Industry in Iraq

Iraq Industry | Economic News & Forecasts

Iraq - Industry

The economy has likely performed robustly so far this year. Oil output was up notably in annual terms in the first four months, notwithstanding OPEC-mandated production cuts. Moreover, the rise in oil prices since the start of 2019 bodes well for the government’s budget. However, security concerns have increased over the last month amid rising U.S.-Iran tensions, after both the U.S. embassy in Baghdad and ExxonMobil evacuated some staff, which poses a downside risk for investment. This comes after preliminary data from Iraq’s Statistical Institute showed that the economy unexpectedly contracted in 2018 on the back of a decline in the oil sector and stagnation in the non-oil sector. In May, the IMF concluded a staff visit. While highlighting that non-oil growth should strengthen this year, the Fund cautioned that post-war construction to date has been limited and elevated current spending could put pressure on the public finances going forward.

Iraq - Industry Data

2013  2014  2015  2016  2017  
Industrial Production (annual variation in %)5.0  6.7  22.2  8.0  -     

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Iraq Industry Chart

Iraq Industry
Note: Annual variation of industrial production in %.
Source: IMF.

Iraq Facts

Exchange Rate1,1930.0 %Jun 20

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