Economy

42898

136915During 2015, worsening security and financial stability throughout Iraq - driven by an ongoing insurgency, decreasing oil prices, and political upheaval - decreased prospects for improving the country's economic environment and securing much-needed foreign investment.
Long-term fiscal health, a strengthened investment climate, and sustained improvements in the overall standard of living still depend on a rebound in global oil prices, the central government passing major policy reforms, and finishing the conflict with ISIL.

Iraq's largely state-run economy is dominated by the oil sector, which provides more than 90% of government revenue and 80% of foreign exchange earnings. 

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Oil exports in 2016 averaged 3.36 million barrels per day.

Falling global oil prices resulted in declining export revenues.

Iraq's contracts with major oil companies have the potential to further expand oil exports and revenues, but Iraq will need to make significant upgrades to its oil processing, pipeline, and export infrastructure to enable these deals to reach their economic potential.

The Government of Iraq is eager to attract additional foreign direct investment, but it faces a number of obstacles, including a tenuous political system and concerns about security and societal stability. Rampant corruption, outdated infrastructure, insufficient essential services, skilled labor shortages, and antiquated commercial laws stifle investment and continue to constrain growth of private, nonoil sectors.


Main economic indicators

Наименование Показатель
GDP (purchasing power parity)

$596.7 billion

Country comparison to the world: 36

GDP (official exchange rate) $156.3 billion
GDP - real growth rate

10.3%

Country comparison to the world: 2

GDP - per capita

$16,500

Country comparison to the world: 101

Gross national saving

10.8% of GDP

Country comparison to the world: 149

GDP - composition, by end use

household consumption: 50.4%

government consumption: 18.8%

investment in fixed capital: 23.5%

investment in inventories: -4.5%

exports of goods and services: 39.7%

imports of goods and services: -27.9%

GDP - composition, by sector of origin

agriculture: 5.7%

industry: 45.1%

services: 49.3%

Agriculture - products

wheat, barley, rice, vegetables,

dates, cotton; cattle, sheep, poultry

Industries

petroleum, chemicals, textiles, leather,

construction materials, food processing,

fertilizer, metal fabrication/processing

Industrial production growth rate

7%

Country comparison to the world: 17

Labor force

8.9 million

Country comparison to the world: 57

Labor force - by occupation

agriculture: 21.6%

industry: 18.7%

services: 59.8%

Unemployment rate

16%

Country comparison to the world: 158

Population below poverty line 25%
Household income or consumption by percentage share

lowest 10%: 3.6%

highest 10%: 25.7% (2007 est.)

Budget

revenues: $52.43 billion
expenditures: $77.87 billion (2016 est.)

Taxes and other revenues

33.5% of GDP

Country comparison to the world: 64

Budget surplus (+) or deficit (-)

-16.3% of GDP

Country comparison to the world: 213

Inflation rate (consumer prices)

2.4%

Country comparison to the world: 125

Stock of narrow money

$54.53 billion

Country comparison to the world: 48

Stock of broad money

$80.83 billion

Country comparison to the world: 58

Stock of domestic credit

$3.191 million

Country comparison to the world: 189

Market value of publicly traded shares

$4 billion

Country comparison to the world: 90

Current account balance

-$16.87 billion

Country comparison to the world: 186

Exports

$44.67 billion

Country comparison to the world: 49

Exports - commodities

crude oil 99%, crude materials excluding fuels,

food, live animals

Exports - partners

China 22.6%, India 21.1%, South Korea 11.2%,

US 7.8%, Italy 6.7%, Greece 6%

Imports

$43.27 billion

Country comparison to the world: 52

Imports - commodities food, medicine
Imports - partners

Turkey 20.7%, Syria 19.6%, China 19.2%,

US 4.8%, Russia 4.4%

Reserves of foreign exchange and gold

$44.15 billion

Country comparison to the world: 41

Debt - external

$68.01 billion

Country comparison to the world: 58

Exchange rates Iraqi dinars (IQD) per US dollar - 1,179.3