How is economic conditions of Iraq?

MARKET OF IRAQ

The economic structure of Iraq, like all the countries of the Persian Gulf‎, is based on the production and sale of oil

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  • Chemicals
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In which field do you want to trade?
  • Chemicals
  • Construction Materials
  • Gemstones
  • Metals
  • Minerals
  • Natural Stones
  • Petrochemicals
  • Petroleum

Which country do you want to trade with?

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Which country do you want to trade with?
  • Iraq
The economic structure of Iraq, like all the countries of the Persian Gulf‎, is based on the production and sale of oil

The Iraqi economy is heavily dependent on oil, in other words, it is based on the oil economy. About 95% of Iraq's total oil revenues come from the sale of Iraqi oil. Numerous wars in Iraq and long-term international sanctions have left the Iraqi economy behind.

The economic structure of Iraq, like all the countries of the Persian Gulf‎, is based on the production and sale of oil. Iraq is the third-largest oil producer in the world, and the cost of producing oil in that country is the lowest cost of producing oil in the world. During the year, revenues from crude oil exports accounted for the percentage of GDP and the percentage of government revenues. This year, Iraq became the 15th largest oil producer in the world due to the war and the blows caused by the occupation, as well as the consequences of international sanctions and the wars of the Ba'athist regime.

The Iraqi oil sector is facing technical challenges in the production, transportation, and storage of crude oil and Petroleum products, according to Special Observers for Iraq Reconstruction. It also faces problems such as managing prices and imports, combating smuggling and corruption, improving budget allocation and implementation, and maintaining oil operations. Oil production in Iraq has not yet reached pre-US levels.

The Iraqi economy has been severely weakened by more than a decade of economic sanctions and war and needs investment and modernization. According to reports, the long-term and major reconstruction of Iraq will cost more than a few billion dollars, of which at least a third will be allocated to the oil, gas, and electricity sectors.

In the current situation, the Iraqi people are in a very bad economic situation, and the Iraqi government is not able to meet their basic needs and create jobs for them, and now the unemployment rate in Iraq is official / percent. At the same time, the Iraqi Minister of Commerce has announced that the national unemployment rate and the low unemployment rate in this country are between up to one percent, and the Iraqi Minister of Labor and Social Affairs announces this figure as more than one percent. The conditions of war and sectarian strife have displaced more than four million Iraqis, making the economic situation more critical.

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