Country Report - Includes Iraq real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Iraq economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Iraq best banks and safest banks are also available.
Basic Information
Government Type: Federal parliamentary republic
Capital City: Baghdad
GDP & Economic Information
Macroeconomy & Sovereign Data
| Central Bank |
Central Bank of Iraq |
|---|---|
| Currency |
USD 54.42 billion (2020) |
| International Reserves |
USD 201.47 billion (2021 estimate) |
| Gross Domestic Product – GDP |
USD 428.86 billion (2021 estimate) |
| GDP (Purchasing Power Parity) |
USD 10,415.31 (2021 estimate) |
GDP Data
| Real GDP growth |
2017 -3.4% 2018 4.7% 2019 5.8% 2020* -15.7% 2021* 3.6% *Estimate |
|---|---|
| GDP per capita – current prices |
USD 4,892.96 (2021 estimate) |
| GDP per capita – PPP |
USD 10,415.31 (2021 estimate) |
| GDP (PPP) – share of world total |
USD 0.30% (2021 estimate) |
| GDP – composition by sector |
aagriculture: 6.1% industry: 44.4% services: 50.8% |
| Gross domestic expenditure on R&D; (% of GDP) | N/A |
| Inflation |
2017 0.2% 2018 0.4% 2019 -0.2% 2020* 0.6% 2021* 0.64% *Estimate |
Iraq
Economics, Policy & Regulation
Iraq’s New Prime Minister Under Scrutiny
Features
Iraq: From Guns to BudgetsInflation & Debt
| Inflation |
2017 0.2% 2018 0.4% 2019 -0.2% 2020* 0.6% 2021* 0.64% *Estimate |
|---|---|
| Government Bond Ratings |
Standard & Poor’s: B– Moody’s: Caa1 Standard & Poor’s / Moody’s (Updated January 2017) |
| Unemployment rate |
N/A |
| Household saving rates | N/A |
| Public debt (General government gross debt as a % of GDP) |
2017 59.1% 2018 47.8% 2019 45.1% 2020* 84.2% 2021* 59.4% *Estimate |
| Public deficit (General government net lending/borrowing as a % of GDP) |
2017 -0.5% 2018 9.1% 2019 1.8% 2020* -11.52% 2021* -0.5% *Estimate |
| Market value of publicly traded shares | N/A |
| Largest Companies | N/A |
Import/Export
| Exports as percent of GDP (Exports of goods and services) |
5.9% (2017) |
|---|---|
| Shares in world total merchandising export |
0.004% (2018) |
| Shares in world total commercial services export |
0.008% (2018) |
| Total exports |
USD 1.6 billion (2018 estimate) |
| Export commodities |
Opium, fruits and nuts, handwoven carpets, wool, cotton, hides and pelts, precious and semi-precious gems, and medical herbs |
| Total imports |
USD 8.3 billion (2018 estimate) |
| Import commodities |
Machinery and other capital goods, food, textiles, petroleum products |
| Exports – major partners |
India 56.5%, Pakistan 29.6% (2017) |
| Imports – major partners |
China 21%, Iran 20.5%, Pakistan 11.8%, Kazakhstan 11%, Uzbekistan 6.8%, Malaysia 5.3%(2017) |
Competitiveness & Trade
| Current account balance |
USD 12.4 billion (2021 estimate) |
|---|---|
| Current account balance by percentage of GDP |
6.2% (2021 estimate) |
| FDI inflows |
2018 USD -4,885 million 2019 USD -3,076 million 2020 USD -2,896 million |
| FDI Outflows |
2018 USD 188 million 2019 USD 194 million 2020 USD 149 million |
| Value of cross-border M&A, by country of purchaser |
N/A United Nations Conference on Trade and Development (UNCTAD) – World Investment Report |
| Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
| Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
| Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 172 out of 190 countries (2020) Subcategories: Starting a Business: 154 out of 190 countries Dealing with Construction Permits: 103 out of 190 countries Getting Electricity: 131 out of 190 countries Registering Property: 121 out of 190 countries Getting Credit: 186 out of 190 countries Protecting Minority Investors: 111 out of 190 countries Paying Taxes: 131 out of 190 countries Trading across Borders: 181 out of 190 countries Enforcing Contracts: 147 out of 190 countries Resolving Insolvency: 168 out of 190 countries |
| Global competitiveness ranking | N/A |
| Index of Economic Freedom | N/A |
Population & Geographic Data
| Total Area |
438,317 sq km |
|---|---|
| Total Population |
1990 N/A 2000 N/A 2010 30.962 million 2015* 36.067 million 2020* 40.959 million *Estimate |
| Urban population as % of total population |
1960 43% 1980 66% 2000 69% 2015 70% |
| Population median age |
19.9 years (2016 estimate) CIA World Factbook / Population median age |
| Population growth rate |
2.87% (2016 estimate) |
| Life expectancy |
74.9 years (2016 estimate) CIA World Factbook / Life expectancy |
| % of population living on less than $3.10 a day |
0.1% (2013) |
| Inequality of wealth distribution (Gini index) | N/A |
| Freedom House rating |
Political Rights: 5 Civil Liberties: 6 (2017) (1 represents the most free, 7 the least free rating) |
| Total telephone subscribers as % of population |
Fixed 5.58% Mobile 93.83% (2015) (fixed-telephone subscribers and mobile-cellular subscribers) |
| Internet users as % of total population |
17.22% (2015) |
Language & Religon
| Languages | Arabic (official), Kurdish (official), Turkmen (a Turkish dialect), Syriac (Neo-Aramaic), and Armenian are official in areas where native speakers of these languages constitute a majority of the population |
|---|---|
| Literacy |
Total population: 79.7% Male: 85.7% Female: 73.7% (2015 est.) (age 15 and over can read and write) |
| Religions |
Muslim (official) 95-98% (Shia 61-64%, Sunni 29-34%), Christian 1% (includes Catholic, Orthodox, Protestant, Assyrian Church of the East), other 1-4% (2015 est.) |
World Rankings
| Population | 2.8 M |
|---|---|
| Mercer Cost of living index | N/A |
| C02 Emissions per capita |
1.9 metric tons per capita (2018) |
Global Finance Rankings & Awards: Iraq
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
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