Building in Iraq

Iraq Economy

Iraq's economy in numbers:

Nominal GDP of USD 262 billion in 2022.

GDP per capita of USD 6,213 compared to the global average of USD 10,589.

Average real GDP growth of 3.9% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

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%.

GDP by economic sector
GDP by type of expenditure

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.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The 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.


The unemployment rate averaged 12.7% in the decade to 2022. For more information on Iraq's unemployment click here.


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.
Our panelists expect economic activity to have stagnated in 2023. Tougher OPEC+ quota restrictions and the closure of an oil pipeline to Turkey hit energy output, which fell 3.7% year on year over 2023 as a whole. Coupled with lower average oil prices, this led to oil export revenue falling by nearly a third in annual terms, likely weighing on the fiscal and current account balances. In contrast, relative political calm and the expansionary 2023–2025 budget should have supported the non-oil sector through stronger private spending and construction, more than offsetting the impact of tighter monetary policy. Turning to early 2024, hefty public spending increases under the budget should be continuing to buoy non-oil activity, even as oil production likely remains downbeat.
Projections out to 2033.

33 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 14 expert analysts.

Want to get insight on the economic outlook for Iraq in the coming years? FocusEconomics collects projections out to 2033 on 33 economic indicators for Iraq from a panel of 14 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 .

Iraq Datos económicos

2018 2019 2020 2021 2022
Población (millones) 38.1 39.1 40.1 41.2 42.2
PIB (en millones de dólares) 209 232 179 207 -
PIB per cápita (USD) 5,492 5,919 4,472 5,016 -
PIB (en miles de millones de IQD) 249,574 276,158 215,662 301,440 -
Crecimiento económico (PIB nominal, var. anual) 20.2 10.7 -21.9 39.8 -
Crecimiento económico (PIB, var. anual) 2.6 5.5 -12.0 3.6 -
Producción de petróleo (millones de barriles diarios, aop) 4.60 4.70 4.07 4.06 4.45
Desempleo (% de la población activa, aop) 13.0 12.9 14.1 14.2 -
Saldo fiscal (% del PIB) 7.9 0.8 -12.8 -0.8 -
Deuda pública (% del PIB) 48.6 45.2 84.2 59.1 -
Dinero (var. anual de M2 %) 2.7 8.4 15.9 16.7 20.2
Inflación (IPC, % var. anual, aop) 0.4 -0.2 0.6 6.0 5.0
Tipo de interés del BIC (%, eop) 4.00 4.00 4.00 4.00 4.00
Tipo de cambio (IQD por USD, eop) 1,193 1,194 1,460 1,460 1,461
Tipo de cambio (IQD por USD, aop) 1,192 1,193 1,202 1,459 1,460
Balanza por cuenta corriente (en millones de dólares) 34.4 15.8 -6.2 24.6 -
Balanza por cuenta corriente (% del PIB) 16.4 6.8 -3.5 11.9 -
Balanza comercial de mercancías (en millones de USD) 47.5 32.2 5.9 38.4 -
Exportaciones de mercancías (en millones de dólares) 86.4 81.6 46.8 73.1 -
Importaciones de mercancías (en millones de dólares) 38.9 49.4 40.9 34.7 -
Exportaciones de mercancías (% var. anual) 50.0 -5.5 -42.6 56.1 -
Importaciones de mercancías (% var. anual) 20.8 27.1 -17.2 -15.2 -
Inversión extranjera directa (en millones de dólares) -4.9 -3.5 -2.9 -2.6 -
Reservas internacionales (en millones de dólares) 60.8 63.3 48.6 58.6 -
Reservas internacionales (meses de importaciones) 18.8 15.4 14.2 20.2 -

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