Iraq Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

oil-dependent Middle Eastern economy; COVID-19 disruption and domestic economy fragility post-US presence; poverty increases; currency devaluation leading to inflation; import-dependent for most sectors; evaluating fiscal and monetary restructuring

Real GDP (purchasing power parity)

$390.165 billion (2021 est.)

$379.6 billion (2020 est.)

$428.076 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.78% (2021 est.)

-11.32% (2020 est.)

5.51% (2019 est.)

Real GDP per capita

$9,000 (2021 est.)

$8,900 (2020 est.)

$10,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$231.994 billion (2019 est.)

Inflation rate (consumer prices)

6.04% (2021 est.)

0.57% (2020 est.)

-0.2% (2019 est.)

Credit ratings

Fitch rating: B- (2015)

Moody's rating: Caa1 (2017)

Standard & Poors rating: B- (2015)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 3.3% (2017 est.)

industry: 51% (2017 est.)

services: 45.8% (2017 est.)

GDP - composition, by end use

household consumption: 50.4% (2013 est.)

government consumption: 22.9% (2016 est.)

investment in fixed capital: 20.6% (2016 est.)

investment in inventories: 0% (2016 est.)

exports of goods and services: 32.5% (2016 est.)

imports of goods and services: -40.9% (2016 est.)

Agricultural products

wheat, barley, dates, tomatoes, rice, maize, grapes, potatoes, rice, watermelons

Industries

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

Industrial production growth rate

-1.14% (2021 est.)

Labor force

11.184 million (2021 est.)

Labor force - by occupation

agriculture: 21.6%

industry: 18.7%

services: 59.8% (2008 est.)

Unemployment rate

14.19% (2021 est.)

14.09% (2020 est.)

12.86% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 27.2%

male: 23.5%

female: 65.2% (2021 est.)

Population below poverty line

23% (2014 est.)

Gini Index coefficient - distribution of family income

29.5 (2012 est.)

Average household expenditures

on food: 30.1% of household expenditures (2018 est.)

on alcohol and tobacco: 4.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.6%

highest 10%: 25.7% (2007 est.)

Budget

revenues: $51.534 billion (2020 est.)

expenditures: $85.546 billion (2020 est.)

Budget surplus (+) or deficit (-)

-4.2% (of GDP) (2017 est.)

Public debt

27.44% of GDP (2018 est.)

35.86% of GDP (2017 est.)

29.48% of GDP (2016 est.)

Taxes and other revenues

1.34% (of GDP) (2019 est.)

Fiscal year

calendar year

Current account balance

$24.563 billion (2021 est.)

-$6.198 billion (2020 est.)

$15.763 billion (2019 est.)

Exports

$78.261 billion (2021 est.) note: data are in current year dollars

$50.632 billion (2020 est.) note: data are in current year dollars

$88.903 billion (2019 est.) note: data are in current year dollars

Exports - partners

China 26%, India 24%, South Korea 9%, United States 8%, Italy 6%, Greece 6% (2019)

Exports - commodities

crude petroleum, refined petroleum, gold, petroleum coke, natural gas (2021)

Imports

$50.707 billion (2021 est.) note: data are in current year dollars

$54.722 billion (2020 est.) note: data are in current year dollars

$72.283 billion (2019 est.) note: data are in current year dollars

Imports - partners

United Arab Emirates 28%, Turkey 21%, China 19% (2019)

Imports - commodities

refined petroleum, broadcasting equipment, cars, jewelry, cigarettes (2019)

Reserves of foreign exchange and gold

$64.231 billion (31 December 2021 est.)

$54.424 billion (31 December 2020 est.)

$68.018 billion (31 December 2019 est.)

Debt - external

$73.02 billion (31 December 2017 est.)

$64.16 billion (31 December 2016 est.)

Exchange rates

Iraqi dinars (IQD) per US dollar -

1,450 (2021 est.)

1,192 (2020 est.)

1,182 (2019 est.)

1,182.75 (2018 est.)

1,184 (2017 est.)

NOTE: The information regarding Iraq on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Iraq 2023 information contained here. All suggestions for corrections of any errors about Iraq 2023 should be addressed to the CIA or the source cited on each page.