Includes historical data for Iraq’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.
Dependent On Oil Revenue
Despite its abundant oil reserves, Iraq grapples with formidable challenges. According to the World Bank, Iraq’s economy relies on oil for over 99% of its exports, 85% of the government’s budget, and 42% of the total GDP, leaving the nation vulnerable to price fluctuations. Along with the limited diversification of its revenue streams, Iran’s progress is hindered by high public debt, a weak private sector, bureaucratic hurdles and corruption.
Nevertheless, in recent years, Iraq has attracted increasing interest from foreign investors, particularly in sectors such as energy, construction, and retail. Additionally, Iraq can also boast a rapidly growing and youthful population, presenting an opportunity for a dynamic workforce capable of driving economic growth.
Macroeconomy & Sovereign Data
| Type of Government | Federal parliamentary republic |
|---|---|
| Capital | Baghdad |
| Sovereign Ratings |
S&P: B– Moody’s: Caa1 Fitch Ratings: B– |
| Total Population | 44.5 million |
| Median Age | 20.6 |
| Adult Per Capita Income (PPP) | 23,532.93 |
| Total GDP (2023) | 265.9 billion |
Iraq GDP & Economic Overview
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Trade & Investment
| Total Exports | USD 35.0 billion (2023) |
|---|---|
| Leading Exports |
Crude petroleum Refined petroleum Gold Petroleum coke Natural gas |
| Total Imports | USD 20.0 billion (2022) |
| Leading Imports |
Refined petroleum Broadcasting equipment Cars Jewelry Cigarettes |
| Source: | World Integrated Trade Solution |
Iraq Leading Companies
| Bank of Baghdad | Financials |
|---|---|
| Iraqi Islamic Bank | Financials |
| Gulf Commercial Bank | Financials |
| Iraq National Oil Company | Oil & Gas Exploration |
| Midland Oil Company | Oil & Gas Exploration |
| Asiacell | Telecommunication Services |
Global Finance Rankings & Awards
Data Sources:
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000