Iraq's economy is dominated by the oil sector, which has traditionally provided over 90% of foreign exchange earnings. Oil exports are around levels seen before Operation Iraqi Freedom.
General information about Iraq |
| Capital |
: Baghdad
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Official Languages
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: Arabic Kurdish
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Government
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: Developing Parliamentary Republic
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President
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: Jalal Talabani
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Prime Minister
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: Nouri Al-Maliki
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Total Area
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: 438.317km²
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Population
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: 2009 Estimate- 31.234.000
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Ethnic Groups
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: Arab 75%-80%, Kurdish 15%-20%, Turkoman, Assyrian, or other %5
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GDP
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: 2009 Estimate- $ 114.151 Billion
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GDP per capita
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: $ 3.655
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GDP Nominal
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: 2009 Estimate- $ 68.553 Billion
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GDP Nominal per capita
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: $ 4000
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GDP Composition by Sector
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: Agriculture 5%, Industry 68%, Services 27%
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Labor Force
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: 2008 Estimate: 7.74 Million
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Industries
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: petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing
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Agriculture products
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: wheat, barley, rice, vegetables, dates, cotton; cattle, sheep, poultry
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Currency
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: Ýraqi Dinar
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| Calling Code |
: +964 |
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This legislation includes a hydrocarbon law to establish a modern legal framework to allow Iraq to develop its resources and a revenue sharing law to equitably divide oil revenues within the nation, although both are still under contentious political negotiation. Some foreign entities have expressed interest in reinvigorating Iraq's industrial sector.
The government of Iraq is pursuing a strategy to gain foreign participation in joint ventures with State-owned enterprises. Provincial Councils are also using their own budgets to promote and facilitate investment at the local level. The Central Bank has been successful in controlling inflation through appreciation of the dinar against the US dollar. However, Iraq's challenge will be to use macroeconomic gains to improve the lives of ordinary Iraqis. Reducing corruption and implementing structural reforms, such as bank restructuring and developing the private sector, will be key to Iraq's economic success.
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