Iraq's Macroeconomic Analysis:
Nominal GDP of USD 243 billion in 2023.
Nominal GDP of USD 262 billion in 2022.
GDP per capita of USD 6,213 compared to the global average of USD 10,589.
GDP per capita of USD 5,609 compared to the global average of USD 10,589.
Average real GDP growth of 2.4% over the last decade.
Average real GDP growth of 3.9% over the last decade.
Sector Analysis
In 2021, services accounted for 42% of overall GDP, manufacturing 2%, other industrial activity 52%, and agriculture 4%. Looking at GDP by expenditure, private consumption accounted for 56% of GDP in 2020, government consumption 22%, fixed investment 19%, and net exports 3%.International trade
In 2016, manufactured products made up 0% of total merchandise exports, mineral fuels 100%, food 0%, ores and metals 0% and agricultural raw materials 0%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 66% of total merchandise imports, mineral fuels 23%, food 7%, ores and metals 3% and agricultural raw materials 0%, with other goods accounting for 1% of the total. Total exports were worth USD 118 billion in 2022, while total imports were USD 47 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 3.9% in the decade to 2022. To read more about GDP growth in Iraq, go to our dedicated page.
Fiscal policy
Iraq's fiscal deficit averaged 3.0% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 12.7% in the decade to 2022. For more information on Iraq's unemployment click here.
Inflation
Inflation averaged 2.0% in the decade to 2022. Go to our Iraq inflation page for extra insight.
Monetary Policy
Iraq's monetary policy rate ended 2022 at 4.00%, down from 6.00% a decade earlier. See our Iraq monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the dinar weakened by 20.2% vs the U.S. dollar. For more info on the dinar, click here.
Economic situation in Iraq
The economy grew 8.4% in Q2, according to a Central Bank estimate, contrasting Q1’s 2.4% decline; the rebound was at least partly due to a recovery in oil production, as Iraq flouted its OPEC+ production quota. Economic momentum should have eased in the third quarter and into the fourth as the authorities improved quota compliance. Oil production fell from 4.32 million barrels per day (mbpd) in July to 4.07 mbpd in October, only slightly above the quota of 4.0 mbpd; this translated into a year-on-year fall in oil output in August–October. That said, non-oil activity should have been boosted by a relatively stable political climate, higher public spending and foreign investment. Regarding the latter, a deal was recently signed between French and Qatari energy firms to develop a solar plant in Basra, though bureaucratic hurdles will continue to hamper the rollout of renewables ahead.Iraq Economic Forecasts
Projections out to 2034.38 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 12 expert analysts.
Want to get insight on the economic outlook for Iraq in the coming years? FocusEconomics collects projections out to 2034 on 38 economic indicators for Iraq from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Iraq economy. To download a sample report on the Iraq's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.