Iraq economic & strategic outlook GDP & current account.

Middle East and North Africa Business Report, June, 2007

Jun. 28--Iraq's economic growth was lackluster over the period 2000-03. By the end of 2003 real GDP declined sharply by 32.9% reaching a level of ID27bn according to data from Central Bank of Iraq (CBI). World Bank and IMF reported the same declining trend however at different rates. Afterwards, GDP was estimated to have rebounded by 46.5% in 2004, driven mainly by the recovery in oil production. By the end of 2005, GDP continued to grow however at a slower rate of 3.7% in real terms. In 2006, real GDP was estimated to have grown by 3%. Real GDP stood at ID42.2bn in 2006, almost the same level as 2000. As for nominal GDP, World Bank data estimated Iraqi GDP growing by 15.4% for 2006 reaching ID71,188.8bn (US$48.5bn).

Oil revenues continue to be a driving force...

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