Countries
Iraq
Key Economic Indicators
$665.97 billion
$14,464
-1.55%
-12.3%
15.49%
$279.641 billion (2024 est.)
<b>note:</b> central government debt as a % of GDP
$8.37 billion
Economic Overview
highly oil-dependent Middle Eastern economy; fiscal sustainability subject to fluctuation in oil prices; rising public confidence in economic conditions; import-dependent for most sectors; persistent challenges of corruption, informal markets, banking access, and political fragility
All Economic Data
Agricultural products
wheat, dates, maize, tomatoes, rye, grapes, milk, chicken, potatoes, fruits (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
4.3% of household expenditures (2023 est.)
On food:
28.7% of household expenditures (2023 est.)
Budget
Expenditures:
$64.512 billion (2019 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$90.204 billion (2019 est.)
Currency
code:
IQD
name:
Iraqi dinar (IQD) [ع.د]
Current account balance
$8.37 billion
Current account balance 2021:
$24.565 billion (2021 est.)
Current account balance 2022:
$58.01 billion (2022 est.)
Current account balance 2023:
$28.375 billion (2023 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$17.52 billion
Debt - external 2023:
$15.58 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
Iraqi dinars (IQD) per US dollar -
Exchange rates 2020:
1,192 (2020 est.)
Exchange rates 2021:
1,450 (2021 est.)
Exchange rates 2022:
1,450 (2022 est.)
Exchange rates 2023:
1,312.5 (2023 est.)
Exchange rates 2024:
1,300 (2024 est.)
Exports
$104.89 billion
Exports 2021:
$78.26 billion (2021 est.)
Exports 2022:
$127.079 billion (2022 est.)
Exports 2023:
$107.852 billion (2023 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
crude petroleum, refined petroleum, petroleum coke, gold, natural gas (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
China 33%, India 28%, USA 8%, Greece 5%, UAE 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$-7,648,900,000
GDP - composition, by end use
Exports of goods and services:
37.5% (2024 est.)
Government consumption:
20.3% (2024 est.)
Household consumption:
41.2% (2024 est.)
Imports of goods and services:
-37.2% (2024 est.)
Investment in fixed capital:
20.6% (2024 est.)
Investment in inventories:
8.8% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
3.4% (2024 est.)
Industry:
51.6% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
45.8% (2024 est.)
GDP (official exchange rate)
$279.641 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$6,074
Gini Index coefficient - distribution of family income
29.5 (2012)
Gini Index coefficient - distribution of family income 2023:
29.8 (2023 est.)
Note:
<strong>note:</strong> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$280.97 billion
GNI per capita
$6,030
Gross domestic investment
28 % of GDP
Household income or consumption by percentage share
Highest 10%:
24.2% (2023 est.)
Lowest 10%:
3.7% (2023 est.)
Note:
<strong>note:</strong> % share of income accruing to lowest and highest 10% of population
Imports
$92.84 billion
Imports 2021:
$50.707 billion (2021 est.)
Imports 2022:
$69.162 billion (2022 est.)
Imports 2023:
$81.179 billion (2023 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, cars, broadcasting equipment, jewelry, gold (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
UAE 32%, China 20%, Turkey 18%, India 5%, USA 2% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-2.7% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing
Inflation rate (consumer prices)
-12.3%
Inflation rate (consumer prices) 2021:
6% (2021 est.)
Inflation rate (consumer prices) 2022:
5% (2022 est.)
Inflation rate (consumer prices) 2023:
4.4% (2023 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
12.008 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
12.49 million persons
Labor force - by occupation
agriculture:
8.17%
industry:
26.54%
services:
65.3%
Population below poverty line
17.5%
Public debt
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2018:
27.4% of GDP (2018 est.)
Real GDP (purchasing power parity)
$665.97 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$592.017 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$595.082 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$585.887 billion (2024 est.)
Real GDP growth rate
-1.55%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
8% (2022 est.)
Real GDP growth rate 2023:
0.5% (2023 est.)
Real GDP growth rate 2024:
-1.5% (2024 est.)
Real GDP per capita
$14,464
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$13,400 (2022 est.)
Real GDP per capita 2023:
$13,200 (2023 est.)
Real GDP per capita 2024:
$12,700 (2024 est.)
Remittances
$696.3 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
0.4% of GDP (2021 est.)
Remittances 2022:
0.4% of GDP (2022 est.)
Remittances 2023:
0.4% of GDP (2023 est.)
Reserves of foreign exchange and gold
$100.69 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$97.009 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$112.233 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$100.691 billion (2024 est.)
Taxes and other revenues
1.3% (of GDP) (2019 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
15.49%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
15.6% (2022 est.)
Unemployment rate 2023:
15.5% (2023 est.)
Unemployment rate 2024:
15.6% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
62.7% (2024 est.)
Male:
27.5% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
32.1% (2024 est.)
Economic Rankings
Unemployment Rate
#17
Reserves
#25
GDP Growth Rate
#34
Exports
#42
GDP (PPP)
#44
Imports
#49
GDP (Nominal)
#49
External Debt
#51
GDP per Capita
#112
Inflation Rate
#143
Gini Index
#155
Quick Facts
Industries
petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing
Agricultural products
wheat, dates, maize, tomatoes, rye, grapes, milk, chicken, potatoes, fruits (2023)
Labor force
12.008 million (2024 est.)
Exports - partners
China 33%, India 28%, USA 8%, Greece 5%, UAE 5% (2023)
Imports - partners
UAE 32%, China 20%, Turkey 18%, India 5%, USA 2% (2023)
Exchange rates
Iraqi dinars (IQD) per US dollar -
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