During 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.
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 Rampant corruption, outdated infrastructure, insufficient essential services, skilled labor shortages, and antiquated commercial laws stifle investment and continue to constrain growth of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 |
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 |