Industry in Iraq
Iraq - Industry
The economic panorama for the second quarter is bleak. Oil production plummeted in annual terms in April–May, as Iraq increased its compliance with OPEC+ production cuts under pressure from Saudi Arabia and Russia, depressing the energy sector. Moreover, Covid-19 and related containment measures, and weaker government revenues due to low oil prices, will have impacted the non-oil sector. This comes after recent data shows the economy contracted in Q1 on a sharp downturn in the non-oil sector. Heading into Q3, the surge in coronavirus cases in recent weeks bodes poorly for economic activity. Moreover, while oil prices have risen from April’s lows, they are still notably below Iraq’s fiscal breakeven point, and the government is reportedly in talks with the IMF over a potential financial support package.Iraq - Industry Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Industrial Production (annual variation in %) | 22.2 | 8.0 | - | - | - |
Iraq Industry Chart
Source: IMF.
Iraq Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 1,194 | 0.0 % | Jan 01 |
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