Iraq's oil and National Accounts Hammam proper
May 14, 2016
Known national accounting as those that depend on the macro level or synthesis, which aims to provide statistics on output and income nationalists and other standards, they are linked Baltbooib statistical activities for individuals and organizations deviation helps to understand the whole national economy operations.
National accounts are digital photo showing activity in various sectors of the national economy and relationships with, and measure the flow of goods and services between each other and within the same sector.
To study the particular output and income nationalists national accounts of great importance; because it deals with the anatomy economic body and the statement of its parts, which is made up of them, and they reveal the forces that determine the total use and production and real income and the level of prices, as are necessary to determine the economic problems and address the national accounts, as well as this, the these accounts provide the researcher interested in the affairs of the economic and social analysis of the framework for a comprehensive year for various economic aggregates and reflect the different interactions of: production and consumption and savings and investment, import and export.
If the focus of the national accounts on national income and gross national product and their components and the main different, they are numerous and varied in developed countries are limited and less in developing and underdeveloped countries.
In Iraq, the subject of our study represents the export of oil and the resulting income this export primary source, but the crucial Iraqi national income and thus the main component of income for the Iraqi individual, a feature rentier states whose economy depends on the proceeds of one of Amsal budget resources.
Oil revenues has occupied since the early fifties an important position in the Iraqi economy, oil revenues accounted for in 1956, 23% of the national income and 92% of exports and 67% of the state's resources and 40% of the total government budget revenues, while during the years 1974 1980 oil revenues accounted for 55% of GDP, and oil revenues accounted for about 92% of the 2004 budget revenues due to the disabled and poor tax source and stop most government work for industrial and productive enterprises.
During the years 2003 2016 the proportion or contribution of oil in the state budget revenues in the total output and income nationalists; due to declining sources of income and other income, and in the context of official statistics indicate that since the beginning of 2015 until the end of August of the same year, imports amounted Iraq's crude oil exports through the national SOMO about 3 billion dollars, despite export more than half a billion barrels of crude during the same period, the Iraqi government relies on oil revenues to build a financial budget by more than 95%.
The anonymous by Iraqi politicians is to link the state's income export oil may link the fate of Iraq and the global market capitalism in terms of export, the price per barrel amounts, which explains the significant decline in Iraq's resources within the budgets of the years 2015 2016; because of lower crude oil prices in the global markets to more than half the price is less than $ 30 during the last February after it was over $ 110 per barrel.
In 2016 the present, according to a statement by a spokesman for the Oil Ministry, Assem Jihad, published on the website of the Ministry, the exported quantities of crude oil and the revenues generated by the month of March last have risen as the final statistics released by the Iraqi oil marketing company SOMO; reaching oil export volumes (101) million and 900 thousand barrels (one hundred and one million nine hundred thousand barrels) revenues amounted to 2 billion and (894) million dollars (two billion and Tmnmih and ninety-four million dollars), were exported from the southern ports and buoys monounsaturated, and was selling rate per barrel (28.4) billion, it was loaded quantities exported by 33 different nationalities international companies from the ports of Basra and Khor al-Amaya and buoys unilateralism in the Arabian Gulf.
Through access to the budgets of Iraq for the years 2010 2016, we find superiority of oil revenues on the rest of the sources of income and other revenues and that oil revenues contribute to the construction of the state budget by more than 95% of the total revenue.
Iraq received the returns and revenues massive oil could not take advantage of them. After that was produced at a rate of 2.5 million barrels per day at a price of 115 dollars per barrel, today's oil prices of less than $ 45 a barrel, Iraq will not be able to produce three million barrels per day, due to Iran returning to the market and the convergence of its oil from Iraqi oil specifications, as well as to try to agree to freeze production among OPEC countries amounts in order to raise prices.
Oil remains the most important supplier in Iraq to form and build financial budgets of the country, he is the most important source of income and output nationalists and thus is the pillar and Mahmor national accounts.
Do not imagine in sight (2018 2019) Oil prices rise in global markets, and therefore we are coming to a severe financial crisis, like it or not.
Even though there was a small increase in prices would enable Iraq to take advantage of those price increase for many reasons, including:
The weakness of diversity in the economy.
The weakness of the private sector.
Expansion and sagging public sector is the product, with an estimated number of employees in the public sector by about 8 million people, which led to wrestle on rents.
The failed philosophy of education based on the presentation of certificates, resulting in unemployment and the failure of the labor force, opened colleges and universities without taking into consideration the needs of the Iraqi economy.
Perhaps the most prominent reasons is the high cost of the war to liberate the land costs and expenses of the reconstruction of post-editing, they constitute an emergency and urgent and urgent expenses affect heavily on the state budget.
To deal with all of that and save the country from a severe financial crisis, the government should be working to diversify and enumeration of sources of income and support the private sector, and reduce or compress public expenditure and particularly the provisions of the three presidencies and special grades and other means and measures to address the financial crisis, the salaries of Will will be working on the Iraqi government?