Primary navigation:

QFINANCE Quick Links
QFINANCE Topics
QFINANCE Reference
Add the QFINANCE search widget to your website

Home > Country Profiles > Iraq

Country Profiles

Financial Outlook

Despite increasing violence and political instability, there were positive developments in the economy in 2013. These included the lifting of the United Nations’ sanctions on the country and a continuing increase in oil output. Iraq depends on crude oil exports for around 93% of government revenues. In January 2014 the IMF warned that state finances were vulnerable to a fall in oil prices. The country needed an average oil price of US$106.1 per barrel in 2013 to balance its budget, up from US$95 in 2011 because of rising expenditure, the IMF estimated in October 2013. The IMF further estimates that the budget slipped into a deficit of 0.7% of GDP in 2013, down from a surplus of 4.1% in 2012. In January 2014 the government said that Iraq plans to reach oil production capacity of 4.7 million barrels per day (bpd) in 2015, with the aim of raising production to 9 million bpd by 2020 and sustaining that rate over 20 years. In November 2013 the Qatari commercial bank QNB Group forecast GDP growth for Iraq of 6.3% in 2014 as oil production increases, together with a rapid expansion in government services, trade, and construction.

Back to top

Further reading on Iraq

Websites:

Back to top

Share this page

  • Facebook
  • Twitter
  • LinkedIn
  • Bookmark and Share