Iraq: Financial openness
* indicates monthly or quarterly data series
| Iraq |
Financial openness index |
|---|---|
| Latest value | -1.248 |
| Year | 2002 |
| Measure | index points |
| Data availability | 1970 - 2002 |
| Average | -1.297 |
| Min - Max | -1.935 - -1.248 |
| Source | Chinn-Ito Index |
The latest value from 2002 is -1.248 index points, unchanged from -1.248 index points in 2001. In comparison, the world average is 0.186 index points, based on data from 177 countries. Historically, the average for Iraq from 1970 to 2002 is -1.297 index points. The minimum value, -1.935 index points, was reached in 1970 while the maximum of -1.248 index points was recorded in 1972.
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Definition: The Chinn-Ito index measures a country's degree of capital account openness and was introduced in Chinn and Ito (Journal of Development Economics, 2006). It is based on variables that codify the restrictions on cross-border financial transactions in the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions. Higher values mean greater financial openness.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 121.90 | 2023 | percent |
| Trade openness | 74.74 | 2024 | percent |
| Financial openness | -1.248 | 2002 | index points |
| Exports, percent of GDP | 37.51 | 2024 | percent |
| Exports, billion dollars | 104.89 | 2024 | billion U.S. dollars |
| Growth of exports | -0.14 | 2024 | percent |
| Imports, percent of GDP | 33.20 | 2024 | percent |
| Imports, billion dollars | 104.11 | 2024 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | -2.74 | 2024 | percent |
| Foreign Direct Investment, billion dollars | -7.46 | 2024 | billion U.S. dollars |
| Portfolio investment inflows, equities | -6.10 | 2023 | million dollars (current) |
| Current account, percent of GDP | 2.99 | 2024 | percent |
| Current account, in dollars | 28.37 | 2023 | billion U.S. dollars |
| Trade balance, percent of GDP | 0.28 | 2024 | percent |
| Trade balance, in dollars | 26.67 | 2023 | billion U.S. dollars |
| Reserves | 100.69 | 2024 | billion U.S. dollars |
| Remittances, percent of GDP | 0.35 | 2023 | percent |
| Remittances | 1,161.70 | 2023 | million U.S. dollars |
| Net errors and omissions | -7,663.74 | 2024 | million USD |
| External debt | 7.51 | 2023 | percent |
| Short-term external debt | 4.78 | 2023 | percent |
| Short-term debt to reserves | 0.87 | 2023 | percent |