The international embargo on Iraq is the single most decisive factor in the country's economy of today. Iraq's industry, putting out petrochemicals, textiles, steel, sugar and cement, has been dramatically effected by both the bombing, and the by the embargo. Oil is found in the north, northeast, and in the south. The oil industry of Iraq was nationalized in 1972. Iraqis are all facing very difficult conditions, as prices have peaked while wages have lagged seriously behind, and people with state jobs often have to wait to receive their salaries.
Smuggling exists, and a large black market, too.
Selling of valuables have been a solution for many people to make ends meet. Only very few profit from the situation. Information is sparse, but it seems as if the middle class are now living under conditions that were normal for the lower classes before the international embargo started.