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Iraq

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Iraq
Leader
Prime Minister Haider al-Abadi

Iraq country datafile
Country overview
Government contacts

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

Middle East contracts October 2014

Middle East contracts awarded: October 2014 Subscription

1 December 2014

Over $13bn of contracts awarded in October in the Middle East

November contract awards

Middle East contracts awarded: November 2014 Subscription

1 December 2014

Over $3bn of contracts awarded in November in the Middle East

Saudi oil production and brent crude price

Riyadh in strong position ahead of Opec meeting Subscription

18 November 2014 | By

Saudi Arabia showing no signs of cutting oil production despite falling prices

Iraq annual expenditure

Once more a war economy Subscription

13 November 2014 | By James Gavin

The cost of the fight against Isis, coupled with falling global oil prices, means Baghdad faces a widening deficit and depleting foreign exchange reserves

KRG spending

Closing the rift with Baghdad Subscription

13 November 2014 | By James Gavin

The Kurdistan Regional Government needs to broker an oil revenue-sharing deal with Baghdad to help stabilise its economy in the wake of Isis’ advance

The Oil Ministry estimates that the halt in exports from northern Iraq is costing Baghdad about $1.2bn a month in lost revenues

Conflict threatens Iraq's production targets Subscription

13 November 2014 | By

The fresh outbreak of fighting in Iraq means the country is unlikely to meet its production target of 8.5-9 million barrels a day by 2020 as key projects are delayed

Shoring up: Iraq’s Prime Minister Haider al-Abadi (left) is working hard with the US on regional security

Emerging from Al-Maliki’s shadow Subscription

13 November 2014 | By

To narrow the sectarian divide and combat Isis, Iraq’s new prime minister, Haider al-Abadi, will have to throw off the influence of his predecessor and be his own man

Mena military spending aand personnel 2013

Gulf nations step up defence spending Subscription

2 November 2014 | By

The continuing conflict in Syria and the ever-present threat of domestic unrest mean the region’s governments will continue to ramp up military investment

Defence

Pushing back against Isis Subscription

2 November 2014 | By

While the US’ allies in the region have joined the coalition against Isis, each has a differing agenda on Syria. Meanwhile, Iran, the one country that could really help, is being ignored

Middle East contracts September 2014

Middle East contracts awarded: September 2014 Subscription

16 October 2014

Over $2bn of contracts awarded in September in the Middle East

Zain Iraq active customers

Iraq poses difficult challenges Subscription

6 October 2014 | By James Gavin

The country’s telecoms market has growth potential, but operators are being held back by red tape and the ongoing conflict

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

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MEED comment

US Secretary of State John Kerry said the attack missions by Iranian jets were a positive development in efforts against Isis

Iran carries out first airstrikes against Isis, US claims Subscription

4 December 2014 | By

Tehran denies offensive despite news footage showing F-4 Phantom II raids in Diyala

Haider al-Abadi

Al-Abadi facing familiar problems in divided Iraq

13 November 2014 | By

New prime minister a welcome replacement for Al-Maliki, but faces same sectarian pressures

Baiji refinery, north of Baghdad, in Iraq

Erbil strives to meet domestic fuel demand

6 November 2014 | By

Baiji refinery outage highlights importance of refining expansion in Iraqi Kurdistan

The development of power plants shows the Kurdistan Regional Government is determined to meet the needs of its people and industries

Erbil remains committed to development

6 November 2014 | By

The development of power plants shows the Kurdistan Regional Government is determined to meet the needs of its people and industries

Iraq's Prime Minister Haidar al-Abadi

Baghdad unity government a positive step Subscription

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 Subscription

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 Subscription

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 Subscription

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

More MEED commentary

Special reports

Haider al-Abadi

Iraq: Economic fallout from jihadist advance

13 November 2014

Prime Minister Haider al-Abadi has taken on the leadership of Iraq at a critical time

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 Subscription

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

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 Zubaidiya Power Plant: Phases 1 & 2 Power 1,940
4 Baghdad Monorail: Phase 1 Tranport 1,500
4 Housing Project in Baghdad Construction 1,500
6 Kut Tourist City Construction 1,000
6 Iraq Energy City Industrial 1,000
8 Zubair Field Development: North Degassing Station Oil 894
9 Badra Oil Field Development: Phase 2: CPF Gas 879
10 Zubair Field Development: Early Production Facilities Oil 843
Click through to the full data table on Iraq's biggest projects in construction
Click through to MEED's Q3 2014 Top 100 Projects report
Source: MEED Projects; Data compiled: November 2014

Project awards

Iraq energy EPC awards

Iraq awards design deal on critical seawater supply project Subscription

16 December 2014 | By

Austria’s ILF Consulting Engineers wins contract on two 150km pipelines

Petrojet wins $143m in Iraq gas contracts

Petrojet wins $143m in Iraq gas contracts Subscription

14 December 2014 | By

Egyptian group to build gas pipeline and undertake work on separation plant

Iraq awards $900m of oil storage and transmission projects

Iraq awards $900m of oil storage and transmission projects Subscription

13 November 2014 | By

Chinese group picks up $667m deal to build depot near Nasiriyah field

Al-Faw Port in Iraq

Petrofac awarded $106m Al-Faw contract extension Subscription

3 November 2014 | By

UK group wins new six-month deal from South Oil Company on export facilities services

International consortium wins Iraq desalination contract

International consortium wins Iraq desalination contract Subscription

26 October 2014 | By

Group to provide pretreatment facilities for planned Basra plant

GE to provide turbines for Iraqi Kurdistan power plant

GE to provide turbines for Iraqi Kurdistan power plant Subscription

19 October 2014 | By

Contract signed to supply five turbines to new Bazyan plant

electricity substation

Indian firm to supply substations for Iraq Subscription

13 October 2014 | By

Avantha Group will provide 16 substations for the Electricity Ministry

SNC Lavalin wins design deal for Iraq gas plant

SNC Lavalin wins design deal for Iraq gas plant Subscription

28 September 2014 | By

South Gas Company awards $27.8m contract on project at Ratawi and Bin Omer fields

Projects trends

Gulf projects index

Iran decline pulls down Gulf index Subscription

18 December 2014

Islamic Republic’s fall in value cancels out growth in UAE, Oman and Kuwait

Gulf projects index

Little change as states remain cautious Subscription

11 December 2014

Governments are engaging in more strategic planning to counter the impact of falling oil prices

Value of projects planned or under way 2 Dec.jpg

Kuwait growth fails to lift Gulf index Subscription

4 December 2014

UAE records biggest decline in value of projects market since August

More Gulf Projects Index articles

All 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 Ministry of Electricity Subscription

Iraq Ministry of Electricity was established in 2003, it is responsible for the generation, transmission and distribution of electricity in Iraq

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

See all Iraq biographies

Latest Iraq news

Iraq energy EPC awards

Iraq awards design deal on critical seawater supply project Subscription

16 December 2014

Austria’s ILF Consulting Engineers wins contract on two 150km pipelines

Petrojet wins $143m in Iraq gas contracts

Petrojet wins $143m in Iraq gas contracts Subscription

14 December 2014

Egyptian group to build gas pipeline and undertake work on separation plant

Oil

Oman prequalifies for Yibal Rejuvenation project Subscription

14 December 2014

Petroleum Development Oman prepares tender for onshore oil field scheme

Baghdad

Iraq GDP to fall 0.5 per cent in 2014, says IMF Subscription

11 December 2014

Isis insurgency causes decline in non-oil economy

 given the rising volumes of passengers travelling on the Dubai Metro, the region is beginning to establish a track record that lenders and bankers could use to predict whether project finance debts can be repaid

The Middle East in 2030

10 December 2014

Take part in MEED’s survey to identify the key trends that will shape the Middle East economy in 2030

Cristal Hotel lobby

Cristal Hotel Group expanding across Middle East Subscription

7 December 2014

Abu Dhabi firm planning to develop several new hotels throughout region

Oil drilling

Marathon and Total make new discovery in Iraqi Kurdistan Subscription

3 December 2014

Light oil and gas reservoirs found on Harir block outside of Erbil

West Qurna 2 oil field in Iraq

Lukoil tenders Mishrif master engineering services Subscription

3 December 2014

Companies asked to bid for West Qurna 2 oil field contract in Iraq by 30 December

Iran oil industry

Lukoil eyeing return to Iran Subscription

1 December 2014

CEO of Russian group discusses returning oil fields if sanctions are lifted

Baiji refinery

Iraq forces break siege at Baiji refinery Subscription

19 November 2014

Baghdad claims strategic victory as army regains ground from Islamist militants

Iraq Oil Minister Adel al-Mahdi says oil revenue agreement has been reached between Erbil and Baghdad

Erbil and Baghdad reach agreement on oil revenues Subscription

18 November 2014

Kurdish government agrees to place some exports under federal control in exchange for payments, says Iraq oil minister

Iraq awards $900m of oil storage and transmission projects

Iraq awards $900m of oil storage and transmission projects Subscription

13 November 2014

Chinese group picks up $667m deal to build depot near Nasiriyah field

Iraq oil and gas awards

BP ramps up investment in Rumaila field Subscription

12 November 2014

Company awards $3bn-worth of Iraq contracts in four months

Iraq oil

Iraqi Kurdistan oil exports hit 300,000 barrels a day Subscription

9 November 2014

Exports through pipeline to Turkey increase 60 per cent in four months

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