Global InformationEconomy of Iraq information
 Empire World, Erbil City | |
| Currency | Dinar (IQD) |
|---|---|
Fiscal year | Calendar year |
Trade organisations | OPEC |
Country group |
|
| Statistics | |
| Population |  46,729,000 (2024)[3] |
| GDP |
|
| GDP rank |
|
GDP growth |
|
GDP per capita |
|
GDP per capita rank |
|
GDP by sector |
|
Inflation (CPI) | 6.9% (2022)[4] |
Population below poverty line |
|
Gini coefficient | 29.5 low (2012)[7] |
Human Development Index |
|
Labour force |
|
Labour force by occupation |
|
| Unemployment |  13.0% (2017)[12] |
Main industries | petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing |
| External | |
| Exports | $92.77 billion (2018)[13] |
Export goods | crude oil 92%, crude materials excluding fuels, food and live animals |
Main export partners |
|
| Imports | $56.84 billion (2018 est.)[13] |
Import goods | food, medicine, manufactures |
Main import partners |
|
FDI stock |
|
Current account | $47.113 billion (2022)[5] |
| Public finances | |
Government debt |  14.9% of GDP (2021 est.) |
Budget balance | −3.056% (of GDP) (2021 est.) |
| Revenues | 69.56 billion (2021 est.) |
| Expenses | 89.65 billion (2021 est.) |
| Economic aid | $700,000,000 (2017) |
Credit rating | B− (Fitch, January 2022)[16] |
Foreign reserves | $115 billion (February 2023) [17] (24th) |
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. | |
The economy of Iraq is dominated by the oil sector, which has provided about 99.7% of foreign exchange earnings during its modern history.[18] As of 2021, the oil sector provides about 92% of foreign exchange earnings.[19] Iraq's hitherto agrarian economy underwent rapid development following the 14 July Revolution (1958) which overthrew the Hashemite Iraqi monarchy. It had become the third-largest economy in the Middle East by 1980. This occurred in part because of the Iraqi government's successful industrialization and infrastructure development initiatives in the 1970s, which included irrigation projects, railway and highway construction, and rural electrification.[20]
In the 1980s, financial problems caused by massive expenditures in the Iran-Iraq War and damage to oil export facilities by Iran led the Ba'athist government to implement austerity measures, to borrow heavily, and to later reschedule foreign debt payments. Iraq suffered economic losses of at least $80 billion from the war.[21] In 1988, the hostilities ended. Oil exports gradually increased with the construction of new pipelines and restoration of damaged facilities, but again underwent a sharp decline after the Persian Gulf War. GDP dropped to one-fourth of the country's 1980 gross domestic product and continued to decline under postwar international sanctions, until receiving aid from the U.N. Oil-for-Food Programme in 1997.[22][20]
The Coalition Provisional Authority made efforts to modernize Iraq's economy after the 2003 U.S.-led invasion, through privatization and reducing the country's foreign debt. As a result Iraq's economy expanded rapidly during this time, though growth was stunted by the insurgency, economic mismanagement, and oil shortages caused by outdated technology.[20] Since mid-2009, oil export earnings have returned to levels seen before Operation New Dawn. Government revenues have rebounded, along with global oil prices. In 2011, Baghdad would increase oil exports above their then-current level of 1,900,000 bbl (300,000 m3) per day as a result of new contracts with international oil companies. It was thought likely to fall short of the 2,400,000 barrels (380,000 m3) per day it was forecasting in its budget. Iraq's recent contracts with major oil companies have the potential to greatly expand oil revenues, but Iraq will need to upgrade its oil processing, pipeline, and export infrastructure to enable these deals to reach their potential.
An improved security environment and an initial wave of foreign investment are helping to spur economic activity, particularly in the energy, construction, and retail sectors. Broader economic improvement, long-term fiscal health, and sustained increases in the standard of living still depend on the government passing major policy reforms and on the continued development of Iraq's massive oil reserves. Although foreign investors viewed Iraq with increasing interest in 2010, most are still hampered by difficulties acquiring land for projects and other regulatory impediments.
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
- ^ "Iraq Population". worldpopulationreview.com. World Bank. Retrieved 27 January 2024.
- ^ a b c d e f "World Economic Outlook Database, October 2022". IMF.org. International Monetary Fund. Retrieved 7 March 2023.
- ^ a b c d e f "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 3 November 2017.
- ^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Iraq". data.worldbank.org. World Bank. Retrieved 3 November 2019.
- ^ "GINI index (World Bank estimate) - Iraq". data.worldbank.org. World Bank. Retrieved 3 November 2019.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 27 January 2024.
- ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
- ^ "Labor force, total - Iraq". data.worldbank.org. World Bank. Retrieved 3 November 2019.
- ^ "Employment to population ratio, 15+, total (%) (national estimate) - Iraq". data.worldbank.org. World Bank. Retrieved 3 November 2019.
- ^ "Unemployment, total (% of total labor force) (national estimate) - Iraq". data.worldbank.org. World Bank. Retrieved 3 November 2019.
- ^ a b "Iraq: Exports, billion dollars". 2018. Retrieved 3 February 2022.
- ^ "Foreign trade partners of Iraq". The Observatory of Economic Complexity. Retrieved 13 March 2024.
- ^ "İmport partners of Iraq". The Observatory of Economic Complexity. Retrieved 13 March 2024.
- ^ "Iraq Sovereign credit ratings - data, chart". TheGlobalEconomy.com. Retrieved 14 February 2022.
- ^ "Info". www.ina.iq. Archived from the original on 19 August 2013. Retrieved 18 February 2023.
- ^ Cite error: The named reference
:0was invoked but never defined (see the help page). - ^ "مستشار الكاظمي يؤكد تراجع دين العراق إلى 20 مليار دولار بفضل انتعاش أسعار النفط". www.aljazeera.net (in Arabic). Retrieved 26 December 2021.
- ^ a b c "Iraq - Economy". Encyclopedia Britannica. Retrieved 17 January 2020.
- ^ Christopher Parker & Pete W. Moore. "MER 243 - The War Economy of Iraq". Middle East Research and Information Project. Archived from the original on 12 April 2018.
- ^ "What We Do". Archived from the original on 20 February 2009. Retrieved 3 March 2015.