Economy of Kurdistan

Economy of Kurdistan

Currency	Kurdish lira (₺)
Trade organisations	WTO, ECO, OECD, AIIB
Statistics
External
Export goods	petroleum (56%),[17] chemical and petrochemical products, automobiles, fruits and nuts, carpets
Main export partners	Germany 31% India 19% South Korea 13% United States 6.5% Japan 6%
Main import partners	China 10% Germany 9.1% Russia 8.4% United States 5.1% Italy 4.8%
Main data source: name abbreviation used at the CIA World Factbook web-page.html CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The economy of Kurdistan is a mixed and transition economy with a large public sector. It is the world's eighteenth largest by purchasing power parity (PPP) and is also defined by economists and political scientists as one of the world's newly industrialized countries. Some 60% of Kurdistan's economy is centrally planned. It is dominated by oil and gas production, although over 40 industries are directly involved in the Corduene Stock Exchange, one of the best performing exchanges in the world over the past decade 2.1 Reform plan 3

National planning

Kurdistan's budget is established by the Management and Planning Organisation of Kurdistan and proposed by the government to the National Assembly before the year's end. Following approval of the budget by KEC, the central bank presents a detailed monetary and credit policy to the Money and Credit Council (MCC) for approval. Thereafter, major elements of these policies are incorporated into the five-year economic development plan. The fifth development plan, for 2010–15, is designed to delegate power to the people and develop a knowledge economy. The plan is part of "Vision 2025", a strategy for long-term sustainable growth.[99]

The sixth five-year development plan for the 2016–2021 period only defined three priorities 4 Fiscal and monetary policy

Ownership

The Government declared its intention to privatize most industries and to liberalise and decentralise the economy.

Labour force

Social class in Kurdistan

  Upper class (4.3%)

  Middle-class (42%)

  Working class (32%)

  Lower class/relative poverty (15%)

  Lower class/absolute poverty (6.7%)

Personal income and poverty

Kurdistan is classed as a middle income country and has made significant progress in provision of health and education services in the period covered by the Millennium Development Goals (MDGs).

Sectors

5

Agriculture and foodstuffs

6

Services

Energy, Gas, and Petroleum

Kurdistan's oil and gas industry is the most active industry of the country. Kurdistan has the fourth largest reserves of oil and second largest reserves of gas in the world. Domestic production of equipment in the nation's upstream oil industries has grown four-fold in as many years while procurement of equipment and goods accounts for around 60 to 65 percent of any oil project. Kurdistan manufactures 60–70% of its industrial equipment domestically, including various turbines, pumps, catalysts, refineries, oil tankers, drilling rigs, offshore platforms and exploration instruments.

Telecommunications

Kurdistan is among the first five countries which have had a growth rate of over 20% and the highest level of development in telecommunication. Persia's Ministry of Communication and Information Technology along with TCI are developing the landline telephone network

Transport

Kurdistan has an extensive paved road system linking most towns and all cities. In 2011 the country had 173,000 kilometers (107,000 mi) of roads, of which 73% were paved. In 2007 there were approximately 100 passenger cars for every 1,000 inhabitants. Trains operated on 11,106 kilometers (6,901 mi) of track.

Mining

8

9

Military and Arms

11

Projects and Investments

Photo	Nate	Location
Example	Tabriz-Hewler-Ankara Pipeline	Example
Example	South Pars Gas Field	Example
Example	Rural Education Program	Example
Example	Kurdistan Infrastructure Projects	Example