Economy of Iraq
Iraq is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Iraq may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Iraq exports around $91.99 billion and imports roughly $66.61 billion. 8.2% of population in the country are unemployed. The total number of unemployed people in Iraq is 3,225,860. In Iraq, 30% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Iraq is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 4.1% of GDP. The Gini Index of the country is 29.5. Iraq is experiencing high equality. Differences in income among citizens are only mildly significant. Iraq has a Human Development Index (HDI) of 0.642. Iraq has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Iraq is 3.444. The strength of legal rights index for Iraq is 1. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.
Currency
The currency of Iraq is Iraqi dinar. The plural form of the word Iraqi dinar is dinars. The symbol used for this currency is ع.د, and it is abbreviated as IQD. The Iraqi dinar is divided into Fils; there are 1000 in one dinar.
Credit rating
The depth of credit information index for Iraq is 0, which means that information, if any, is scarce, of insufficient details and almost inaccessible.
Central bank
In Iraq, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Iraq. Locally, the central bank of Iraq is called البنك المركزي العراقي. The average deposit interest rate offered by local banks in Iraq is 5.7%.
Public debt
Iraq has a government debt of 23.3% of the country's Gross Domestic Product (GDP), as assessed in 2012.
Tax information
The corporate tax in Iraq is set at 15%. Personal income tax ranges from 3% to 15%, depending on your specific situation and income level. VAT in Iraq is 10%.
Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Iraq is $526090 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Iraq was last recorded at $13 million. PPP in Iraq is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Iraq is 195,517 billion. Based on this statistic, Iraq is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Iraq was last recorded at $5 million. The average citizen in Iraq has low wealth. Countries with low wealth per capita often have slightly lower life expectancies and lower quality of living among citizens. It can be difficult to find highly skilled workers in countries with low wealth, as it is occasionally difficult for citizens to obtain the requisite education needed for specialized industries. Labor can be found for low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Iraq averaged -0.5% in 2014. According to this percentage, Iraq is currently experiencing modest decline. Countries that are experiencing modest decline may see a small reduction in personal consumption, employment rate, or personal income. A modest decline in GDP can signal a risky location for investments; however, some strong economic nations occasionally experience modest decline and are still safe investment locations. To read more about financial information click on finances of Iraq.
Industry
Major industries in the country are petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing. The total labor force of Iraq is 10,600,970 people, wherein 8.2% of population in the country are unemployed. The total number of unemployed people in Iraq is 3,225,860. The Industrial Production growth rate of Iraq is 6.9%.To read more about industrial information within Iraq click on industry of Iraq.
Agriculture
There are 56700 km2 of arable land in Iraq, and it comprises 13% of the country's total territory. There are 59336 km2 of cultivated land in Iraq. The country's major agricultural crops and products are wheat, barley, rice, vegetables, dates, cotton, cattle, sheep, poultry.To read more about agriculture click on agriculture of Iraq.