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Iraq

Profile

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 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

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

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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 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

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

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

Refinery

ILF Tecon wins Tawke central processing facility design Subscription

21 September 2014 | By

Austrian group to provide study on project to operator DNO

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

Projects trends

Gulf Projects Index

Gulf index falls back to September levels Subscription

30 October 2014

UAE and Qatar record biggest declines in value of projects markets

Gulf projects index

Gulf index rises on Qatar growth Subscription

23 October 2014

Gas-rich state records expansion of 3.4 per cent in value of projects market

Gulf projects index

GCC market makes small gains Subscription

16 October 2014

Oman records the strongest growth, while Iraq’s index freefall slows despite clashes

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

Iraqi Kurdistan hydropower projects put on hold

Iraqi Kurdistan hydropower projects put on hold Subscription

30 October 2014

All major schemes stopped until Isis threat recedes

Iraq oil export pipelines

Iraq to Jordan crude pipeline on indefinite hold Subscription

29 October 2014

Some experts believe that the $7bn pipeline project will now never be constructed

International consortium wins Iraq desalination contract

International consortium wins Iraq desalination contract Subscription

26 October 2014

Group to provide pretreatment facilities for planned Basra plant

Syria

Isis oil production estimated to be worth $2m a day Subscription

21 October 2014

US intelligence group IHS estimates Islamist group is able to produce up to 60,000 barrels a day  

Iraq has completed the formation of its unity government by appointing new defence and interior ministers

Iraq completes unity government Subscription

19 October 2014

Prime minister appoints Sunni defence minister as Baghdad unites against Isis

GE to provide turbines for Iraqi Kurdistan power plant

GE to provide turbines for Iraqi Kurdistan power plant Subscription

19 October 2014

Contract signed to supply five turbines to new Bazyan plant

processing plant

Petrochina invites bids on Halfaya project management Subscription

14 October 2014

Separate packages tendered for phase three processing facility and gas process plant

electricity substation

Indian firm to supply substations for Iraq Subscription

13 October 2014

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

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

Drilling

WesternZagros resumes oil operations in northern Iraq Subscription

24 September 2014

Canadian company removed non-essential personnel amid hostilities in northern Iraq

Refinery

ILF Tecon wins Tawke central processing facility design Subscription

21 September 2014

Austrian group to provide study on project to operator DNO

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

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