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Formerly part of the Ottoman Empire, Iraq was occupied by the United Kingdom during the course of World War I; in 1920, it was declared a League of Nations mandate under UK administration. In stages over the next dozen years, Iraq attained its independence as a kingdom in 1932. A "republic" was proclaimed in 1958, but in actuality a series of strongmen ruled the country until 2003. The last was SADDAM Husayn from 1979 to 2003. Territorial disputes with Iran led to an inconclusive and costly eight-year war (1980-88). In August 1990, Iraq seized Kuwait but was expelled by US-led UN coalition forces during the Gulf War of January-February 1991. Following Kuwait's liberation, the UN Security Council (UNSC) required Iraq to scrap all weapons of mass destruction and long-range missiles and to allow UN verification inspections. Continued Iraqi noncompliance with UNSC resolutions over a period of 12 years led to the US-led invasion of Iraq in March 2003 and the ouster of the SADDAM Husayn regime. US forces remained in Iraq under a UNSC mandate through 2009 and under a bilateral security agreement thereafter, helping to provide security and to train and mentor Iraqi security forces.

Location

Middle East, bordering the Persian Gulf, between Iran and Kuwait

Natural Resources

petroleum, natural gas, phosphates, sulfur

Population - distribution

population is concentrated in the north, center, and eastern parts of the country, with many of the larger urban agglomerations found along extensive parts of the Tigris and Euphrates Rivers; much of the western and southern areas are either lightly populated or uninhabited

29671605
Arabic (official), Kurdish (official), Turkmen (a Turkish dialect), Syriac (Neo-Aramaic), and Armenian are official in areas where native speakers of these languages constitute a majority of the population)
BAGHDAD (capital) 6.643 million; Mosul 1.694 million; Erbil 1.166 million; Basra 1.019 million; As Sulaymaniyah 1.004 million; Najaf 889,000 (2015)
Conventional long form
Republic of Iraq
Conventional short form
Iraq
Local long form
Jumhuriyat al-Iraq/Komar-i Eraq
Local short form
Al Iraq/Eraq
federal parliamentary republic
Name
Baghdad
Geographic coordinates
33 20 N, 44 24 E
Time difference
UTC+3 (8 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Iraq's GDP grew by more than 10% in 2016, the best performance in the past decade, because of rising oil prices, a significant driver of Iraqi GDP. During 2016, security and financial stability throughout Iraq began to improve as Iraqi Security Forces made gains against the ongoing insurgency and oil prices slowly rose. The Iraqi Government entered into a Stand-By Arrangement (SBA) with the IMF in July 2016, which helped stabilize its finances by encouraging improved fiscal management, needed economic reform, and expenditure reduction. Iraq passed its first SBA review in December 2016, and additional progress on the program is critical to its long-term fiscal health. Diversification efforts – a key component to Iraq’s long-term economic development – require a strengthened investment climate to bolster private-sector engagement. Sustained improvements in the overall standard of living depend heavily on global oil prices, the central government passage of major policy reforms, and progress in the conflict with ISIL.
Inflation
1.393%
Total tax rate (% of commercial profits)
27.8%
Real Interest Rate
53.543%
Manufacturing, value added (% of GDP)
1.707%
Current Account Balance
US$ 4,121,300,000
Labor Force, Total
9,414,921
Employment in Agriculture
23.42%
Employment in Industry
18.23%
Employment in Services
58.34%
Unemployment Rate
16.05%
Imports of goods and services
US$ 67,321,423,689
Exports of goods and services
US$ 55,834,830,626
Total Merchandise Trade
53.44%
FDI, net inflows
US$ 3,316,300,000
Commercial Service Exports
US$ 6,141,900,000
wheat, barley, rice, vegetables, dates, cotton; cattle, sheep, poultry
petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing
Commodities
crude oil 99%, crude materials excluding fuels, food, live animals
Partners
China 22.8%, India 20.4%, South Korea 11.3%, US 7.8%, Italy 6.7%, Greece 6.1% (2015)
Commodities
food, medicine, manufactures
Partners
Turkey 20.3%, Syria 19.2%, China 18.8%, US 4.7%, Russia 4.3% (2015)
Country Risk Rating
E
The highest-risk political and economic situation and the most difficult business environment. Corporate default is likely.
Business Climate Rating
E
The highest possible risk in terms of business climate. Due to a lack of available financial information and an unpredictable legal system, doing business in this country is extremely difficult.
  • Fifth largest proven crude oil reserves in the world
  • Significant political tensions between different ethnic and religious minorities and the Shiite majority in power
  • Risk of a split from autonomous Kurdistan, an important contributor to the oil sector
  • Cost of reconstruction following the armed conflict weighing on government finances
  • Low weight of the private non-hydrocarbon sector in GDP

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