The impact of the oil price on growth in Iraq: 2001-2021 period

Oil, which is one of the main energy sources, keeps an important position for human life. Oil is the main commodity that is used in every aspect of economy. Every sector of the economy is almost connected to oil. It is consumed by people for daily needs and by industries for production. One of the richest countries in terms of oil reserves is Iraq. The country's revenues are depended on oil which is the main source of economic growth. The economic growth of the country can also be positively influenced by international trade. The aim of this study is to analyze the impact of the oil price on economy in Iraq. The relationship between economic growth, inflation, exchange rate, and the oil price are examined for the period between 2001 and 2021. Independent variable is Brent oil price. Dependent variables are exchange rate, inflation and economic growth. Cointegration analyses and other econometric analyses are conducted by using EVIEWS 12 program. The results of the study indicate that there is a weak relationship between the oil price and other three variables.