Iraq/Economy

Economy of Iraq

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$250.8B(2023)
GDP PPP (USD)
$635.9B(2023)
GDP per Capita (USD)
$5,565(2023)
GDP Growth (inflation-adjusted)
-2.9%(2023)
Inflation (CPI Annual %)
4.4%(2023)

Trade & Finance

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Exports (as share of GDP)
44.6%(2022)
Imports (as share of GDP)
24.3%(2022)
FDI Inflows (as share of GDP)
-2.1%(2023)
Remittance Inflow (USD)
$1.2B(2023)
Tax Revenue (as share of GDP)
1.3%(2019)

Labor & Income

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Unemployment Rate
15.5%(2024)
Employment in Services
64.2%(2023)
Poverty Rate
18.9%(2012)
GINI Index
29.8(2023)
GNI per Capita (USD)
$5,640(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
1412 kg oil eq.(2022)
Renewable Energy Consumption (%)
1.1%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Iraq

  • The economic architecture of Iraq is substantial, anchored by a Gross Domestic Product (GDP) of approximately $250.84B
    2023
    . This places it as the 51st largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $5.57K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $635.87B, reflecting the population's domestic purchasing power. The economy is facing a contraction, with a negative growth rate of -2.9%
    2023
    , while managing moderate inflation, with a CPI of 4.4%
    2023
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country maintains a strong trade surplus, with exports representing 44.6% of GDP and imports 24.3%
    2022
    . Foreign Direct Investment (FDI) inflows are significant, constituting -2.14% of the economy
    2023
    . This performance positions the country 173rd globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $1.16B annually
    2023
    , highlighting the economic importance of its diaspora. The government faces fiscal constraints, with tax revenue representing only 1.3% of GDP
    2019
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $5,640
    2023
    . Globally, this ranks the nation 104th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 15.5%
    2024
    . The services sector is a primary driver of the labor market, accounting for 64.2% of total employment
    2023
    . Poverty remains a key issue, with 18.9% of the population living below the national poverty line
    2012
    . The country has a relatively equitable distribution of income, with a Gini index of 29.8
    2023
    .
  • On the environment and energy front, energy consumption per capita is 1,411.589 kg of oil equivalent
    2022
    . The energy mix is still heavily reliant on traditional sources, with renewables contributing 1.1%
    2021
    . Its commitment to clean energy places it 16th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Stagnant growth combined with high unemployment points to significant structural issues that may require bold policy interventions.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Heavy reliance on fossil fuels creates significant long-term risks related to climate change, price volatility, and energy security.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.