Iraq Economy Overview

Iraq's economy is a complex landscape predominantly driven by its vast oil resources. As a Middle Eastern nation, Iraq relies heavily on oil production, making its fiscal sustainability susceptible to fluctuations in global oil prices. In 2023, Iraq's exports were estimated at $107.852 billion, reflecting the nation's significant oil output. However, the economy faces challenges such as dependence on imports for most sectors and ongoing issues with corruption and political instability. In 2024, the labor force is projected to consist of approximately 12.008 million individuals, highlighting the country's potential workforce. Despite the challenges, there is growing public confidence in Iraq's economic conditions, although access to banking and informal markets remain areas needing attention. Understanding these dynamics is crucial for grasping Iraq's economic complexities.

Budget

revenues

$90.204 billion (2019 est.)

expenditures

$64.512 billion (2019 est.)

Exports

Exports 2021

$78.26 billion (2021 est.)

Exports 2022

$127.079 billion (2022 est.)

Exports 2023

$107.852 billion (2023 est.)

Imports

Imports 2021

$50.707 billion (2021 est.)

Imports 2022

$69.162 billion (2022 est.)

Imports 2023

$81.179 billion (2023 est.)

Industries

petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizers, metal fabrication/processing

Labor force

12.008 million (2024 est.)

Public debt

Public debt 2018

27.4% of GDP (2018 est.)

Remittances

Remittances 2021

0.4% of GDP (2021 est.)

Remittances 2022

0.4% of GDP (2022 est.)

Remittances 2023

0.4% of GDP (2023 est.)

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.)

Debt - external

Debt - external 2023

$15.58 billion (2023 est.)

Economic overview

a Middle Eastern economy heavily reliant on oil; fiscal sustainability is vulnerable to oil price volatility; increasing public confidence in economic conditions; dependence on imports across most sectors; ongoing issues with corruption, informal markets, banking access, and political instability

Unemployment rate

Unemployment rate 2022

15.6% (2022 est.)

Unemployment rate 2023

15.5% (2023 est.)

Unemployment rate 2024

15.6% (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)

Real GDP per capita

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.)

Real GDP growth rate

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.)

Agricultural products

wheat, dates, maize, tomatoes, rye, grapes, milk, chicken, potatoes, fruits (2023)

Exports - commodities

crude petroleum, refined petroleum, petroleum coke, gold, natural gas (2023)

Imports - commodities

refined petroleum, cars, broadcasting equipment, jewelry, gold (2023)

Current account balance

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.)

Taxes and other revenues

1.3% (of GDP) (2019 est.)

GDP (official exchange rate)

$279.641 billion (2024 est.)

GDP - composition, by end use

household consumption

41.2% (2024 est.)

government consumption

20.3% (2024 est.)

investment in inventories

8.8% (2024 est.)

investment in fixed capital

20.6% (2024 est.)

exports of goods and services

37.5% (2024 est.)

imports of goods and services

-37.2% (2024 est.)

Average household expenditures

on food

28.7% of household expenditures (2023 est.)

on alcohol and tobacco

4.3% of household expenditures (2023 est.)

Inflation rate (consumer prices)

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.)

Industrial production growth rate

-2.7% (2024 est.)

Real GDP (purchasing power parity)

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.)

Youth unemployment rate (ages 15-24)

male

27.5% (2024 est.)

total

32.1% (2024 est.)

female

62.7% (2024 est.)

Reserves of foreign exchange and gold

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.)

GDP - composition, by sector of origin

industry

51.6% (2024 est.)

services

45.8% (2024 est.)

agriculture

3.4% (2024 est.)

Household income or consumption by percentage share

lowest 10%

3.7% (2023 est.)

highest 10%

24.2% (2023 est.)

Gini Index coefficient - distribution of family income

Gini Index coefficient - distribution of family income 2023

29.8 (2023 est.)

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