Journal Issue
Share
Article

Iraq

Author(s):
International Monetary Fund
Published Date:
August 2005
Share
  • ShareShare
Show Summary Details
Table 1.Iraq: Gross Domestic Product at Current Prices, 1997–2003

(In billions of ID, unless otherwise indicated)

1997199819992000200120022003
Economic activity
Agriculture, hunting, forestry, and fishing1,337,5771,961,7792,602,2122,697,2663,294,8023,728,2592,582,601
Mining, crude oil, and quarrying11,154,59511,749,02126,930,70641,850,17630,691,9942,93520,372,405
Crude oil11,152,80811,746,24326,926,75441,834,91230,675,27129,021,398203,497
Other mining1,7882,7783,95215,26416,72323,16422,633
Manufacturing98,440147,485201,635455,995640,760624,346514,297
Electricity and water11,10718,62223,03037,228610,83759,82026,405
Construction26,04440,23664,33593,307228,309673,870220,915
Wholesale and retail trade, restaurants, and hotels746,2561,051,5221,421,2941,654,2262,073,9472,545,8562,426,115
Transport, storage, and communications1,068,9521,393,2042,056,6792,390,5072,570,2973,238,2872,745,802
Finance, insurance, real estate, and business services260,568266,235317,490354,71642.5647.2477,603386,986
Finance and insurance services84,91786,753132,165161,939221,861255,212160,787
Real estate175,651179,482185,325192,777203,786222,391226,199
Community, social, and personal services263,205329,181474,296394,407409,167452,811526,722
Producers of government services152,767215,691287,701366,853385,244593,726325,323
Gross domestic product at current factor costs15,119,51117,172,97634,479,37750,294,68140,905,35741,439,13930,127,571
Less: Imputed bank service charge76,64777,959119,164145,540178,720219,737138,438
Gross domestic product at current factor cost15,042,86417,095,01734,360,21350,149,14140,726,63641,219,40229,989,133
Plus: Indirect taxes-165,371-135,6742,022,126-244,926-4,198,909-4,095,912-5,326,054
Gross domestic product at market prices14,877,49316,959,34336,382,33949,904,21636,527,72737,123,49024,663,079
Oil GDP at market prices10,976,04411,602,86328,417,04741,525,27027,392,45025,998,98616,677,290
Non-oil GDP at market prices3,901,4495,356,4807,965,2928,378,9459,135,27711,124,5047,985,789
Sources: Authorities data and Fund staff estimates.
Sources: Authorities data and Fund staff estimates.
Table 2.Iraq: Gross Domestic Product at Constant 1998 Prices, 1997–2003

(In billions of ID, unless otherwise indicated)

1997199819992000200120022003
Economic activity
Agriculture, hunting, forestry, and fishing4,3324,6985,4385,1906,4945,7663,945
Mining, crude oil, and quarrying12,67020,95625,32425,90025,70122,12213,939
Crude oil12,65620,94725,31129,87825,67622,09813,917
Other mining14101323252422
Manufacturing1,8221,8411,9511,8642,0351,7401,244
Electricity and water345328304305359382326
Construction5071901353391,078258
Wholesale and retail trade, restaurants, and hotels1,0281,2621,5151,6801,8101,8621,338
Transport, storage, and communications1,4721,6722,1922,4272,2432,3681,514
Finance, insurance, real estate, and business services9869981,0611,1111,1671,1891,120
Finance and insurance services117104141164194186.689
Real estate8698949209469741,0021,031
Community, social, and personal services295304313322331341351
Producers of government services3,7543,7773,7993,8223,8453,8682,089
Gross domestic product at constant factor costs26,75435,90741,98742,75544,32440,71626,124
Leas: Imputed bank service charge1069412714815616176
Gross domestic product at current factor cost26,64835,81341,86042,60744167..640,55526,048
Plus: Indirect taxes-293-2842,464-208-4,554-4,030-4,626
Gross domestic product at constant market prices26,35535,52944,32342,39939,61436,52521,422
Oil GDP at constant market prices12,48220,73626,73325,68522,94819,82411,430
Non-oil GDP at constant market prices13,87414,79317,59016,71416,66616,7029,992
GDP real growth (in percent)34.824.8-4.3-6.6-7.8-41.4
Oil GDP real growth (in percent)66.128.9-3.9-10.7-13.6-42.3
Non-oil GDP real growth (in percent)6.618.9-5.0-0.30.2-40.2
Sources: Authorities data and Fund staff estimates.
Sources: Authorities data and Fund staff estimates.
Table 3.Iraq: Crude Oil Production, 2004

(In thousands of barrels)

Total productionJanuary65,150
February60,205
March67,363
April64,242
May58,958
June50,855
July59,678
August57,300
September67,909
October65,514
November53,459
December67,307
Total737,940
Southern oilJanuary51,966
February47,662
March53,214
April49,325
May44,119
June42,685
July50,834
August42,634
September51,791
October50,652
November41,432
December55,420
Total581,734
Northern oil companyJanuary13,184
February12,543
March14,149
April14,917
May14,839
June8,170
July8,844
August14,666
September16,118
October14,862
November12,027
December11,887
Total156,206
Source: Authorities data.
Source: Authorities data.
Table 4.Iraq: Electricity-Average Monthly Production, 2001–04

(In megawatts)

2001200220032004
Jan3,3663,9324,4633,306
Feb3,4773,7934,4313,545
Mar2,9213,2313,8523,384
Apr2,8613,2807113,048
May3,1273,8042,1363,135
Jun3,7204,3882,8183,621
Jul4,0054,6012,9293,995
Aug4,1774,7663,0184,304
Sep3,8884,2733,1074,119
Oct3,2834,0043,2654,130
Nov3,2203,7592,9383,247
Dec3,4884,1322,9763,320
Total41,53347,96336,64443,154
Sources: Authorities data.
Sources: Authorities data.
Table 5.Iraq: Cement Production, 2000–04

(In tons)

White CementNormal CementResistent CementTotal
2001157,6193,760,6861,549,4355,467,740
2002174,8684,897,5212,098,6047,170,993
200354,1101,250,517523,3521,827,979
200414,789352,61993,981461,389
Source: Authorities data.
Source: Authorities data.
Table 6.Consumer Price Index, 2004–05

(Percentage change)

1993 CPI20042005
weightsJan.Feb.Mar.Apr.Cumulative
CPI total100.031.713.9-2.5-6.02.36.9
Tradeables81.63.325.7-6.7-13.21.83.6
Nontradeables18.471.33.91.90.82.89.6
Tradeables
Food63.22.25.84.04.06.722.0
Tobacco and alcohol3.5-17.412.7-2.5-5.2-5.4-1.4
Cloths and fabrics9.7-9.0-3.35.0-2.60.9-0.2
Furniture3.1-6.50.80.30.64.05.7
Fuel and light2.111.480.1-22.9-46.8-15.0-37.2
Nontradeables
Transportation and communication4.917.60.62.0-1.92.83.5
Medical services and medicine1.59.75.10.61.23.010.2
Miscellaneous commodities and services0.514.51.93.60.09.715.8
Rent11.590.54.12.01.02.710.1
Tradeables3.325.7-6.7-13.21.83.6
Contributions of:
Food1.43.62.12.44.113.9
Tobacco and alcohol-0.20.10.00.00.00.0
Cloths and fabrics-0.7-0.20.2-0.10.10.0
Furniture-0.20.00.00.00.10.1
Fuel and light2.922.2-9.1-15.4-2.6-10.3
Nontradeables71.33.91.90.82.89.6
Contributions of:
Transportation and communication2.00.00.1-0.10.20.3
Medical services and medicine1.20.40.10.10.20.8
Miscellaneous commodities and services0.10.00.00.00.10.1
Rent67.93.41.60.82.38.4
Source: Authorities data.
Source: Authorities data.
Table 7.Iraq: Exchange Rate, 2003–04

(In dinar per US dollar)

Average exchange

rate in dinar per

US dollar
Amount bought

by the Central Bank

of Iraq at auction

in millions of US dollars
Amount sold

by the Central Bank

of Iraq at auction

in millions of US dollars
2003October1,949400.017.8
November1,975300.0152.0
December1,764201.2123.4
2004January1,482513.916.0
February1,413402.7157.3
March1,419651.9401.8
April1,440614.1366.7
May1,461951.9367.4
June1,458600.5239.1
July1,4601,600.0382.6
August1,460550.6509.5
September1,46112,500.6622.0
October1,460850.81,210.5
November1,4602,354.31,189.5
December1,460511.2645.9
Source: Authorities data.
Source: Authorities data.
Table 8.Iraq: Interest Rates, 2002–04

(In percent)

200220032004
Dec.Jan.Feb.Mar.Apr.MayJun.Jul.Aug.Sep.Oct.Nov.Dec.
Ministry of Finance
Treasury bills6.06.46.46.46.46.46.46.46.85.33.62.91.16.0
Overdraft20.014.012.612.011.011.011.0
Central Bank of Iraq (CBI)
Policy rate6.06.06.06.06.0
Primary credit rate8.08.08.08.08.0
Secondary credit rate9.09.09.09.09.0
Lender of last resort9.59.59.59.59.5
Overnight deposits4.04.04.04.04.0
Commercial banks rates
ID bank deposits (one year fixed)9.09.09.09.08.48.08.08.08.08.08.18.08.08.0
FX bank deposits (one year fixed)4.54.03.84.04.04.74.24.04.0
ID bank loans (1-5 years)15.015.015.015.013.213.512.312.812.813.013.013.013.013.0
FX bank loans (1-5 years)8.89.08.88.89.18.68.38.58.6
Source: Authorities data.
Source: Authorities data.
Table 9.Iraq: Central Bank Survey, 2003–05

(In billions of ID, unless otherwise indicated)

200320042005
Dec.Dec.Jan.Feb.Mar.
Net foreign exchange assets 1/1,60010,74312,17612,96611,247
Foreign exchange assets1,91611,53812,96713,76512,045
Gold 2/114115117119117
Other1,80311,42212,85113,64511,928
CBI Vaults1,80310,36111,80912,60110,886
SDR Account01,0611,0421,0441,042
Foreign exchange liabilities-316-795-792-799-798
Of which: IMF liabilities-637-637-637-637
Net domestic assets4,0381,4857291,0981,675
Domestic assets3,6984,3452,6812,9163,494
Net claims on general government3,6984,3362,6722,9073,338
Holdings of treasury bills2,8742,5892,5892,5892,528
Holdings of discounted treasury bills206709709709707
Overdrafts9091,6371,8511,8211,821
Domestic currency deposits-15-596-849-443-715
Foreign currency deposits-276-3-1,628-1,769-1,003
Claims on nonbank public institutions00000
Claims on commercial banks0.08.78.88.9155.6
Monetary policy instruments 3/0.00.00.00.0-1,639
Other items net339-2,859-1,952-1,818-180
Base money5,63812,22812,90414,06412,922
Currency outside banks2,6067,1637,5788,2788,561
Currency issued4,5868,0218,3619,1229,463
less cash in vaults of commercial banks1,980858784844903
Banks reserves1,0524,2084,5434,9423,459
Required7172,2872,2872,2851,390
Excess3351,9212,2562,6572,069
Memorandum items:
Base money (annual growth, in percent)116.95.515.05.7
Currency issued (annual growth, in percent)74.94.313.718.0
Gross foreign exchange assets (in millions of U.S. dollars)1,1347,9028,8829,4218,239
Gold6779808280
CBI vaults1,0677,0978,0888,6257,446
Deposits at state banks00000
IMF disbursement0727713715713
Foreign exchange liabilities (in millions of U.S. dollars)-187-544-542-547-547
Net foreign exchange assets (in millions of U.S. dollars)9477,3588,3398,8747,692
Exchange rate (end-period) (in ID per dollar)1,6901,4601,4601,4611,462
Gross foreign exchange assets/base money (in percent)34.094.4100.597.993.2
Claims on banks/base money (in percent)0.00.10.10.11.2
Bank reserves3,0325,0655,3275,7864,362
Base money coverage (in percent)28.487.994.492.287.0
Currency in circulation/base money (in percent)46.258.658.758.966.2
Sources: Authorities data, and Fund staff calculations.

Valued at market exchange rates.

Valued at historic or market price, whichever is lower.

This mainly represents the ID and US$ overnight standing deposit facilities.

Sources: Authorities data, and Fund staff calculations.

Valued at market exchange rates.

Valued at historic or market price, whichever is lower.

This mainly represents the ID and US$ overnight standing deposit facilities.

Table 10.Iraq: Government and Oil Sector Accounts by Source (Economic Classification), 2004

(In billions of ID)

BudgetOFFP 1/OilDonorsTotal
enterprises 2/
Revenues and grants25,7967993,42430,018
Revenues25,796799026,595
Crude oil export revenues25,3260025,326
Revenues of oil-related state owned enterprises07990799
Tax revenues16000160
Direct taxes780078
Indirect taxes810081
Non-tax revenues31000310
Grants003,4243,424
Expenditures35,0395,9917903,42445,243
Operating expenditures29,9723,7497902,40936,921
Salary and pension4,5320004,532
Goods and Services (non-oil sector) 3/6,9851,62302,40911,017
Goods and Services (oil sector)4,823079005,612
Transfers11,9592,1260014,085
Social safety net3,8292,126005,956
Transfers to SOEs1,2370001,237
Transfers to Kurdish area6,7820006,782
Others111000111
Interest payments369000369
War reparations1,3040001,304
Investment expenditures5,0662,24201,0148,323
Non-oil investment expenditures4,0871,08409646,135
Oil investment expenditures (including on refinerie9801,1580502,188
Overall balance-9,243-5,99190-15,225
Total financing8,9745,9920014,965
External financing10,1775,9920016,169
Reimbursement of arrears670000670
Domestic financing-533000-533
Residual2690-90260
Sources: Authorities data and Fund staff estimates.

Expenditure related to letters of credit financed under the oil-for-food program administered by the UN.

Expenditure of oil related state-owned enterprises financed from their own resources.

Includes overhead costs and security spending associated with projects financed by donors.

Sources: Authorities data and Fund staff estimates.

Expenditure related to letters of credit financed under the oil-for-food program administered by the UN.

Expenditure of oil related state-owned enterprises financed from their own resources.

Includes overhead costs and security spending associated with projects financed by donors.

Table 11.Iraq: Government Recurrent Expenditure by Source (Administrative Classification), 2004

(In billions of ID)

BudgetOFFP 1/OilDonorsTotal
enterprises 2/
Financial Surveillance Office70007
Ministry of Foreign Affairs1000010
Ministry of Finance22,68500022,685
Ministry of Internal Affairs630376001,006
Ministry of Labor and Social Affairs3570042
Ministry of Health57732700904
Ministry of Security and National Defense24500347592
Ministry of Justice6700308375
Ministry of Education1,05972001,131
Ministry of Youth and Sports11270038
Ministry of Trade62,340002,346
Ministry of Culture1000010
Ministry of Transportation1200012
Ministry of Public Works and Municipalities7400074
Ministry of Housing and Construction5000050
Ministry of Agriculture6441900483
Ministry of Financial Resources6800068
Ministry of Petroleum354079001,144
Ministry of Planning and Development Cooperation1400014
Ministry of Industry and Mining80008
Minintry of Higher Education and Academic Research25810400363
Ministry of Religious Endowments & Religious Affairs2200022
Baghdad Secretariat8110019
Ministry of Electricity49002676
Ministry of Science and Technology3200032
Ministry of Communications10001
Ministry of the Environment50005
Ministry of Immigration and Emigration30003
Ministry of Human Rights20002
Council of Justice70007
Council of Judges (General Secretariat)1000010
Unclassified 3/3,5916601,7285,384
Total29,9723,7497902,40936,920
Sources: Authorities data and Fund staff estimates.

Expenditure related to letters of credit financed under the oil-for-food program administered by the UN.

Expenditure of oil related state-owned enterprises financed from their own resources.

Includes overhead costs and security spending associated with projects financed by donors.

Sources: Authorities data and Fund staff estimates.

Expenditure related to letters of credit financed under the oil-for-food program administered by the UN.

Expenditure of oil related state-owned enterprises financed from their own resources.

Includes overhead costs and security spending associated with projects financed by donors.

Table 12.Iraq: Government Capital Expenditure by Source (Administrative Classification), 2004

(In billions of ID)

BudgetOFFP 1/DonorsTotal
Financial Surveillance Office4004
Ministry of Foreign Affairs6006
Ministry of Finance71500715
Ministry of Internal Affairs20300203
Ministry of Labor and Social Affairs8008
Ministry of Health710879
Ministry of Security and National Defense64703831,031
Ministry of Justice140014
Ministry of Education100010
Ministry of Youth and Sports7007
Ministry of Trade3003
Ministry of Culture110011
Ministry of Transportation472390286
Ministry of Public Works and Municipalities121910212
Ministry of Housing and Construction85160101
Ministry of Agriculture140014
Ministry of Financial Resources850085
Ministry of Petroleum9801,158502,190
Ministry of Planning and Development Cooperation370037
Ministry of Industry and Mining141042
Minintry of Higher Education and Academic Research260026
Ministry of Religious Endowments & Religious Affairs8008
Baghdad Secretariat0000
Ministry of Electricity1,3516792702,300
Ministry of Science and Technology8008
Ministry of Communications2117038
Ministry of the Environment1001
Ministry of Immigration and Emigration2002
Ministry of Human Rights1001
Council of Justice0000
Council of Judges (General Secretariat)2002
Unclassified5770303880
Total5,0662,2421,0148,323
Sources: Authorities data and Fund staff estimates.

Expenditure related to letters of credit financed under the oil-for-food program administered by the UN.

Sources: Authorities data and Fund staff estimates.

Expenditure related to letters of credit financed under the oil-for-food program administered by the UN.

Table 13.Iraq: Balance of Payments, 2004 1/

(In millions of U.S. dollars, unless otherwise indicated)

Trade balance-1,788
Exports17,782
Crude oil17,329
Other exports (including petroleum products other than crude oil)452
Imports 2/-19,569
Government imports-13,761
UN Oil for Food Program (OFFP)-3,488
Other consumption imports (non-OFFP)-3,843
Other non-oil related capital imports (non-OFFP)-2,352
Oil-related capital imports-1,429
Refined oil products-2,648
Private sector imports-5,809
Of which: refined oil products0
Income, net 3/-5,381
Services, net 2/-4,257
Transfers, net1,979
Private, net (incl. NGOs)500
Official1,479
Receipts2,345
Payments-866
Current Account-9,447
Capital Account0
Financial Account10,842
Direct investment200
Other capital, net10,642
Official, net10,835
Assets10,835
Liabilities0
Loan disbursements0
Amortization0
Private, net-193
Errors and omissions178
Overall balance1,573
Financing-1,573
Central bank (increase -)-6,768
Reserves (net; increase -)-6,332
Liabilities (increase +)436
Fund credit (net)436
Disbursement436
Repayments0
Deferred accrued interest 4/5,380
Change in arrears (net, decrease -) 5/-35,858
Debt forgiveness 6/35,673
Memorandum items:
Central Bank reserves7,902
Central Bank reserves (in months of imports of goods and services)3.2
Sources: Iraqi authorities and staff estimates.

Excludes U.S. military spending in Iraq.

Goods imports exclude freight and insurance, which are included in services. Goods imports in the EPCA include freight and insurance.

Includes interest accrued, deferred, and capitalized.

Estimates accrued interest on existing stock of debt prior to Paris Club agreement.

Includes debt forgiveness and clearance of arrears on multilateral debt.

Reflects the first tranche of debt reduction (30 percent) at end 2004 as per Paris Club agreement of November 21, 2004, and assumes comparable debt reduction from non-Paris Club creditors.

Sources: Iraqi authorities and staff estimates.

Excludes U.S. military spending in Iraq.

Goods imports exclude freight and insurance, which are included in services. Goods imports in the EPCA include freight and insurance.

Includes interest accrued, deferred, and capitalized.

Estimates accrued interest on existing stock of debt prior to Paris Club agreement.

Includes debt forgiveness and clearance of arrears on multilateral debt.

Reflects the first tranche of debt reduction (30 percent) at end 2004 as per Paris Club agreement of November 21, 2004, and assumes comparable debt reduction from non-Paris Club creditors.

Table 14.Iraq: Oil Exports, 2003–04
In millions of U.S.

dollars
In barrelsIn millions of

barrels per day
In U.S. dollars per

barrel
2003July225
August332
September508
October757
November811
December1,286
Total3,921
2004January1,24847,260,6641.5226.39
February1,15743,930,7641.4226.48
March1,29243,337,9271.4027.46
April1,55252,871,8501.7128.66
May1,47746,766,5721.5130.34
June1,41143,719,5511.4131.70
July1,32640,583,0271.3131.28
August1,42940,057,8751.2934.01
September1,51543,505,1331.4034.83
October1,93750,344,2841.6238.19
November1,74446,813,2561.5139.14
December1,24241,662,7041.3430.72
Total17,329540,853,6071.4531.60
Source: Authorities data.
Source: Authorities data.
Table 15.Iraq: Non-Oil Exports, 2004

(F.O.B., in thousand of U.S. dollars)

Q1Q2Q3Q42004
Dates1,4303081,34852,51355,599
Books07,284047,288
Habaya7592,1191,4934264,797
Clover03,2421,2631724,677
Skins668371,1772,5014,581
Pig Iron2,2571,26014193,667
Mash bean1983276262,2813,432
Wool2931,9065704593,228
Cotton1,8535750132,441
Licorice roots181,465315342,048
Painting solvent251571,3631161,661
Bulgur wheat2823083451441,078
Rice045604334983
Sesame1092130591913
Dried clover0204122582909
Thinner2391005620901
Cheese99115255320788
Wood767000767
Cement561000561
Date molasses2797846150553
Fertilizer0503018521
Aniseed0040413417
Paints025257105388
Truffle384000384
Corn029070297
Cotton seeds87350103224
Ink solvent00122100222
Canning machines1801100191
Broad bean17160135168
Silvanos Acid001660166
Seeds001510151
Sulfur1200117129
Other commodities4332783671191,198
Total10,34821,70011,42161,860105,329
Sources: Authorities data and Fund staff calculations.
Sources: Authorities data and Fund staff calculations.
Table 16.Iraq: Exports by Countries of Destination and SITC Classification

(In millions of U.S. dollars)

20032004
Total exports10,08217,782
By countries of destination
Arab countries8871,557
North and South American countries7,17910,792
European Union countries1,3413,127
Other European countries101132
Asian countries2822,155
Other countries29220
By SITC classification
SITCDescription
0Food and live animals50436
1Beverages and tobacco00
2Crude materials, inedible, except fuels80753
3Mineral fuels, lubricants, and related materials8,45917,675
4Animal and vegetable oils, fats, and waxes500
5Chemicals and related products1010
6Manufactured goods classified chiefly by materials9118
7Machinery and transport equipment100
8Miscellaneous manufactured articles600
9Commodities not classified anywhere in the SITC00
Source: Authorities data.
Source: Authorities data.

Other Resources Citing This Publication