Measuring And Analyzing the Impact of Oil Prices on Economic Growth in Iraq during the Period (2006-2019)

Abstract

The research analyzed The impact of oil price fluctuations on economic growth in Iraq during the period (2006-2019), The oil sector in Iraq is considered one of the most prominent economic sectors, and it is also considered the main source of financial revenues that the state needs to finance its various activities. This research aims to explore the factors that affect oil price fluctuations in global markets, and how they affect economic growth in Iraq by estimating the impact of these fluctuations on gross domestic product. The research reached many conclusions, including the existence of a direct relationship between the prices of oil and the gross domestic product (GDP) in Iraq. If the price of oil increases (1%) leads to an increase in GDP by (0.76%). Oil prices are affected not only by supply and demand factors., but there are many other factors that affect oil price fluctuations, such as political and technical factors. For the government it is neccessary to work to reduce its dependence on oil to obtain financial returns and work to diversify sources of income from non-oil sources.