Shafq News/ The Central Bureau of Statistics announced on Sunday that the contribution of oil to gdp for the third quarter of 2020 amounted to more than 57%, indicating that oil accounts for 80% of Iraq's general budget.
"The contribution of oil activity to GDP in constant prices for the third quarter of 2020 came in first place with 57.68%, while the second was wholesale, retail and hotel activity with a contribution of 8.05%," the agency said in a report seen by Twilight News.
"Agriculture and industry activity in GDP was 4.77% and 1.67% respectively in GDP for the third quarter of 2020," he said.
"According to this statistics, the Iraqi economy remains a rentier economy, relying on crude oil as a primary source of income, and oil imports are a major source of budget financing and more than 80 percent of the budget revenues," he said.
Iraq is one of the countries with oil-dependent rents in its public budget, which has made it vulnerabive to financial crises as a result of low oil prices, which have reached the point where the government is unable to pay employees' salaries.
[You must be registered and logged in to see this link.]