Ирак

# Iraq Economic Profile

## Economic Overview

Iraq is an upper-middle-income country heavily dependent on oil resources. With an estimated GDP of approximately $240 billion, it is one of the major economies in the Gulf region. The oil industry forms the core of the economy, with over 90% of national revenues dependent on oil exports, and abundant oil fields near the Strait of Hormuz supporting this advantage. However, industrial development beyond oil remains limited, and economic diversification is a pressing issue.

## Recent Economic Trends

Following the elimination of ISIL forces in 2017, Iraq has pursued economic reconstruction and stabilization efforts. As an economy heavily influenced by fluctuations in international oil prices, recent crude oil price increases have improved the fiscal situation. Since 2023, oil production levels have exceeded 4.5 million barrels per day, with Iraq's importance as an OPEC member nation increasing. However, challenges such as rising inflation rates, high unemployment, and infrastructure shortages persist.

## Notable Points

Iraq's economic recovery involves several important elements. First, defense-related expenditures and public sector salaries account for the majority of government budgets, limiting investment in economic diversification. Second, the development of non-oil industries such as agriculture, manufacturing, and tourism is urgently needed. Third, improvements in corruption and institutional weaknesses are essential for establishing an investment environment. Attracting international investment after UN sanctions relief and deepening regional integration are keys to Iraq's sustained growth.