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Indicators of economy in Iraq

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in Iraq, on the other hand, reached USD 4,775 per capita, or 207.89 billion USD for the whole country. Iraq is therefore currently ranked 52 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Iraq ranks 120th in the list of the richest countries.

Inflation in Iraq in 2022 was around 4.99%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.

The index for perceived corruption in the public sector is 23, which is rather poor by global standards.


Back to overview: Iraq

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Iraq. Overall, gross domestic product in 2020 fell from 233.64 billion US dollars to 184.37 billion US dollars. With a large drop of 21.09 percent, the economy in Iraq has struggled significantly more than other countries. The tourism sector alone slumped by around 73 percent. The unemployment rate rose from 15.1 to 16.2 percent. The country's gross debt increased by 44.2 percent. The consumer inflation rate has risen from -0.2 percent previously to 0.6 percent now.

In 2021, there was already a recovery and the gross domestic product increased to 207.89 billion US dollars (=89.0% of 2019).

Income and purchasing power

The average monthly income in Iraq is 397 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 64.1 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Iraq than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 81.3 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

 Iraq
Total		Iraq
per capita		EU
Total		EU
per capita
GDP207.89 bn USD4,775.38 USD17.177 tn USD33,384.92 USD
Gross national product207.08 bn USD4,756.84 USD16.895 tn USD32,835.37 USD


In the Global Innovation Index, Iraq ranked 131st in 2022 with 11.9 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points.

Development of gross domestic product in billions of USD 1970 - 2021


› Debt budget development
› Development of inflation
› Corruption in Iraq
› Cost of living in a global comparison


Imports and Exports 2021

 Iraq
Total		Iraq
per capita		EU
Total		EU
per capita
Imports54.72 bn USD1,257.04 USD8.916 tn USD17,329.02 USD
Exports50.61 bn USD1,162.62 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 2005 - 2021

Exports
Imports



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