Iraq: Iraq's Economy in Trouble

Aug 18, 2015 | Sinan Salaheddin, Associated Press
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As of July, Iraq's oil revenues stood at $31.5 billion, according to Oil Ministry figures, with an average daily export capacity less than a 3.3 million barrel quota set in this year's budget. Iraq's semi-autonomous Kurdish region now sells oil independently from the central government. Iraq's $102.5 billion budget now runs a deficit of about $21.4 billion. Some $27 billion is earmarked for defense, but more could be needed.