Iraq: Economy
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
Upper Middle Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Developing |
| Economic Trivia | Iraq has the second largest oil reserves in the world. |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2016): Singapore, United Arab Emirates, and Italy |
| Top Industries Source: CIA World Factbook | Petroleum; Chemicals; Textiles; Leather |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $483,308,952,127 (2022) |
| GDP Growth Rate (annual %) | 7.009% (2022) |
| GDP Per Capita, PPP (current international) | $10,862 (2022) |
GDP Country Rank 49/197 (2022)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 4.995% (2022) |
| External debt stocks, total (DOD, current US$) | $25,262,669,888 (2021) |
| Total tax rate (% of commercial profits) | 30.8% (2019) |
| Real Interest Rate (5 year average %) | 26.4% (2016) |
| Manufacturing, value added (% of GDP) | 1.789% (2022) |
| Current Account Balance (BoP, current US$) | $24,563,400,000 (2021) |
Labor and Employment [1]
| Labor Force, Total | 11,183,808 (2022) |
| Employment in Agriculture (% of total employment) | 19.817% (2021) |
| Employment in Industry (% of total employment) | 21.277% (2021) |
| Employment in Services (% of total employment) | 58.906% (2021) |
| Unemployment Rate | 15.547% (2022) |
Trade [1]
| Imports of goods and services (current US$) | $50,706,900,000 (2021) |
| Exports of goods and services (current US$) | $78,260,500,000 (2021) |
| Total Merchandise Trade (% of GDP) | 79.488% (2022) |
| FDI, net inflows (BoP, current US$) | ($2,088,200,000) (2022) |
| Commercial Service Exports (current US$) | $4,806,900,000 (2021) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Iraq’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.