According to Dinar Guru Iraq’s economy and overall financial condition are getting better. After severe condition for several years and the loss of billions of dollars during that time, Iraq has now thought of reviving the condition once again. The country is trying many existing policies for earning annual revenue. It has made some new policies also, to make the financial condition better.
Iraqi currency is not very well established. Iraq needs time to establish its economy and Iraqi Dinar once again. Currently the GDP has grown to 130.5 billion dollars in the year 2012. The growth rate is recorded more than 10 percent in the every year. The rate of inflation has remained 6%, where more than 25% people live under the poverty line. These statistics are somehow satisfactory as compared to the decade of the 90s. Iraq is also planning new foreign relations to establish the export. The main industries Iraq is focused on being, petroleum, medicine, food, metal processing, leather, textile, tourism and the industry of construction.
Iraq is establishing relations with other countries to take benefit from these industries. It has succeeded very much but it is difficult to say the condition of the economy is under control. The reason is of limited resources.
The main industry that is earning revenue is the crude oil industry with playing currently more than 85% export. The overall export was recorded at more than 88 billion in the year 2012. Other export items include live animals, crude materials and food. These industries are playing 15% part in export.
Iraq has strengthened export relationships with many countries. Currently the export partners of Iraq include USA, Italy, India, Korea, China and Spain. USA is the biggest export partner right now with over 21% of export partnership with Iraq. Right now the expenses of the country are over 82 billion and the earning per year is almost 69 billion dollars. Iraq will start to grow in the right direction when the expanses will be less than earnings.
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