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Iraq Economy 2017
http://www.theodora.com/wfbcurrent/iraq/iraq_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Iraq Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
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 2015 averaged 3.0 million barrels per day, up from 2014, but a failed revenue- and oil-sharing agreement with the Iraqi Kurdistan Region's (IKR) autonomous Kurdistan Regional Government (KRG) resulted in a loss of exports from northern oil fields. Moreover, 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 IKR's autonomous 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. In December 2014, the federal government and the KRG agreed to sell oil exports from Kurdish-controlled oilfields under the federal oil ministry, in exchange for the central government paying $1 billion to the Kurdish Peshmerga forces and resuming budget transfers to the KRG that amount to 17% of Iraq's national budget. However, that deal fell apart in 2015.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. 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. 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 local governments. 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. 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):
$596.7 billion (2016 est.) $541 billion (2015 est.) $554.1 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 36
[see also: GDP country ranks ]

GDP (official exchange rate):
$156.3 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
10.3% (2016 est.) -2.4% (2015 est.) -0.4% (2014 est.)
country comparison to the world: 2
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$16,500 (2016 est.) $15,400 (2015 est.) $16,200 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 101
[see also: GDP - per capita country ranks ]

Gross national saving:
10.8% of GDP (2016 est.) 19.8% of GDP (2015 est.) 26.2% of GDP (2014 est.)
country comparison to the world: 149
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 50.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -4.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 39.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -27.9%
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 5.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 45.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 49.3% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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% (2016 est.)
country comparison to the world: 17
[see also: Industrial production growth rate country ranks ]

Labor force:
8.9 million (2010 est.)
country comparison to the world: 57
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 21.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 59.8% (2008 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
16% (2012 est.) 15% (2010 est.)
country comparison to the world: 158
[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%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 25.7% (2007 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $52.43 billion
[see also: Budget revenues country ranks ]
expenditures: $77.87 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
33.5% of GDP (2016 est.)
country comparison to the world: 64
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-16.3% of GDP (2016 est.)
country comparison to the world: 213
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.4% (2016 est.) 1.4% (2015 est.)
country comparison to the world: 125
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6% (December 2012) 6% (December 2011)
country comparison to the world: 65
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.5% (31 December 2016 est.) 6% (31 December 2015 est.)
country comparison to the world: 149
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$54.53 billion (31 December 2016 est.) $55.36 billion (31 December 2015 est.)
country comparison to the world: 48
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$80.83 billion (31 December 2015 est.) $78.65 billion (31 December 2014 est.)
country comparison to the world: 58
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.191 million (31 December 2016 est.) $1.773 million (31 December 2015 est.)
country comparison to the world: 189
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$4 billion (9 December 2011) $2.6 billion (31 July 2010) $2 billion (31 July 2009 est.)
country comparison to the world: 90
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$16.87 billion (2016 est.) -$11.84 billion (2015 est.)
country comparison to the world: 186
[see also: Current account balance country ranks ]

Exports:
$44.67 billion (2016 est.) $54.67 billion (2015 est.)
country comparison to the world: 49
[see also: Exports country ranks ]

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% (2015)

Imports:
$43.27 billion (2016 est.) $43.84 billion (2015 est.)
country comparison to the world: 52
[see also: Imports country ranks ]

Imports - commodities:
food, medicine, manufactures

Imports - partners:
Turkey 20.7%, Syria 19.6%, China 19.2%, US 4.8%, Russia 4.4% (2015)

Reserves of foreign exchange and gold:
$44.15 billion (31 December 2016 est.) $54.06 billion (31 December 2015 est.)
country comparison to the world: 41
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$68.01 billion (31 December 2016 est.) $60.28 billion (31 December 2015 est.)
country comparison to the world: 58
[see also: Debt - external country ranks ]

Exchange rates:
Iraqi dinars (IQD) per US dollar - 1,179.3 (2016 est.) 1,167.63 (2015 est.) 1,167.63 (2014 est.) 1,213.72 (2013 est.) 1,166.17 (2012 est.)


NOTE: The information regarding Iraq on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Iraq Economy 2017 information contained here. All suggestions for corrections of any errors about Iraq Economy 2017 should be addressed to the CIA.




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