Economy of Iraq

The economy of Iraq is dominated by the oil sector, which has provided about 99.7% of foreign exchange earnings in modern times. Iraq's hitherto agrarian economy underwent rapid development following the 14 July Revolution overthrowing the Hashemite Iraqi monarchy, becoming the third-largest economy in the Middle East by 1980. This occurred in part because of the Iraqi government's successful industrialization and infrastructure development initiatives in the 1970's, which included irrigation projects, railway and highway construction, and rural electricfication.

Economy of Iraq

The economy of Iraq is dominated by the oil sector, which has provided about 99.7% of foreign exchange earnings in modern times. Iraq's hitherto agrarian economy underwent rapid development following the 14 July Revolution overthrowing the Hashemite Iraqi monarchy, becoming the third-largest economy in the Middle East by 1980. This occurred in part because of the Iraqi government's successful industrialization and infrastructure development initiatives in the 1970's, which included irrigation projects, railway and highway construction, and rural electricfication.