19, Apr 2015, EDT. Welcome to the Iraq economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.
Economic Indicators For: Iraq › Change country
National or Regional Currency: Iraqi Dinar, IQD
Year of data: 2014 › Change year
Number of Indicators Listed: 30
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 32,585,692 (July 2014 est.)
Area: total: 438,317 sq km ; land: 437,367 sq km ; water: 950 sq km
Natural Resources: petroleum, natural gas, phosphates, sulfur
Capital: name: Baghdad ; geographic coordinates: 33 20 N, 44 24 E ; time difference: UTC+3 (8 hours ahead of Washington, DC, during Standard Time)
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.
More on the Iraq Economy
More on the Iraq Export, Import and Trade
GDP (Constant Prices, National Currency) for Iraq in year 2014 is IQD 71,208.76 Billion.
GDP (Current Prices, National Currency) for Iraq in year 2014 is IQD 270,766.02 Billion.
GDP (Current Prices, US Dollars) for Iraq in year 2014 is US$ 232.218 Billion.
GDP Deflator for Iraq in year 2014 is 380.243 (Index, Base Year as per country's accounts = 100).
GDP Per Capita (Constant Prices, National Currency) for Iraq in year 2014 is IQD 1,985,141.88 .
GDP Per Capita (Current Prices, National Currency) for Iraq in year 2014 is IQD 7,548,354.95 .
GDP Per Capita (Current Prices, US Dollars) for Iraq in year 2014 is US$ 6,473.72 .
GDP (PPP), US Dollars for Iraq in year 2014 is US$ 494.453 Billion.
GDP Per Capita (PPP), US Dollars for Iraq in year 2014 is US$ 13,784.25 .
Implied PPP Conversion Rate for Iraq in year 2014 is 547.607 .
Inflation, Average Consumer Prices (Indexed to Year 2000) for Iraq in year 2014 is 149.493 (Index, Base Year 2000 = 100).
Inflation, End of Year (Indexed to Year 2000) for Iraq in year 2014 is 156.492 (Index, Base Year 2000 = 100).
Population for Iraq in year 2014 is 35.871 Million .
General government revenue (National Currency) for Iraq in year 2014 is IQD 114,401.57 Billions.
General government total expenditure (National Currency) for Iraq in year 2014 is IQD 122,583.21 Billions.
Total Government Net Lending/ Borrowing (National Currency) for Iraq in year 2014 is IQD -8,181.64 Billions.
Fiscal Year Gross Domestic Product, Current Prices for Iraq in year 2014 is IQD 270,766.02 Billions.
Current Account Balance (US Dollars) for Iraq in year 2014 is US$ 7.044 Billion.
|Number of Internet Users for Iraq|
|Internet Penetration Rate for Iraq|
|Number of Facebook Accounts for Iraq|
|Facebook Penetration Rate for Iraq|
|Corruption Perceptions Index Rank and Score for Iraq|
Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International