Iraq’s economy up 1.4%: A sign of recovery?
Shafaq News/ Iraq recorded economic growth of 1.4% over the past Iranian year, according to economic indicators released on Friday by Iran’s Central Bank.
The figures, covering the first nine months of the Iranian year that ended on Thursday, showed that Iran’s economy grew by 3.7%, a rate the bank described as stable and reasonable compared with regional and global averages.
Fixed capital formation in Iran increased by 3.4%, while non-oil trade reached over $116 billion, marking an 11.2% rise, according to the report.
The data showed that Turkiye’s economy expanded by 2.8%, Pakistan by 2.5%, and Iraq and Saudi Arabia by 1.4%. The overall growth rate for the Middle East and Central Asia was 2.4%.
Iraq’s growth represents a modest recovery from a 2.9% contraction in 2023, according to the International Monetary Fund (IMF), which attributed the improvement to a gradual increase in oil production and exports, supported by more stable global oil prices.
The World Bank said non-oil sectors, including agriculture, construction, and services, also contributed to the expansion. However, it noted that the pace of growth remains too weak to reduce unemployment or raise living standards. Both the IMF and World Bank have said Iraq will require sustained and stronger growth to address structural challenges and ensure long-term economic stability.
