Industry in Iraq
Iraq - IndustryThe economy likely grew robustly in Q1, aided by an over 9% annual expansion in oil output as OPEC+ curbs were gradually loosened. Moreover, surging oil prices will have boosted government revenues. These same dynamics of higher oil production and prices should be aiding economic momentum moving into Q2. However, a new government has yet to be formed—roughly seven months after the elections—due to discord between cleric al-Sadr’s Shiite movement and his Iran-backed political rivals. This is likely limiting the country’s ability to translate higher oil revenues into greater government spending, and has also stalled a much-vaunted USD 27 billion energy agreement with TotalEnergies. Moreover, food price rises in the wake of the war in Ukraine will be weighing on purchasing power and have already led to protests in the south of the country in March.
Iraq - Industry Data
|Industrial Production (annual variation in %)||22.2||8.0||-||-||-|
5 years of economic forecasts for more than 30 economic indicators.
Iraq Industry Chart
|Exchange Rate||1,194||0.0 %||Jan 01|
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