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==Economy==
==Economy==
[[Image:Iraq oil 2003.jpg|right|200px|thumb|Location of principle oil fields]]
Historically, Iraq's economy was characterized by a heavy dependence on oil exports and an emphasis on development through central planning. Prior to the outbreak of the war with Iran in September 1980, Iraq's economic prospects were bright. Oil production had reached a level of 3.5 million barrels per day, and oil revenues were $21 billion in 1979 and $27 billion in 1980. At the outbreak of the war, Iraq had amassed an estimated $35 billion in foreign exchange reserves.
Historically, Iraq's economy was characterized by a heavy dependence on oil exports and an emphasis on development through central planning. Prior to the outbreak of the war with Iran in September 1980, Iraq's economic prospects were bright. Oil production had reached a level of 3.5 million barrels per day, and oil revenues were $21 billion in 1979 and $27 billion in 1980. At the outbreak of the war, Iraq had amassed an estimated $35 billion in foreign exchange reserves.
*GDP (2006 est.): $50.93 billion (official exchange rate).
*GDP (2006 est.): $50.93 billion (official exchange rate).
====Trade====
====Trade====
The United Nations imposed economic sanctions on Iraq after it invaded Kuwait in 1990. Under the Oil-For-Food program Iraq was allowed to export oil and use the proceeds to purchase goods to address essential civilian needs, including food, medicine, and infrastructure spare parts. With the lifting of UN sanctions after the Ba'ath regime was removed in 2003, Iraq is gradually resuming trade relations with the international community, including with the U.S. The U.S. designated Iraq as a beneficiary developing country under the Generalized System of Preferences (GSP) program in September 2004. Iraq was granted observer status at the World Trade Organization (WTO) in February 2004, and began its WTO accession process in December 2004. On May 25, 2007, Iraq participated in its first Working Party meeting in Geneva. The meeting, in which Trade Minister al-Sudani participated, was characterized as a successful start to the WTO accession process, one that is crucial to Iraq's integration into the international economy. Dependent upon Iraqi progress on relevant issues, the next Working Party meeting could take place as early as spring 2008.
The United Nations imposed economic sanctions on Iraq after it invaded Kuwait in 1990. Under the Oil-For-Food program Iraq was allowed to export oil and use the proceeds to purchase goods to address essential civilian needs, including food, medicine, and infrastructure spare parts. With the lifting of UN sanctions after the Ba'ath regime was removed in 2003, Iraq is gradually resuming trade relations with the international community, including with the U.S. The U.S. designated Iraq as a beneficiary developing country under the Generalized System of Preferences (GSP) program in September 2004. Iraq was granted observer status at the World Trade Organization (WTO) in February 2004, and began its WTO accession process in December 2004. On May 25, 2007, Iraq participated in its first Working Party meeting in Geneva. The meeting, in which Trade Minister al-Sudani participated, was characterized as a successful start to the WTO accession process, one that is crucial to Iraq's integration into the international economy. Dependent upon Iraqi progress on relevant issues, the next Working Party meeting could take place as early as spring 2008.
==History==
==History==