2011 191 6,019 185 5,686 180 5,419 2012 215 6,215 216 6,410 208 6,079 2013 222 6,676 229 6,594 229 - Sources: The World Bank IMF estimates World Economic Outlook database April (2013) – Central Bank of Iraq Statistics (Various Years) – Government budget revenues are normally estimated on the basis of expected average oil price and production for the next year; for example, 2009 budget revenues were estimated based on an assumed average export of 2 mb/d and a price of $50/b. According to government calculations, total oil export revenues for that year were $36 billion. If the 5% for Kuwait debt is subtracted, $34 billion is left. The actual revenues deposited in the DFI account for 2009 were $37 billion (see Table 8.1). Thus, in 2009, Iraq was still left with some surplus in oil exports (the calculated difference between the government assumptions of price and average export and the actual price and export). However, expenditure greatly exceeded revenue, leading to a budget deficit of 19 trillion Iraqi Dinars (ID). This is equivalent to $15 billion or 13% of GDP (see Tables 8.3 and 8.4). –
2011 191 6,019 185 5,686 180 5,419 2012 215 6,215 216 6,410 208 6,079 2013 222 6,676 229 6,594 229 - Sources: The World Bank IMF estimates – World Economic Outlook database April (2013) Central Bank of Iraq – Statistics (Various Years) Government budget revenues are normally estimated on the basis of expected average oil price and production for the next year; for example, 2009 budget revenues were estimated based on an assumed average export of 2 mb/d and a price of $50/b. According to government calculations, total oil export revenues for that year were $36 billion. If the 5% for Kuwait debt is subtracted, $34 billion is left. The actual revenues deposited in the DFI account for 2009 were $37 billion (see Table 8.1). Thus, in 2009, Iraq was still left with some surplus in oil exports (the calculated difference between the government assumptions of price and average export and the actual price and export). However, expenditure greatly exceeded revenue, leading to a budget deficit of 19 trillion Iraqi Dinars (ID). This is equivalent to $15 billion – or 13% of GDP (see Tables 8.3 and 8.4).