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Iraq

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Country data

Iran 2008 2009 2010 2011f 2012f 2013f 2014f
Nominal GDP ($bn) 131.6 111.7 138.5 185.8 216.0 229.3 248.3
GDP per capita ($) 4,328 3,575 4,374 5.687 6.410 6.594 6.923
Real GDP growth (annual change, %) 6.6 5.8 5.5 10.2 10.3 4.2 5.9
Government revenue (% of GDP) 56.4 46.2 45.4 48.1 47.4 43.2 43.1
Government total expenditure (% of GDP) 57.3 58.9 49.6 43.4 43.3 49.1 45.1
Total government debt (gross, % of GDP) 72.6 84.0 51.0 39.1 33.5 31.3 16.3
Current account balance (% of GDP) 12.8 -8.0 3.0 12.0 6.7* 0.0 1.0
Value of oil imports 2.8 1.4 2 3.4 5.3 5.8 6.3
Value of oil exports 60.7 38 51.2 79.4 93.8 101.1 108.6
Inflation (%) 2.7 -2.2 2.4 5.6 6.1 1.9 1.9
Click to see full economic data (2005 - 2018 forecast)
Source: International Monetary Fund, World Economic Outlook Database; Last updated: July 2014

Doing business in...

Iraq

MEED Guide to Doing Business: Seize the Iraq opportunity Subscription

16 February 2014 | By

This April, Iraq will hold its third round of parliamentary elections since the overthrow of Saddam Hussein’s regime in 2003

Iraq trends

Promising development: Amman is now studying a proposal to issue its first Islamic bond

Wider Middle East ripe for Islamic finance Subscription

18 September 2014 | By Richard Nield

Sharia-compliant banking has yet to take off across most of the Levant and North Africa. But growing support from governments could soon lead to a boom in demand

New strategy: Washington and its allies plan to wipe out Isis targets wherever they are, including Syria

Washington takes the initiative Subscription

11 September 2014 | By

Air strikes by a US-led coalition are key to the pushback against Isis

Profit sharing per barrel of oil

Erbil forges its own path Subscription

3 September 2014 | By

Although the emergence of the Islamic State in Iraq and Syria is threatening the stability of the Kurdish northern region, so far the situation has worked to the government’s advantage

Risk ratings in the Middle East and North Africa

Navigating regional political and security risk Subscription

17 August 2014 | By

Investors face a widening and complex web of risks in the Middle East and North Africa region

Top 100 projects, Q2 2014

Top 100 projects index dips Subscription

14 August 2014 | By

Small fall in the total value of the Middle East’s biggest projects, but further pressure expected due to fighting in Iraq

Al-Abadi was appointed prime minister by Iraq’s President Fouad Masoum on 11 August, after a swing of support within the Shia-backed State of Law coalition, which had previously supported Al-Maliki’s bid for prime minister

Iraq places its hopes on Al-Abadi Subscription

14 August 2014 | By

With formal backing from the US, Iran and Saudi Arabia, the prime minister-designate has 30 days to form a government and combat the growing threat from Isis

Iraq expressway network

Construction and housing in Iraq Subscription

7 August 2014 | By Bernadette Ballantyne

Only the construction of millions of homes can solve the housing crisis

Iraq phosphate deposits

Iraq struggles to mine a rich vein Subscription

4 August 2014 | By James Gavin

Insurgency casts shadow over one of the country’s brightest investment markets

Middle East contracts awarded June 2014

Middle East contracts awarded: June 2014 Subscription

31 July 2014

Over $6bn of contracts awarded in June in the Middle East

Rigs operating in the Middle East and North Africa, June 2014

Middle East rig count on the rise Subscription

31 July 2014 | By

The region is now the world’s second-biggest market for operating oil rigs

Iraq

Iraq violence is about money not religion

25 June 2014 | By

The struggle for mastery of Iraq’s $20tn oil and gas reserves

Construction

Suleimaniyah steps out of the wings Subscription

22 June 2014 | By James Gavin

The region’s second city is attracting the interest of property developers

Ramp up: Oil exports reportedly exceeded 2.5 million barrels a day in April 2014

Insurgency to end growth story in Iraq Subscription

22 June 2014 | By James Gavin

The crisis that has engulfed Iraq in June threatens to break the country apart and bring to an end an impressive story of economic growth

Resort: Baghdad has employed the help of Shia civilians, unable to stop the advance of militants by itself

Iraq's fundamental flaws Subscription

19 June 2014 | By James Gavin

The growing sectarian division in Iraq has meant the partition of the country could become a reality

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MEED comment

Iraq's Prime Minister Haidar al-Abadi

Baghdad unity government a positive step

11 September 2014 | By

Al-Abadi faces huge challenge to bridge sectarian divides

Syria's President Bashar a-Assad

Respite from cold for Al-Assad

4 September 2014 | By

The West might have to ask the Syrian leader for assistance in stamping out jihadist group Isis

Kurdistan

Isis threatens Kurdish hopes

21 August 2014 | By

Erbil faces difficult questions about its quest for independence

Iraq: Fighting has displaced 170,000 people in Sinjar

Erbil could face unilateral battle

7 August 2014

The Kurds’ dispute with Baghdad could affect their chances of getting international help against Isis

Nouri al-Maliki

Iraq's ill-equipped prime minister Subscription

19 June 2014 | By

Nouri al-Maliki’s declining popularity and loss of control over vast areas of Iraq has weakened his mandate to lead the country

Iraq conflict

Iraq on the brink of destruction Subscription

12 June 2014 | By

Conflict threatens Sunni-Shia tensions across the region. To prevent civil war in Iraq, a decisive response by Washington is required

Poll: About 60 per cent of eligible voters took part

Addressing Iraq's sectarian divide Subscription

8 May 2014 | By

The key question is whether Iraq’s power brokers have the will to bring Sunni or Kurdish elements into the government to unite the country

Iraq

Iraq mine clearance slow to progress Subscription

10 April 2014

Iraq’s ban on land mine clearance companies indicates its increasingly difficult working environment

Iraq

Baghdad appeals to private sector Subscription

6 March 2014 | By

Progress with the government’s IPP programme would deliver more benefits than just additional power

Iraq

Oil windfall yet to benefit Iraq's economy Subscription

6 March 2014 | By

Sectarian politics and prolonged violence are inhibiting foreign investment in Iraq’s industries

Iraq gas

Securing gas is a priority for Iraq Subscription

27 February 2014 | By

If the Iraqi government is to meet its development targets, it is vital that schemes to provide gas are a success

Refinery

Iraq’s refining plans face test Subscription

6 February 2014 | By

All eyes on the first real test for Iraq’s downstream sector as firms bid for Nasiriyah project

More MEED commentary

Special reports

Whatever Al-Maliki’s role in the spread of Isis, it soon became clear that he was unable to counter the military threat

Uniting against a common enemy

14 August 2014 | By

Nouri al-Maliki’s position became untenable as allies lost patience with reaction to Islamist advance

Kurdistan

Kurdistan Projects 2014

28 May 2014 | By Dominc Dudley

Housing and industry lead the projects market in Iraqi Kurdistan

Iraq

Iraq: Factional friction poses threat to security Subscription

6 March 2014

At MEED’s Iraq Energy Projects conference held in Dubai in February, gas was high on the agenda

Iraq

MEED Guide to Doing Business: Seize the Iraq opportunity Subscription

16 February 2014 | By

This April, Iraq will hold its third round of parliamentary elections since the overthrow of Saddam Hussein’s regime in 2003

More Iraq special reports

Market presentations

After the Uprisings webinar

After the Uprisings: The outlook for business in the Middle East in 2013 and beyond Subscription

4 March 2013

A webinar on the region’s business environment, providing current data and exclusive expert analysis drawn from MEED’s team of experts

Abu Dhabi petrochemicals plant

Future developments in Middle East petrochemicals Subscription

26 March 2012

MEED’s exclusive subscriber-only online seminar on the petrochemicals sector in MENA outside of the GCC

Barzan: The gas project raised $5.7bn

Rebuilding the Middle East: Prospects for the projects market 2012 Subscription

6 February 2012

MEED’s webinar looks at expected growth in the Middle East and North Africa

More MEED webinars

Top 10 projects

Rank Project Name Sector Contract value ($m)
1 Housing Complex in Basmaya Construction 8,000
2 Karbala New Refinery Oil 6,040
3 Basra New City: Phase 1 Construction 3,750
4 Zubaidiya Power Plant: Phase 1 & 2 Power 1,940
5 Baghdad Monorail: Phase 1 Transport 1,500
5 Housing Project in Baghdad Construction 1,500
5 Majnoon Oil Field Development: Phase 2: Full Field Development Power 1,500
8 Basra Power Plant Power 1,250
9 Kut Tourist City Construction 1,000
9 Iraq Energy City Industrial 1,000
Click through to the full data table on Iraq's biggest projects in construction
Click through to MEED's Q2 2014 Top 100 Projects report
Source: MEED Projects; Data compiled: September 2014

Project awards

UOP wins technology deal on Iraq Siba gas field

UOP wins technology deal on Siba gas field Subscription

3 September 2014 | By

Honeywell subsidiary to provide processing technology for project in southern Iraq

Iraq awards $350m contract on pipeline to import Iranian gas Subscription

4 June 2014 | By

Iranian company to build infrastructure linking Abadan with Basra power plant

Petrofac and China’s CPECC pick up $960.8m in Rumaila contracts Subscription

7 May 2014 | By

UK group to provide management services; CPECC to handle power plant construction

Iraq signs $173m drilling deals with Chinese firms Subscription

23 April 2014 | By

New wells to be drilled at Missan oil fields in east of Iraq

South Korean group sign $6bn Iraq refinery deal Subscription

23 April 2014 | By

South Korean consortium of four to build 140,000 barrel-a-day refinery in Karbala, Iraq

Alstom wins Iraq turbine deal Subscription

20 April 2014 | By

French firm will provide turbines for 1,642MW Al-Anbar gas-fired plant

Daewoo approved for $559m Iraq oil facility Subscription

16 April 2014 | By

South Korea’s Daewoo Engineering & Construction to build the final degassing station at Zubair field

US firm to upgrade Basra port Subscription

15 April 2014 | By

Nawah Port Management to expand Iraqi container terminal

Projects trends

Gulf projects index

Saudi Arabia sees biggest expansion Subscription

18 September 2014

Kingdom’s surge pushes Gulf Projects Index up by 1 per cent

Gulf projects index

Expansion in Saudi Arabia lifts market Subscription

11 September 2014

Projects announcements in Kuwait and Saudi Arabia give boost to Gulf Projects Index

Value of projects planned or under way ($bn)

Big decline for Iraq’s projects market Subscription

4 September 2014

Continued turmoil weighs on Iraq as its projects sector has worst week in 30 months

More Gulf Projects Index articles

Companies

Asiacell logo

Asiacell Communications Subscription

Set up in the Kurdish region of Iraq in 1999, it was awarded a mobile operating licence in 2007 and now has a quarter of its shares floated on the Iraqi Stock Exchange

Iraq State Company for Oil Projects Subscription

Iraq State Company for Oil Projects (Scop) established in 1964 is a state owned company overseen by Iraq’s Ministry of Oil, projects include the Karbala New Refinery

See all company profiles

People

Iraq's Prime Minister-designate Haidar al-Abadi

Haidar al-Abadi faces tough challenge to form unity government Subscription

14 August 2014 | By

Former adviser to Nouri al-Maliki must break from previous policies to curb sectarian divides

Dilshad Shahab Subscription

23 September 2013

Dilshad Shahab is municipalities and tourism minister, Kurdistan Regional Government

Doaa Amin Subscription

23 September 2013

Doaa Amin is general manager, Tangram Hotel, Erbil

Handren Azzo Subscription

23 September 2013

Handren Azzo is chairman, Golden Mountains Company

Ramzy Fenianos Subscription

23 September 2013

Ramzy Fenianos is regional director, acquisitions and development, Starwood Hotels and Resorts

Mohammed Darraji

20 May 2013

Mohammed Darraji is minister of construction & housing, Iraq

See all Iraq biographies

Latest Iraq news

Petrochina has invited bids to install new wellheads and pipelines at the Halfaya field in eastern Iraq

Petrochina tenders wellheads at Halfaya oil field Subscription

15 September 2014

Companies asked to submit bids to provide facilities at field in eastern Iraq

Obama said the US will send 475 military personnel to assist in the crackdown on Isis

Obama prepared to target Isis in Syria Subscription

11 September 2014

Washington outlines strategy for tackling terrorist group

Oil

Genel Energy staff return to Iraqi Kurdistan operations Subscription

10 September 2014

London-listed group says security situation has improved significantly

Iraq's Prime Minister Haidar al-Abadi

Iraq approves new government Subscription

9 September 2014

Sunni and Kurdish politicians appointed as deputy prime ministers

West Qurna 2 Oil wells in Iraq

Lukoil tenders West Qurna 2 pipelines Subscription

8 September 2014

Russian group invites bids for water, gas and LPG pipelines at southern Iraq oil field

Rumaila oil field

Rumaila field target production cut on revised contract Subscription

7 September 2014

BP and Baghdad reduced Iraqi oil output target to 2.1 million barrels a day

UOP wins technology deal on Iraq Siba gas field

UOP wins technology deal on Siba gas field Subscription

3 September 2014

Honeywell subsidiary to provide processing technology for project in southern Iraq

Oil drilling

Atrush block drilling restarts after 21-day suspension Subscription

3 September 2014

Activities at Iraqi Kurdistan field were halted due to hostilities in northern Iraq

Oil field pumps

Afren lowers production targets on Iraqi Kurdistan outage Subscription

2 September 2014

Operations at Barda Rash and Ain Sifni oil fields suspended amid conflict in northern Iraq

Basra oil terminal

Gazprom Neft starts oil deliveries from Badra Subscription

1 September 2014

Crude to be exported from Basra through Iraq’s pipeline network

Iraq Stock Exchange (ISX) performance

Iraq’s stock exchange rally ends as index dips Subscription

26 August 2014

Iraq’s market rose on Prime Minister Nouri al-Maliki’s resignation

Malasia's Petronas

Petronas extends deadline on Gharraf tenders Subscription

24 August 2014

Companies asked to bid on Iraq oil and gas facilities by end of September

Pipeline

Iraq starts up Halfaya-Missan export pipeline Subscription

21 August 2014

China-operated oil fields to export crude via Iraq’s Gulf port of Al-Faw

Gerd Mueller, German development aid minister

German minister accuses Qatar of financing Isis Subscription

20 August 2014

Gerd Mueller says Qatar is assisting the extremist group that has seized large swathes of territory in Syria and Iraq

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