Oil Prices fluctuations and their impacts on selected Iraqi economy’s indicators For the period (2009-2013)

Abstract

Prices of Crude oil are characterized by being fluctuated on the international level, due to it’s being influenced by economic and political factors, since crude oil is a international strategic commodity, heavy and unexpected fluctuations in oil prices produces economic effects on both oil exporters and importers countries. The current study aims to determine the extent of Iraqi economy’s reliance on crude oil revenues during the study period. besides, it aims at revealing the effects of oil prices decrease on selected Iraqi economy's indicators, the study also aims suggesting solutions to the issue of oil revenues reliance . the study depends on descriptive analytic approach which analyzes statics and economic indicators in order to obtain the results and reanalyze it, the data resource were mainly derived from Iraqi competent authorities and International organizations, the study comes up with several results, such as crude oil revenues consists (80%) to (92,5%) from total public revenues, oil revenues ration in formation GDP reached (49%) in 2013, real growth ratio of GDP was declined into (1.5%) in 2014 after being (6,1%) in 2013, crude oil export revenues consists (99%) of total exports in study period, national currency prices were declined into (6,5%) against US$ in the first quarter of 2015, the study proposes some recommendations among which is the necessity of stimulating the manufacturing sector by directing public purchasing of services and commodities toward national production, attracting foreign industrial investments, renovating and operating military industrial facilities, establishing mixed economy industrial and agricultural projects, in addition, the study recommended the necessity of implementing the non-oil public incomes.