GDP in Iraq
Iraq - GDPIn the year to date, the economy has benefitted from higher oil production due to loosening OPEC+ curbs, with oil output up nearly 10% year-on-year between January and April. Moreover, surging oil prices are filling the government’s coffers. On the other hand, the country has been without a government since last October’s elections, which is delaying the approval of new energy projects and much-needed economic reforms. Moreover, a recent Supreme Court ruling has forbidden the caretaker administration from spending more than is set out in the 2021 budget. The ruling, together with the lack of a government, has limited the administration’s ability to use additional oil revenue to offset surging food prices and to pay Iran for energy supplies—Iran recently halted exports of five million cubic meters of gas daily as a result.
Iraq - GDP Data
|Economic Growth (GDP, annual variation in %)||2.6||13.8||-3.8||0.9||4.4|
5 years of economic forecasts for more than 30 economic indicators.
Iraq GDP Chart
Source: World Bank and FocusEconomics calculations
|Exchange Rate||1,194||0.0 %||Jan 01|
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