Iraque flag Iraque: Contexto político-econômico

Contexto econômico do Iraque

Economic Indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Iraq's gradually rebounding economy was severely hit by Covid-19 weighing on domestic demand and macroeconomic balances as well as lower global oil prices and Opec output quotas. GDP contracted to an estimated 15.7% in 2020 - by far the lowest performance since 2003 - but grew back to 7.7% in 2021 and 9.3% in 2022, a recovery to pre-pandemic levels. Growth is supposed to slow doen to 4% in 2023 and 2.5% in 2024.

Iraq's strong oil production resulted to an average production of 4.133 million barrels per day in January 2022. Lower oil revenues, which account for more than 90% of export income, weighed on the current account balance, ending at a deficit of USD 18.34 billion in 2020, against a surplus of USD 1.09 billion a year earlier, 16.18 billion USD in 2021 and 46.12 billion USD in 2022. However, a swift recovery in global oil prices has boosted Iraq's foreign trade balance. At the same time, general government gross debt rose rapidly to 84.2% in 2020 from 45.1% a year earlier, but came back to 59.4% in 2021 and 36.7% in 2022. It is expected to decrease to 34.8% in 2023 and 31.6% in 2024. The government has made efforts to cut back on costs by lowering pensions, but this led to nationwide anti-austerity protests. Iraq's public sector expanded rapidly in recent years, with payroll expenditures accounting for an increasingly higher share of the government budget year after year. Political constraints also weighed on the Iraqi economy, as the government remained in months of deadlock to appoint a new prime minister. Inflation rose to 6% in 2021, contrasting with 0.6% a year earlier, amid rising food and transportation costs. It increased again to 6.5% in 2022. The US extended its sanction waiver in 2020 to allow Iraq to import gas and electricity from Iran to cover its domestic energy needs.

The country’s social climate and political and security conditions started to improve after the defeat of ISIS, nevertheless Iraq continues to face severe security challenges. According to UNICEF, one in four Iraqi children lives in poverty and 4 million in need of assistance. Access to water, electricity and fuel is very limited. The unemployment rate is high, especially among young people and women, but reliable figures are not available (youth employment standing near 25% according to the IMF). The state represents the largest employer in the country, with four out of five jobs created in recent years are in the public sectors, according to World Bank.

Iraq’s economic outlook is mired by significant downside risks that call for accelerated implementation of structural reforms. These include: a deterioration in security conditions, the intensification of climate change shocks and additional macroeconomic volatility. Averting or mitigating the impact of downside risks depends on the policies of the future government and commitment to comprehensive reforms. Progress on regional economic integration together with an improved security environment could provide new momentum for growth and diversification (World Bank, 2022).

Main Indicators 20222023 (E)2024 (E)2025 (E)2026 (E)
GDP (billions USD) 261.14254.99271.47281.79291.56
GDP (Constant Prices, Annual % Change) 7.0-
GDP per Capita (USD) 6,1815,8836,1046,1766,228
General Government Gross Debt (in % of GDP) 44.949.254.661.468.6
Inflation Rate (%) n/a5.
Current Account (billions USD) 45.05-4.94-11.72-16.62-20.75
Current Account (in % of GDP) 17.3-1.9-4.3-5.9-7.1

Source: IMF – World Economic Outlook Database, October 2021

Main Sectors of Industry

Iraq's 38.8 milion population includes a workforce of 11.18 million. The agricultural sector accounted for 4% of GDP in 2022 (World Bank, 2023) and employed almost a fifth of the labour force with 18% (World Bank 2023) due to the prevalence of less modern and productive methods. About a quarter of the total land area is suitable for intensive cultivation and animal husbandry. Most of the agricultural activity is concentrated in the fertile lowlands in the Mesopotamian plains that irrigated from the Tigris and the Euphrates, and includes cereals, pulse and dates. Nonetheless, Iraq is still a net food importer.

Industry accounts for 53.8% of GDP and employs 23% of the work force (World Bank, 2023). Its relative share in the economy continues to pick up after hitting a 30-year low in 2015, but remains much lower than levels seen in early 2000s. Iraq's largely state-run economy is dominated by the oil sector, which provides roughly 90% of government revenue and 80% of foreign exchange earnings (OPEC).

The services sector is estimated to form 43.5% of Iraq's GDP and employs 59% of the workforce (World Bank, 2023). Iraq is one of the Middle East's most underbanked countries, but the banking sector, which is still mostly state-owned, is giving significant steps to financial inclusion thanks to a new electronical payments system to disburse government salaries and welfare to some seven million citizens.

Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 19.8 21.3 58.9
Value Added (in % of GDP) 2.9 62.7 34.8
Value Added (Annual % Change) -10.6 11.2 1.1

Source: World Bank, Latest Available Data. Because of rounding, the sum of the percentages may be smaller/greater than 100%.


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Sources of General Economic Information

Ministry of Interior
Ministry of Foreign Affairs
Ministry of Oil
Ministry of Industry and Minerals
Ministry of Finance
Statistical Office
Central Statistical Organization
Central Bank
Central Bank of Iraq
Stock Exchange
Iraq Stock Exchange
Economic Portals
Arabian Business
Arab Economic Portal

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Últimas atualizações em December 2023