Overview

The Iraqi economy grew by an estimated 10% in 2012 and is expected to grow at a similar rate in 2013, driven primarily by rising oil production and higher oil prices over the forecast period. Economic growth will be buttressed by robust increases in government expenditures. Iraq's 2012 capital budget was up nearly 35% over the previous year, and with mounting pressure to provide basic services the government is expected to expend a larger proportion than this allocation.Iraq's transition from a centrally-run economy to a more market-oriented one has been slow and uneven.The World Bank's 2013 Ease of Doing Business survey ranks Iraq 165th of 185 economies evaluated, although companies appear to find that doing business in the Iraqi Kurdistan Region, a federated region within Iraq, is significantly easier than in the rest of Iraq.Under the 2013-2017 National Development Plan adopted by the Council of Ministers in May 2013, Iraq hopes to mobilize approximately $400 billion in investment over the next five years. Priority sectors include oil, electricity, agriculture, transportation, telecom, education, health care, construction, and the industrial sector. Non-oil sector growth will be dependent on the reconstruction and development of decrepit infrastructure throughout the country. Improving electricity generation capacity, which currently stands at around two-thirds of estimated demand, is critical to non-oil sector growth.Iraq was the United States' 68th largest export market in 2012 (down from 58th in 2011). In 2012 total two-way U.S.-Iraqi trade reached $21.3 billion, an increase from $19.4 billion in the previous year. Total U.S. exports to Iraq in 2012 decreased by approximately $370 million, to $2.0 billion, from $2.4 billion in the previous year, while total Iraqi exports to U.S. reached $19.3 billion, up from $17.0 billion in 2011, due to increased U.S. purchases of Iraqi oil.The Kurdistan Regional Government (KRG)'s investment and trade regime is considered significantly more favorable to the conduct of business than that managed under the laws of the Government of Iraq.

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9781502323088

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