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IraqIraq Observer

Iraq is bounded on the east by Iran, on the north by Turkey, on the west by Syria and Jordan, and in the south by Saudi Arabia and Kuwait. Most Iraqis speak Arabic, although Kurdish is also used, especially in the northern part of the country.

The country has arid desert land to the west of the Euphrates, a broad and fertile central valley between the Euphrates and the Tigris, and mountains in the northeast.

Two-thirds of the Iraqi economy is powered by oil production. Various estimates indicate that Iraq has approximately 141 billion barrels of oil, which makes it one of the largest reserves in the world. Existing oil fields are widely dispersed throughout fields in the south of the country, currently producing the highest output.

Iraq also has significant gas reserves, usually found in conjunction with oil. Significant amount of these remains untapped, but could be exported or used to provide a significant and sustainable energy source for electricity production with the view to drive new domestic manufacturing industry.

Apart from hydrocarbons, Iraq’s other natural resources include phosphates, and sulphur. Agriculture has historically been of a great economic importance for Iraq. Farm management, animal husbandry, and pasture improvement, with livestock including cattle, sheep, goats and poultry, are important industries. Government of Iraq is currently focused on modernisation of the agriculture sector as a crucial step forward in developing a diversified economy.

Iraq is a founding member of the UN, OPEC and the Arab League.

Photo: Erbil

Major Indicators

Land ( 435,050
Population (inhabitants) 38,433,600
Capital Baghdad
Continent Middle East
Language(s) Arabic (official), Kurdish
National currency Iraqi Dinar
Time Zone GMT+3
Labor force (inhabitants) 9,771,303
GDP (current billion US$) 225.91
GDP per capita (current US$) 5,878.04
GDP growth (percentage) 0.63
Exports of Goods and Services (current billion US$) 43.61
Proven natural gas reserves (billion c.m.) 3,729
Natural gas marketed production (billion c.m.) 10.79
Domestic natural gas consumption (billion c.m.) 9.68


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