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Non-oil revenues
Economic 2024/08/13
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The risks of escalating regional tensions and their potential impact in the event of an expansion of the conflict in the region and the expansion of the war, which may lead to a disruption in shipping routes and a decrease in the value of exports.
Non-oil revenues mean the total revenues generated from real and non-real sectors for the benefit of the state treasury, provided that their source is not the consumer behavior of oil revenues, meaning that they are not from the total consumer behavior of state employees whose salaries are from oil revenues or from taxes and fees in which the source of funds is from the salaries of employees or professions that are fed by oil revenues, which have a fundamental role in market movement, in addition to the funds of government projects that are also fed by oil money. Otherwise, non-oil revenues are indirect oil revenues.
The reason for talking about this type of revenue is due to the concern resulting from what is being said about the decline in oil prices or the extension of OPEC cuts, which may affect the public finance accounts in light of the need for more funds to implement government projects included in the government program, in addition to the risks of escalating regional tensions and their potential impact in the event of an expansion of the conflict in the region and the expansion of the war, which may lead to a disruption in shipping routes and a decrease in the value of exports more than the potential positive impact of a rise in oil prices, which enhances the country's need for non-oil revenues for fear of the national economy being exposed to the shocks of oil price fluctuations.
According to press reports, the growth of Iraq's real non-oil GDP stopped in 2022, then recovered some of its health and reached 6 percent in 2023, and as a result of the expansion in public finances, economic growth rates in the country were expected to increase, and this was actually leaked a few days ago, as the media reported the news of the increase in non-oil revenues for the first five months of the year, as they recorded about 6.24 trillion Iraqi dinars.
Although this increase does not rise to the level of what was included in the general budget, it indicates the occurrence of a positive variable, as it is necessary to reduce dependence on oil, and to be careful of price fluctuations in light of the tensions witnessed by the world, and to work on increasing non-oil revenues by continuing to support real sectors and private sector projects, limiting imports and protecting the local product, with the importance of activating the role of the Farmers’ Loan Fund in the Ministry of Agriculture and reviving the role of the Agricultural Bank in supporting agricultural projects and food industry projects, and controlling public spending in order to ensure the continuation of economic reforms and achieving sustainable development.
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