By John Lee. The International Monetary Fund (IMF) has said that Iraq's economy is facing considerable headwinds, with non-oil sector growth slowing from 13.8 percent in 2023 to an estimated 2.5 percent in 2024, impacted by reduced public investment, a weaker trade balance, and financing constraints that led to the accumulation of arrears. Real GDP […]
By John Lee. The Central Bank of Iraq (CBI) reports that inflation fell in the first quarter of the year. The latest data shows an inflation rate of 2.2 percent in Q1 2025, down from 2.8 percent in Q4 2024. This points to a reduction in the general price level and an improvement in purchasing […]
By John Lee. A report by the Future Iraq Institute for Economic Studies and Consultations reportedly highlights significant fluctuations in the exchange rate of the Iraqi Dinar (IQD) against the US Dollar on the parallel market over the past two decades, driven by a mix of seasonal, political, and macroeconomic factors. Key factors cited in […]
By John Lee. A team from the International Monetary Fund (IMF) has concluded a visit with Iraqi officials, concluding: Economic Challenges: Iraq faces a highly uncertain global environment, declining oil prices, and acute financing pressures, which are harming economic activity and deepening existing vulnerabilities. Urgent Measures Needed: Contain the fiscal deficit by increasing non-oil tax […]
By John Lee. According to the latest World Economic Outlook from the International Monetary Fund (IMF), Iraq's economy is forecast to shrink by 1.5 percent this year. This is a reduction from the 4.1 percent growth forecast in their October 2024 report. For subsequent years, the organisation predicts a return to strong growth. Globally, "the […]
By John Lee. The Central Bank of Iraq (CBI) has announced positive financial indicators for Q3 2024, highlighting the success of its monetary policy during the year: Banking Sector Growth (Q3 2024 vs. Q3 2023) Total Deposits in Banks Growth: 4.2% Q3 2024 Value: 127.6 trillion dinars. Q3 2023 Value: 122.4 trillion dinars. Cash Credit […]
By John Lee. According to the recently-published World Economic Outlook from the International Monetary Fund (IMF), Iraq's economy is forecast to grow by 4.1 percent in 2025, up from 0.1 percent this year. A rate of 4.2 percent is projected for 2029. This would give it one of the fastest real GDP growths of all […]
By John Lee. The International Monetary Fund (IMF) has issued a detailed report on the Iraqi economy. The following key points were highlighted: Improved Domestic Stability: Since the new government took office in October 2022, Iraq has experienced improved domestic stability. This facilitated the passage of its first three-year budget, which led to a large […]
By John Lee. An International Monetary Fund (IMF) mission met with the Iraqi authorities in Amman during February 20-29 to conduct the 2024 Article IV consultation. Some key data from their report: Economic Growth: Non-oil GDP growth: 6% in 2023. Overall growth projected to rebound in 2024. Inflation: Declined from 7.5% in January 2023 to […]
By John Lee. The official spokesman for Iraq's Ministry of Planning, Abdul Zahra Al-Hindawi, has said that Iraq has experienced stability and a decrease in inflation rates over the past two years. In 2021, the inflation rate was 6 percent, decreasing to 5 percent in 2022, and further dropping to 4.4 percent in 2023. He […]
By John Lee. A team from the International Monetary Fund (IMF) has concluded a visit with Iraqi officials, concluding: Economic activity is recovering, although oil production cuts are weighing on overall growth, and at the same time inflation has declined. The large fiscal expansion in the three-year budget law poses significant risks to fiscal and […]
By John Lee. The World Bank has revised down its estimates for growth in Iraq. In its MENA Economic Update (previously known as MENA Economic Monitor), it says the forecast for GDP growth in Iraq for 2023 has been updated to -2.3 percent, 5.1 percentage points less than the forecast in April 2023, and significantly […]
