Page "Economy of Iraq" Paragraph 7

Iraq's economy is 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 560, 000 m³ ( 3. 5 million barrels ) per day, and oil revenues were 21 billion in 1979 and 27 G $ in 1980.

At the outbreak of the war, Iraq had amassed an estimated 35 billion in foreign exchange reserves.