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Iraq Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Iraq Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 22, 2014

Economy - overview:
An improving security environment and foreign investment are helping to spur economic activity, particularly in the energy, construction, and retail sectors. Broader economic development, long-term fiscal health, and sustained improvements in the overall standard of living still depend on the central government passing major policy reforms. 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. Iraq in 2012 boosted oil exports to a 30-year high of 2.6 million barrels per day, a significant increase from Iraq's average of 2.2 million in 2011. Government revenues increased as global oil prices remained persistently high for much of 2012. 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 Iraqi Kurdistan Region's (IKR) autonomous Kurdistan Regional Government (KRG) passed its own oil law in 2007, and has directly signed about 50 contracts to develop IKR energy reserves. The federal government has disputed the legal authority of the KRG to conclude most of these contracts, some of which are also in areas with unresolved administrative boundaries in dispute between the federal and regional government. Iraq is making slow progress enacting laws and developing the institutions needed to implement economic policy, and political reforms are still needed to assuage investors' concerns regarding the uncertain business climate, which may have been harmed by the November 2012 standoff between Baghdad and Erbil and the removal of the Central Bank Governor in October 2012. 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 Rampant corruption, outdated infrastructure, insufficient essential services, skilled labor shortages, and antiquated commercial laws stifle investment and continue to constrain growth of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. Iraq is considering a package of laws to establish a modern legal framework for the oil sector and a mechanism to equitably divide oil revenues within the nation, although these reforms are still under contentious and sporadic negotiation. Under the Iraqi Constitution, some competencies relevant to the overall investment climate are either shared by the federal government and the regions or are devolved entirely to the regions. Investment in the IKR operates within the framework of the Kurdistan Region Investment Law (Law 4 of 2006) and the Kurdistan Board of Investment, which is designed to provide incentives to help economic development in areas under the authority of the KRG. Inflation has remained under control since 2006 as security improved. However, Iraqi leaders remain hard pressed to translate macroeconomic gains into an improved standard of living for the Iraqi populace. Unemployment remains a problem throughout the country despite a bloated public sector. Encouraging private enterprise through deregulation would make it easier for Iraqi citizens and foreign investors to start new businesses. Rooting out corruption and implementing reforms - such as restructuring banks and developing the private sector - would be important steps in this direction.

GDP (purchasing power parity):
$249.4 billion (2013 est.)
country comparison to the world: 52

$239.3 billion (2012 est.)
$220.7 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$221.8 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.2% (2013 est.)
country comparison to the world: 72

8.4% (2012 est.)
8.6% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$7,100 (2013 est.)
country comparison to the world: 141

$7,100 (2012 est.)
$6,800 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.3%
industry: 64.6%
services: 32.1% (2013 est.)

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:
6.9% (2013 est.)
country comparison to the world: 37
[see also: Industrial production growth rate country ranks ]

Labor force:
8.9 million (2010 est.)
country comparison to the world: 54
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 21.6%
industry: 18.7%
services: 59.8% (2008 est.)

Unemployment rate:
16% (2012 est.)
country comparison to the world: 143

15% (2010 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
25% (2008 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.6%
highest 10%: 25.7% (2007 est.)

Budget:
revenues: $99.52 billion
expenditures: $97.42 billion (2013 est.)

Taxes and other revenues:
44.9% of GDP (2013 est.)
country comparison to the world: 21
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.9% of GDP (2013 est.)
country comparison to the world: 30
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2% (2013 est.)
country comparison to the world: 70

6.1% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6% (December 2012)
country comparison to the world: 60

6% (December 2011)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6% (31 December 2013 est.)
country comparison to the world: 134

6% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$62.33 billion (31 December 2013 est.)
country comparison to the world: 44

$54.68 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$74.81 billion (31 December 2013 est.)
country comparison to the world: 60

$64.74 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$-3.902 million (31 December 2013 est.)
country comparison to the world: 180

$-3.981 million (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$4 billion (9 December 2011)
country comparison to the world: 87

$2.6 billion (31 July 2010)
$2 billion (31 July 2009 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$12.85 billion (2013 est.)
country comparison to the world: 21

$29.54 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$91.99 billion (2013 est.)
country comparison to the world: 40

$94.21 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
crude oil 84%, crude materials excluding fuels, food and live animals

Exports - partners:
US 21.1%, India 20.2%, China 13.6%, South Korea 11%, Canada 4.7%, Italy 4.4%, Spain 4.2% (2012)

Imports:
$66.61 billion (2013 est.)
country comparison to the world: 45

$50.16 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
food, medicine, manufactures

Imports - partners:
Turkey 27.5%, Syria 16.2%, China 12.5%, US 5.2%, South Korea 4.7% (2012)

Reserves of foreign exchange and gold:
$71.24 billion (31 December 2013 est.)
country comparison to the world: 30

$70.33 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$59.49 billion (31 December 2013 est.)
country comparison to the world: 58

$60.2 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Iraqi dinars (IQD) per US dollar -

1,166 (2013 est.)
1,166.17 (2012 est.)
1,170 (2010 est.)
1,170 (2009)
1,176 (2008)


NOTE: 1) The information regarding Iraq on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Iraq Economy 2015 information contained here. All suggestions for corrections of any errors about Iraq Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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