Current Account in Iraq

Iraq Current Account | Economic News & Forecasts

Iraq - Current Account

The economy should have grown solidly so far this year, powered by the oil sector. Oil output rose notably in annual terms in January–May despite OPEC-mandated production cuts, although this was largely down to a favorable base effect. On the downside, the likely extension of production cuts beyond June agreed at OPEC’s July meeting will limit oil production in H2. Moreover, security concerns have flared in recent weeks following a recent spate of attacks on U.S. interests in Iraq, against the backdrop of escalating U.S.-Iran tensions. This comes after the departure of some ExxonMobil and U.S. embassy staff, and could threaten investment; particularly, a potential USD 53 billion ExxonMobil project to expand Iraqi oil output which is currently under discussion.

Iraq - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)1.1  2.6  -6.4  -7.8  2.1  

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Iraq Current Account Chart


Iraq Current Account
Note: Current account balance as % of GDP.
Source: World Bank. and FocusEconomics calculations

Iraq Facts

ValueChangeDate
Exchange Rate1,1930.0 %Jul 11

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