Industry in Iraq

Iraq Industry | Economic News & Forecasts

Iraq - Industry

The economy has likely performed fairly well in the second and third quarters of the year, buoyed by higher oil prices and increased crude output, which reached a record high in August. Oil prices are expected to remain afloat as U.S. sanctions against Iran come into effect on 4 November, while the state oil company SOMO is ramping up output to fill the gap left by Iran, providing a further stimulus to state income. In addition, SOMO is looking to increase its presence in Asia, which would bode well for government revenue going forward. On the political front, Iraq remains without a government nearly five months after the elections, with negotiations between different political groupings ongoing and unrelenting violence in the streets.

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 %Oct 22

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