; also similar to the
flag of Egypt that has a symbolic eagle centered in the white band

@Iraq, Economy

Overview:
The Ba'thist regime engages in extensive central planning and
management of industrial production and foreign trade while leaving
some small-scale industry and services and most agriculture to private
enterprise. The economy has been dominated by the oil sector, which
has traditionally provided about 95% of foreign exchange earnings. In
the 1980s, financial problems caused by massive expenditures in the
eight-year war with Iran and damage to oil export facilities by Iran,
led the government to implement austerity measures and to borrow
heavily and later reschedule foreign debt payments. After the end of
hostilities in 1988, oil exports gradually increased with the
construction of new pipelines and restoration of damaged facilities.
Agricultural development remained hampered by labor shortages,
salinization, and dislocations caused by previous land reform and
collectivization programs. The industrial sector, although accorded
high priority by the government, also was under financial constraints.
Iraq's seizure of Kuwait in August 1990, subsequent international
economic embargoes, and military action by an international coalition
beginning in January 1991 drastically changed the economic picture.
Industrial and transportation facilities suffered severe damage and
have been only partially restored. Oil exports remain at less than 10%
of the previous level. Shortages of spare parts continue. Living
standards deteriorated even further in 1993 and early 1994; consumer
prices at least tripled in 1993. The UN-sponsored economic embargo has
reduced exports and imports and has contributed to the sharp rise in
prices. The government's policies of supporting large military and
internal security forces and of allocating resources to key supporters
of the regime have exacerbated shortages. In brief, per capita output
in 1993-94 is far below the 1989-90 level, but no precise estimate is
available.
National product:
GNP - purchasing power equivalent - $38 billion (1993 est.)
National product real growth rate:
NA%
National product per capita:
$2,000 (1993 est.)
Inflation rate (consumer prices):
200% (1993 est.)
Unemployment rate:
NA%
Budget:
revenues:
$NA
expenditures:
$NA, including capital expenditures of $NA
Exports:
$10.4 billion