The Iraq – Economy

Economic Data

With the help of international institutions and the efforts of the elected government, the Iraqi economy has demonstrated great progress recently. In 2008, the Iraqi GDP was approximately US$ 94 billion, according to projections from the International Monetary Fund (IMF) and also based on the same source, it is expected for 2009 a growth of 9%. This assumes continued progress in the security situation and the improvement in the economy, supported by oil production and exports. Considering the existing wealth in the country and its potential, Iraq will probably among the countries with average market faster and more profitable growth worldwide.

GDP: US$157 bilhões (2011 – MRE)

Growth of PIB: 8,2% (2011 – MRE).

GDP per capita: US$ 4,879 (2011 – MRE).

GDP by sector: agriculture: 10% industry: 60% services: 30% (2011 – MRE).

Workforce: 7,4 million (est. 2004).

Main Industries: oil, chemical, textile, leather, construction materials, food processing, fertilizers, manufacturing and processing of metals.

Export: F.O.B. $71 billion (2011 – MRE).

Main Export products: crude oil, crude oil (fuel the exception), food and live animals.

Main Export partners: United States 36,8%, Italy 12,6%, South Korea 9,5%, Taiwan 6,3%, Spain 5,2%, Canada 4,7%, France 4,4%, Netherlands 4,2% (2007).

Import: F.O.B.$ 36 billion (2011 – MRE).

Main Import products: food, medicine, manufactured goods.

Main Import partners: Syria 30,5%, Turkey 19,8%, United States 11,1%, Jordan 5%, China 4,8% (2007).

Foreign Trade and Investment

The Government of Iraq (GOI) has been engaged to introduce economic reforms needed to rebuild the country, including the reduction in subsidies to the oil refining and pension reform. Its commitment to reintegrate the international community can also be seen in the advances in relation to the World Trade Organization, WTO.

In this sense, the rise in trade in Iraq and the search for investment has been of special importance to Iraq. Investor interest in Iraq has risen sharply since 2008, when substantial improvements in the security situation have been implemented. The United Nations, together with WTO, calculate the entry of more than US$ 1.4 billion in foreign direct investment in the country in 2010, an increase of approximately 45% per year since 2007.

Also in 2010, private sources estimated more than US$40 billion in new infrastructure investments. The government and the Iraqi private sector continue to make progress on the business climate and investment, supporting vigorously the realization of new projects.