Lewes, DE -- (SBWire) -- 03/29/2019 --According to the World Bank Iraq's gross domestic product is set to grow 6.2% in 2019, propelled by increased oil production. Though government talks about diversifying its economy, but it relies heavily on oil production which contributues 99% of their revenues, keep other industries neglected.
Iraq, officially the Republic of Iraq, is a country in Western Asia encompassing the Mesopotamian alluvial plain, the northwestern end of the Zagros mountain range, and the eastern part of the Syrian Desert. Iraq borders Turkey to the north, Iran to the east, Kuwait to the southeast, Saudi Arabia to the south, Jordan to the southwest, and Syria to the west.
Iraq had estimated population of 36.067 million in the year 2016 and expected to reach 42.014 million by 2022, which is expected to increase at a CAGR of 2.58%.
Iraq's real gross domestic product (GDP) was around IQD 203474.6 billions in 2016 whereas the nominal GDP was IQD 197118.525 billions. This resulted in GDP deflator 96.876. Per capita GDP was estimated at USD 4630.96whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 17943.71.
In 2016, Iraq government's revenue was IQD 66480.18 billions whereas the expenditure was IQD 82763.40 billions. This resulted Iraq government's net lending / borrowing negative at IQD 16283.219 billion in 2016 indicating that enough financial resources were not made available by the government to boost economic growth.
The current account balance for Iraq was estimated to be at USD 12.198 billions for the year 2016 and is expected to decline at a CAGR of 20.26% and reach USD 2.385 by 2022. This negative current account balance indicates the Iraq is net a borrower to the whole world.
Scope of Iraq PESTLE Analysis & Macroeconomic Trends
This report provides information about key macroeconomic indicators for Iraq.
This report provides PESTLE (political, economic, social, technological, environmental and legal) analysis for Iraq.
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