IRAK: news on Economy in real time

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With reserves estimated at more than 300 years at the rate of production in 2020, Iraq is, along with Yemen, the country in the world that least exploits its enormous potential. Iraq has 3,500 billion m3 of proven reserves, i.e. the 12th largest reserves in the world, behind Algeria and ahead of Azerbaijan. However, these reserves remain largely under-exploited with an annual production which fluctuates between 12 and 14 billion m3 in recent years, placing the country in the rank of 35th to 40th world producer depending on the year.

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Inflation, measured year-on-year, of the consumer price index reached 8.2% and 6.8% respectively in September and October 2021. Since last December, it has been trending up sharply. On average, over the first 10 months of the current year, it stands at 6% against 0.4% in 2020.

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With the announcement of the final results of the early parliamentary elections in Iraq, questions are increasing concerning the possible candidates eligible to occupy senior positions within the state apparatus, in particular with regard to the Presidents of the Republic and of the Parliament and the Head of Government.