International Reserves in Iraq
GDP recorded growth of 7.0% in 2022, buoyed by a recovery in the energy sector. However, the economy appears to be losing steam so far in 2023. A shortage of dollars and rising price pressures are hurting the non-energy economy. In addition, the panorama for the oil sector has dimmed. Oil production rose 3.0% year on year in Q1, far below the 2022 average variation. Moreover, a further deceleration in the oil sector is expected in Q2: OPEC+ announced further cuts from May, and 450,000 barrels per day of oil flows via a northern pipeline to Turkey have been halted since late-March by an international court ruling. More positively, the expansionary 2023–2025 budget presented in March should support demand if approved. Moreover, TotalEnergies recently reached a deal with the government to invest USD 10 billion in the country; the decision could spur similar commitments by other energy firms.
Iraq International Reserves Chart
This chart displays International Reserves (USD) for Iraq from 2013 to 2022.
Iraq International Reserves Data
2017 | 2018 | 2019 | 2020 | 2021 | |
---|---|---|---|---|---|
International Reserves (USD bn) | 45.6 | 60.8 | 63.3 | 48.6 | 58.6 |