Iraq Budget

Iraq’s parliament (the Council of Representatives – CoR) approved its 2017 budget on December 7, 2016, after a long, contentious debate and the withdrawal of multiple parliamentary blocs over disagreements. The 2017 budget reduces Iraq government spending by about 5% compared to 2016’s budget. Total expenditure was set at $86.3 billion (100.7 trillion dinars), with the Iraq government projecting total revenues to reach $67.8 billion, based on an average price of $42 per barrel and exports of 3.75 million barrels per day (bpd). Besides the reduced spending plans for 2017, the government expected a deficit of $18.6 billion for the year. However, on the positive side, the Iraq government expected USD 9.5 billion, or IQD 11.1 trillion in revenue to come from non-oil revenues. At about 14% of total government revenue, this is on the high side among oil-driven economies, signaling that Iraq has a substantial “real” economy even though it is still heavily oil-dependent.

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